Category: Gemstones

A series of five sequential mini-auctions of emeralds held by gemstone miner Gemfields from May 9 to 26 saw all 38 lots on offer being sold and set a new record for the highest revenue and the highest average price per carat achieved, at $43.3-million and $155.90/ct, respectively. Gemfields has held 41 auctions of Kagem-sourced emeralds since July 2009, generating $835.3-million in total revenues. Besides the May auctions, Gemfields netted $37.8-million in revenue at auctions held during November 1 to December 6, where the average value amounted to $150.65/ct. Product and sales MD Adrian Banks says Kagem’s second… Read More Here

Gemstar is delighted to announce that they are the new GUINNESS WORLD RECORDS title holder for the Largest uncut emerald.The record was given to the largest high-quality emerald ever found at Gemfields’ Kagem mine in Zambia, the extraordinary 7,525-carat (1.505kg), single-crystal Chipembele. Chipembele is known as “the rhino emerald”, with Chipembele meaning rhino in the indigenous Zambian dialect of Bemba.Traditionally, only the rarest and most remarkable emeralds have been given names. It was with great pride that Eshed -Gemstar and Gemfields formally unveiled this accolade together at Gem Geneva, the… Read More Here

London-listed Gemfields expects to swing to a net profit of $65-million for the year ended December 31, 2021, compared with a net loss of $93-million in the prior year. With the company’s two key operating assets, the Montepuez ruby mine and the Kagem emerald mine, in Mozambique and Zambia, respectively, having delivered record-breaking auction results during 2021, Gemfields expects to post earnings a share of $0.04 for the year. This compares with a loss a share of $0.07 for 2020. Gemfields’ auction schedule in 2020 was severely hampered by the… Read More Here

Gemstone miner Gemfields reports that by December 31, its 75%-owned Zambia-based Kagem emerald mine had produced 32.01-million carats for the year, at an average grade of 191 ct/t and ore throughput of 12.38-million tonnes, compared with the 9.38-million carats, 202 ct/t and 46.4-million tonnes achieved, respectively, in 2020. For the year, the Kagem mine’s expenditure on plant, property and equipment reached $2.27-million, and cash operating costs $32.83-million – compared with $407 000 and $21.22-million, respectively, for 2020. Online auctions held during March and April 2021 resulted in the sale 270 000 ct… Read More Here

Kagem Mining has signed a collective agreement with unions under which unionised employees will receive a 10% increase in basic salary for 2022, followed by a further 10% increase for 2023 across the board and those sitting between the grade notches will move up to the next notch. The company is owned 75% by London-based Gemfields in partnership with the Industrial Development Corporation (IDC), which holds 25% on behalf of the Zambian Government. The collective agreement, which has been approved by the Labour Commissioner (Lusaka), followed successful negotiations between management… Read More Here

Gemstone miner Kagem Mining has reinforced the Zambian government’s optimistic outlook for the future of Zambia’s gemstone and wider mining sector. Kagem on January 7 hosted Mines and Minerals Development Minister Paul C Kabuswe at its mine site in Lufwanyama as he toured the gemstone-rich district to gain a better understanding of the operations and activities in the area. The Kagem emerald mine is 75%-owned by London-listed Gemfields, in partnership with the Zambian government’s Industrial Development Corporation (IDC), which owns 25%. Kabuswe noted that now more than ever – and in light… Read More Here