Gemstones - Copperbelt Katanga Mining

Gemfields Earns $16.4 Million from Commercial-Quality Emerald Auction in India 1

AIM-listed Gemfields has reported $16.4 million in revenue from its latest auction of commercial-quality rough emeralds sourced from its 75%-owned Kagem mine in Zambia. The auction took place in Jaipur, India, from April 11 to 29, where 32 out of 36 lots were sold at an average price of $6.87 per carat. This marks a strong recovery from the underwhelming auction results of September 2024, with improved buyer sentiment and competitive bidding across a broader quality range. Since July 2009, Gemfields has held 51 auctions of Kagem emeralds, generating a… Read More Here

Corporate News Gemstones

Gemfields Launches $30M Rights Issue to Bridge Funding Gap

April 12, 2025April 12, 2025 Constance

Johannesburg- and London-listed Gemfields has announced plans to raise approximately $30-million through a fully committed and underwritten rights issue, subject to shareholder approval. The company intends to issue 556.2-million new shares, marking a crucial step to strengthen its short-term financial position amid challenging market conditions. CEO Sean Gilbertson explained that Gemfields had explored external financing options for its wholly owned luxury jewellery brand Fabergé to mitigate an anticipated working capital shortfall. However, these efforts failed to secure timely funding. As a result, the board has recommended proceeding with the rights… Read More Here

Mining in Zambia Gemstones

Gemfields Sees Improved Demand in Mini Auction for Unsold Kagem Emeralds

February 25, 2025February 25, 2025 Constance

Gemfields recently held a mini auction to sell emeralds from its Kagem mine in Zambia, which remained unsold from a previous sale due to competition from another producer offering similar goods at lower prices. Between February 19 and 21, the company generated $4.8 million from the sale of 45,864 carats, it announced on Monday. Of the 13 lots offered, 10 were sold, achieving an average price of $105 per carat. In November, Gemfields had put 43 lots up for sale but managed to sell only 30, marking its weakest emerald… Read More Here

Mining in Zambia Corporate News Gemstones

Gemfields Suspends Emerald Sales Amid Zambian Export Duty

January 31, 2025January 31, 2025 Constance

Gemfields (LON: GEM) (JSE: GML), a leading miner of coloured precious stones, has paused the sale of emeralds from its Kagem mine in Zambia following the reintroduction of a 15% export tariff earlier this month. The company hopes the Zambian government will reverse the decision soon. Zambia, the world’s second-largest emerald producer after Colombia, initially imposed the 15% export duty in early 2019, but it was removed in January 2020 following industry pushback. However, the government reintroduced the tariff this year, prompting Gemfields to halt sales. The company had previously… Read More Here

International Gemstones

Gemfields Warns of Potential Disruptions at Mozambique Ruby Mine Amid Rising Unrest

December 25, 2024December 25, 2024 Constance

Gemfields Group announced on Tuesday that disruptions could affect operations at its largest ruby mine in Mozambique, following escalating unrest tied to October’s disputed election. The violence, which includes protests from opposition groups claiming election fraud, has resulted in significant unrest, particularly after Mozambique’s top court confirmed the victory of the ruling Frelimo party on Monday. According to civil society group Plataforma Decide, at least 130 people have been killed in clashes with police. Foreign mining operations in Mozambique, including those of South32, have also been impacted by the unrest.… Read More Here

Gemstones International

Gemfields Records $46.2 Million in Revenue from Latest Ruby Auction Despite Market Challenges

December 13, 2024December 13, 2024 Constance

Gemfields, a leading gemstone miner, reported $46.2 million in revenue from its recent auction of mixed-quality rough rubies recovered from the Montepuez ruby mine in Mozambique. The auction, which featured 102 lots, saw 97 lots successfully sold. The auction revenue was impacted by a lower quantity of premium rubies available, which Gemfields identified as the primary factor driving the lower-than-expected results. However, the company noted that the average price per carat reached a record high for its mixed-quality ruby auctions, despite observing softer prices and thinner bidding. The rubies were… Read More Here

Mining in Zambia Gemstones

Gemfields Sells Only 61% of Emeralds at Latest Auction Amid Market Challenges

September 22, 2024September 22, 2024 Constance

Gemfields, listed on both the Johannesburg and London stock exchanges, sold only 61% of the emeralds offered at its latest auction, generating $10.8 million in total revenue. The average sales price was $4.47 per carat. The auction, held from August 27 to September 13, featured 46 lots, but only 28 were sold. Adrian Banks, Gemfields’ Managing Director of Product and Sales, attributed the weaker-than-expected results to several market pressures. “The luxury goods, diamond, and gemstone markets are facing significant headwinds due to conflicts, elections, economic uncertainty in China, and broader… Read More Here

Gemstones International

Gemfields Earns $2.3 Million from Auction of Sapphires, Corundum, and Rubies

September 15, 2024September 15, 2024 Constance

Johannesburg- and London-listed gemstone miner Gemfields generated $2.3 million in revenue from an auction held from September 2 to 4. The auction featured primarily commercial-quality sapphires, corundum, and rubies. All 5.7 million carats offered across ten lots were sold, achieving an average price of $0.41 per carat. The gemstones were sourced from Montepuez Ruby Mining (MRM) in Mozambique. Most of the auction’s offering comprised corundum and sapphires, which are by-products of MRM’s mining operations. Despite the commercial nature of these goods, the auction saw strong attendance and high demand. “The… Read More Here

International Gemstones Mergers & Acquisitions

URA Holdings Acquires Majority Stake in Curlew Emerald Mine

July 27, 2024July 27, 2024 Constance

London-listed URA Holdings, owner and operator of the Gravelotte emerald mine in Limpopo, South Africa, has acquired a majority interest in Prasinus Exploration, the owner of the Curlew emerald mine in Western Australia’s Pilbara region. URA purchased a 65% interest in Prasinus for A$450,000 (approximately £237,000) and has the option to acquire the remaining 35% interest for an additional A$300,000 (about £158,000) in URA shares after a 12-month period, which expires on October 18, 2025. “We are thrilled to add a controlling interest in the Curlew mine to our portfolio.… Read More Here

Mining in Zambia Gemstones

Gemfields Reports Strong Revenue and Expansion Progress

July 27, 2024July 27, 2024 Constance

Gemstone miner Gemfields has reported total auction revenues of $121 million for the first half of the year, driven by strong demand for rough emeralds and rubies. In its interim results, Gemfields confirmed that construction of a second processing plant at its 75%-owned Montepuez ruby mine in Mozambique is on budget and scheduled for completion by mid-2025. At the 75%-owned Kagem emerald mine in Zambia, the wash plant upgrade is complete and operating at an enhanced processing rate. The company reported a net debt of $44.4 million for the period,… Read More Here