Category: Gemstones

Kagem Mining Limited (Kagem) has handed over ZMW 38 million (USD 1.5 million) to the Industrial Development Corporation (IDC).The funds represent dividends from 2023 to the government’s investment arm, which owns 25% of the shares in what is believed to be the world’s largest producing emerald mine, and underscore Kagem’s ongoing commitment to contribute to Zambia’s economic development. The handover highlights Kagem’s continued dedication to striving towards responsible mining practices and transparent financial management and reinforces the company’s commitment to adhering to the ‘G-Factor for Natural Resources’ model championed by… Read More Here

Gemfields Group, a miner and marketer of colored gemstones, generated total revenue of $35 million from an auction of higher-quality rough emeralds held from May 13 to 30. The rough emeralds auctioned were extracted by Kagem, a mine 75% owned by Gemfields and 25% by the Industrial Development Corporation of Zambia. Out of 46 lots offered, 43 were sold, achieving an average price of $167.51 per carat. “We are very pleased to report robust auction results despite slightly softer market conditions. Today’s result demonstrates that both demand and willingness to… Read More Here

London-listed Gemfields has unveiled updated figures for its ‘G-Factor for Natural Resources’, designed to promote transparency in revenue sharing with host countries’ governments. The measure, introduced in July 2021, aims to provide a clear indicator of the percentage of revenue allocated to host governments in primary and direct taxes across various sectors, including mining, oil, gas, timber, and fishing. Gemfields’ recent report on the G-Factor computations for its key mining subsidiaries, the Kagem emerald mine in Zambia and the Montepuez ruby mine in Mozambique, reveals scores of 31% and 35%… Read More Here

Grizzly Mining, a leading emerald producer, recently conducted a successful international emerald auction in Dubai, showcasing medium- to high-grade rough emeralds from its flagship Grizzly emerald mine in Zambia. The auction generated $19 million in sales, with notable interest from 76 clients. A highlight of the auction was the sale of an exceptional 4,145-carat gem-quality rough emerald, fetching over $1 million. Grizzly’s Chairperson, Abdoulaye Ndiaye, expressed satisfaction with the auction’s outcome, emphasizing the continued strong demand for high-quality Zambian emeralds. A total of 117 emerald lots were offered, with 112… Read More Here

Gemstone miner Gemfields achieved its second-highest yearly revenues in 2023, driven by record prices for rough colored gemstones sold at auction. However, production challenges were encountered at its key operating assets, the Kagem emerald mine in Zambia and the Montepuez Ruby Mining (MRM) in Mozambique, compared to the previous year. CEO Sean Gilbertson expressed optimism about the company’s future despite production setbacks, highlighting ongoing investments aimed at transforming the business. He mentioned upcoming auctions in Jaipur for emeralds and rubies, indicating strong demand for colored gemstones. In 2023, Kagem and… Read More Here