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Category: Precious Stones

Gemfields Achieves Strong Auction Revenues in 2023 Despite High-Quality Emerald Auction Withdrawal 1 Gemstones Mining in Zambia Precious Stones 

Gemfields Achieves Strong Auction Revenues in 2023 Despite High-Quality Emerald Auction Withdrawal

Constance
Gemstone mining company Gemfields reported robust auction revenues and pricing for both emeralds and rubies, reaching $242 million in 2023. This marks the second-highest year in Gemfields’ history, even with the withdrawal of the higher-quality emerald auction in November 2023. Gemfields’ 75%-owned Kagem emerald mine in Zambia witnessed a notable improvement in the quality and quantity of premium emeralds recovered in recent months. Emerald auction revenues for the year amounted to $90.4 million. The company’s 75%-owned Montepuez ruby mine in Mozambique earned $151.4 million for the year. Gemfields’ cumulative emerald… Read More Here
Zambia Tops Global Emerald Production but Faces Local Industry Dilemma 2 Mining in Zambia Diamond Emeralds Precious Stones 

Zambia Tops Global Emerald Production but Faces Local Industry Dilemma

Constance
Amidst Cheers and Conundrums in Emeralds Zambia claims the crown in global emerald production, marking a milestone in President Hakainde Hichilema’s tenure. This success, however, is shadowed by a perplexing issue: local companies in Zambia are unable to acquire these precious stones from their homeland. The enigmatic reasons behind this oddity cast uncertainties on the gemstone market and the Zambian economy. While Zambia revels in its emerald prowess, the inability of domestic companies to secure these stones poses a dilemma. This paradox poses a threat to the growth of the… Read More Here
Kagem and mine workers unions reach 2024/2025 collective agreement  3 Mining in Zambia Precious Stones 

Kagem and mine workers unions reach 2024/2025 collective agreement 

Constance
Kagem Mining Limited (Kagem), the Mine Workers Union of Zambia (MUZ) and the National Union of Miners & Allied Workers (NUMAW) that represent Kagem’s unionised employees are pleased to confirm that they have reached a collective agreement on employee pay increases for 2024 and 2025.Based on the agreement, unionised employees will receive a 10% increment in pay for 2024 and a further 10% in 2025. Additionally, the agreement confirms an increase on the education allowance for employees from the current ZMW 1,500 to ZMW 2,000. Following successful negotiations between the… Read More Here
Gemfields Surpasses Auction Revenue Milestone with Strong Ruby Sales 4 Gemstones Precious Stones 

Gemfields Surpasses Auction Revenue Milestone with Strong Ruby Sales

Constance
Gemfields, renowned for its ruby and emerald mining, recently concluded a successful auction, boasting total revenues of $69.5 million from the sale of 97 lots, comprising 239,591 carats of rough rubies. The average price realized for the rubies stood at $290.02 per carat, marking a prosperous auction for the mining company. These rough rubies, extracted by Montepuez Ruby Mining (MRM), a joint venture with Mozambican partner Mwiriti (75% owned by Gemfields and 25% by Mwiriti), will see the entire proceeds repatriated to MRM in Mozambique. Notably, all owed royalties to… Read More Here
Zambia Introduces Cutting-Edge Digital System for Gemstone Oversight 5 Mining in Zambia Gemstones Precious Stones 

Zambia Introduces Cutting-Edge Digital System for Gemstone Oversight

Constance
Zambia takes a significant leap forward in gemstone management as the Ministry of Mines, in collaboration with the Zambia Revenue Authority (ZRA), introduces a cutting-edge online system for gemstone production reporting and export permits. This groundbreaking platform is set to revolutionize how the country oversees gemstone production reports and compliance processes. Hapenga Kabeta, Permanent Secretary of the Ministry of Mines, heralds the digital platform as a game-changer, poised to streamline gemstone production return filings and simplify permit applications within the sector. Dr. Kabeta envisions the system as a catalyst for… Read More Here
Fura Gems appoints China Stone as sight holder for Mozambican rubies 6 International Precious Stones 

Fura Gems appoints China Stone as sight holder for Mozambican rubies

Constance
Fura Gems, the leading global gemstone mining company, and China Stone announce a global collaboration. Under this agreement, Fura Gems will grant China Stone access to a selection of premium rough rubies. This partnership guarantees a reliable source of ethically mined gemstones, supporting better production planning and forecasting for watches, jewellery manufacturers, and retailers. Key Highlights: Fura Gems will provide China Stone with rough rubies ranging from 0.25 carats to 0.75 carats.China Stone, a leading supplier of precision-cut and polished gemstones for the Watch and Jewellery Industry, will receive a… Read More Here
Mozambique Forecasts a 38.8% Decline in Ruby Output for the Year 7 International Gemstones Precious Stones 

Mozambique Forecasts a 38.8% Decline in Ruby Output for the Year

Constance
The Mozambican government has warned that the country will miss its planned ruby production target this year. Output is expected to fall by almost 40% compared to 2022, when production of the stone reached 4.4 million carats. According to a report from the Ministry of Economy and Finance on the budget execution of the first semester, which Lusa accessed today, production data for three companies show that “the planned for the year will not be achieved 2023, with a decrease of around 38.83% expected”. This decline is explained by “the… Read More Here
Kagem Collaborates with Zambia's Govt to Build $2.5M Chapula Vocational Training Center 8 Mining in Zambia Corporate social responsibility Precious Stones 

Kagem Collaborates with Zambia’s Govt to Build $2.5M Chapula Vocational Training Center

Constance
 On 27 September, Kagem Mining Limited signed a Memorandum of Understanding (MoU) with the Government of Zambia committing to fund the construction of the Chapula Vocational Training Centre in Lufwanyama, that will enable local people to acquire skills to improve their employability. The training centre is a pivotal project and, at an estimated cost of ZMW 52,750,000 (USD 2.5 million), demonstrates Kagem’s commitment to supporting the regional and national economic development and helping create successful and independent communities in its area of operation.  With a curriculum being designed to align… Read More Here
Gemfields Anticipates Weaker Financial Performance in 2023 9 Mining in Zambia Precious Stones 

Gemfields Anticipates Weaker Financial Performance in 2023

Constance
Gemstone producer Gemfields has reported a solid financial performance in the first half of 2023, despite challenges on the horizon. CEO Sean Gilbertson expressed caution about replicating last year’s remarkable results due to the cancellation of the November auction. The cancellation was a result of lower-than-expected production from the Kagem emerald mine in Zambia, leading to the withdrawal of the higher-quality emerald auction scheduled for November. Gilbertson acknowledged this setback, stating, “This is understandably disappointing, but such periods have been seen in the past, and we always wish to ensure… Read More Here
Gemfields Generates $25.5 Million in Revenue from Latest Kagem Mine Emerald Auction 10 Mining in Zambia Mining revenue Precious Stones 

Gemfields Generates $25.5 Million in Revenue from Latest Kagem Mine Emerald Auction

Constance
Gemstone producer Gemfields has reported earnings of $25.5 million from its recent auction of commercial-quality rough emeralds sourced from the Kagem mine in Zambia. All 43 lots offered at the auction were successfully sold, achieving an average price of $7.51 per carat. Adrian Banks, Gemfields’ Managing Director of Product and Sales, expressed satisfaction with the auction results, emphasizing the continued strength of the emerald market. He also wished success to their auction partners during the ongoing tradeshow season. Banks stated, “Due to the recent decrease in both the quality and… Read More Here

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