Gemstones - Copperbelt Katanga Mining

Gemfields: highest auction revenue since March 2016

April 19, 2021April 19, 2021 admin

Gemfields has announced the results of an emerald auction comprising a series of five sequential mini-auctions held during the period 15 March – 17 April 2021. The auction contained a selection of grades that are typically offered at Kagem Mining auctions of higher quality emeralds. Selected lots were made available for in-person and private viewings by customers in Tel Aviv, Dubai and Jaipur. Following the viewings, the auctions took place via an online auction platform specifically adapted for Gemfields and which permitted customers from multiple jurisdictions to participate in a… Read More Here

Gemfields reports a net loss of $93 Million due to Restricted Auctions

March 30, 2021March 30, 2021 admin

Aim- and JSE-listed Gemfields says its full-year results reflect the magnitude of the impact that Covid-19 has had on the company, rendering it unable to hold auctions in its traditional format since February 2020. The group had to implement a range of cash saving measures, including suspending operations at the emerald and ruby mines operated by Kagem Mining, in Zambia, and Montepuez Ruby Mining, in Mozambique, respectively. “We believe the difficult decisions taken during 2020 best position Gemfields for an optimal recovery in 2021,” says CEO Sean Gilbertson. Gemfields for the year… Read More Here

Gemstones Emeralds Mining in Zambia

Gemfields warns of full-year loss

March 25, 2021March 29, 2021 admin

Gemstone miner Gemfields expects to report a net loss of $93.2-million, or R1.54-billion, for the year ended December 31, 2020, compared with a net profit of $39.1-million, or R565-million, reported for the 2019 financial year. The company’s 2020 auction schedule was severely impacted by the many travel, quarantine and congregating restrictions put in place to mitigate Covid-19 contagion. The pandemic has meant that no traditional Gemfields auctions have been held since February 2020, when $11.4-million was realised from the sale of commercial-quality emeralds in Lusaka, Zambia. Gemfields subsequently conducted a… Read More Here

Gemstones

Gemstone Value Addition Plant Set to Transform Kenya

February 15, 2021February 15, 2021 admin

In a move that is set to transform the gemstone industry, the Government of Turkana County, Kenya, has expressed its commitment to developing a value-added gemstone centre in the region to help artisan miners achieve better prices for their precious stones. The county Chief Officer for Water Services, Climate and Mineral Resources Moses Natome said that the county has a wide range of mineral resources, including sapphire, grenets, rhodolites and jade, to provide the centre with raw materials. He said this while addressing participants in a training program on gemstone… Read More Here

Gemstones Mining in Zambia

Gemfields Earnings affected by limited auctions, low production in 2020

February 1, 2021February 1, 2021 admin

London-listed Gemfields has advised in a market update that its 75%-owned Montepuez ruby mine, in Mozambique, produced 1.2-million carats in 2020, while its 75%-owned Kagem emerald mine, in Zambia, produced 9.3-million carats. Gemfields had to suspend much of its mining and processing activity as of March 30, 2020, and throughout the year, as a result of Covid-19 restrictions and impacts. The Kagem mine had produced 42-million carats in 2019, while the Montepuez mine had produced 2.2-million carats in 2019. The number of pieces sold through Gemfields’ luxury brand Fabergé declined… Read More Here

Gemstones Mining in Zambia

Jewel of Africa sets eyes on more gems

November 5, 2020November 5, 2020 admin

largest jeweller, Jewel of Africa, has embarked on an ambitious programme that will enable it to accelerate the gemstone value chain. The concept, dubbed ‘mine to you’, will enable the company to accelerate the mining of precious stones, jewellery manufacturing and retailing of the jewellery, thus helping to increase revenue earned from exports of finished products. Zambia is rich in gemstones, which include emerald, amethyst, aquamarine, citrine, garnet, morganite, tourmaline, turquoise, ruby and sapphire, but their contribution to the treasury is negligible because they are exported in raw form through… Read More Here

International Gemstones New Mining Projects Precious Stones

How Madagascar is rebooting its mining sector

November 5, 2020November 5, 2020 Arnie

The Malagasy government’s ambitions to reform mining legislation has been accelerated by the COVID-19 pandemic, following a failed attempt to introduce a new mining code in November 2019. The drive for reform stems from widespread perceptions nationally that mining projects have failed to deliver expected outcomes or benefits, particularly in terms of government revenues and local content contributions. The combination of outdated tax policies, commodity prices fluctuations and governance shortcomings have all contributed to relatively poor performance of the sector, which has been compounded by poor public perceptions towards the… Read More Here

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Zambia Launches a Gold Mining Strategy

October 20, 2020October 20, 2020 arnbethnic

The Zambian government has launched the export diversification strategy for gold and gemstone to formalise artisanal small-scale mining and trading activities. This is envisaged to generate revenue from precious metals. Launching the strategy yesterday, Minister of Mines and Mineral Development Richard Musukwa said Zambia has reported increase in gold occurrences in the subsector mainly exploited by artisanal and small-scale miners who mostly operate illegally. “Gold is smuggled out of the country mostly by foreign nationals without paying any revenue, thus denying the country of the much-needed revenue,” Mr Musukwa said.… Read More Here

Covid-19 Gemstones International

Gemfields to experience large loss as pandemic hits auctions

September 16, 2020September 16, 2020 admin1 Comment

Precious gemstones miner Gemfields announced an expected swing to an interim net loss for the six months ended on June 30 as the company had only been able to hold one sale due to the covid-19 pandemic. The company, which returned to the London Stock Exchange’s market for juniors in February, expects to report a net loss after tax of $56.7 million in the first half of 2020. The figure sharply contrasts with the $12.4 million profit reported during the same period last year. Gemfields cancelled auctions originally scheduled for May, June and August due… Read More Here

Gemstones Emeralds Mining in Zambia

Gemfields warns of bleak second-half

August 3, 2020August 3, 2020 arnbethnic

Gemstone miner Gemfields has warned of bleak conditions for the remainder of this year, as the spread of Covid-19 continues to impact on the group. “Conditions remain very challenging for Gemfields and for the wider gemstone sector. The effect of travel restrictions, quarantine periods and prohibitions on large gatherings, combined with rising Covid-19 infection rates in our African host nations and in India − our key market for rough emeralds – mean that conditions presently look bleaker rather than better for the remainder of 2020. “There remains considerable uncertainty as… Read More Here