Precious Stones - Copperbelt Katanga Mining

Gemfields Anticipates Weaker Financial Performance in 2023

September 23, 2023September 23, 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

Mining in Zambia Mining revenue Precious Stones

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

September 19, 2023September 19, 2023 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

Mining in Zambia Precious Stones Rare Earth Minerals

Sugilite: A Captivating Gemstone with Unique Properties

July 10, 2023July 10, 2023 Constance

Sugilite is a rare pink to purple mineral discovered by Ken-ichi Sugi, a Japanese petrologist, in Japan in 1944. This cyclosilicate gemstone, known for its vivid purple color and rarity, has garnered immense interest among gem enthusiasts and collectors. Its distinct properties set it apart from other gemstones, such as amethyst, despite their similar appearances. When comparing sugilite and amethyst, one notable difference lies in their color variation. While both gemstones feature purple hues, sugilite tends to showcase a broader range of shades, including vibrant pinks and deeper purples. Amethyst,… Read More Here

Mining in Zambia Precious Stones

Gemfields full-year profit rises 2% on record ruby, emerald sales

March 25, 2023March 25, 2023 Constance

Faberge jewellery brand owner Gemfields Group, reported a 2% rise in full-year profit on Friday helped by higher prices for uncut emeralds and rubies. The precious stone miner said headline earnings per share, the main profit measure in South Africa, rose to 4.8 U.S. dollar cents for the year ended Dec. 31, from 4.7 U.S. dollar cents a year earlier. Gemfields owns 75% each of the Montepuez ruby mine in Mozambique and Kagem emerald mine in Zambia, with the two countries’ respective governments owning the balance. It also owns the… 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

Mining in Zambia Emeralds Precious Stones

Gemfields accepted as corporate member of voluntary human rights initiative

May 30, 2020May 31, 2020 arnbethnic

London-headquartered Gemfields, which owns the Kagem emerald mine, in Zambia, and the Montepuez ruby mine, in Mozambique, has become the first gemstone company in the world to be recognised as a corporate member by the Voluntary Principles on Security and Human Rights (VPSHR). The principles are a globally recognised initiative by governments, companies and nongovernmental organisations (NGOs) to confront human rights abuses and violations, and have become the common standard implemented across a variety of industries, guiding companies on how to conduct their security operations while at the same time… Read More Here

Gemstones International Mining in Zambia Precious Stones

Gemfields lists on London Stock Exchange

February 19, 2020February 19, 2020 arnbethnic

The Gemfields Group, which, in collaboration with the Zambian government, owns the Kagem Emerald Mine in Lufwanyama, has returned to trade and listed its shares on the AIM market of the London Stock Exchange on February 14, 2020 after 3 years. The listing is the latest demonstration of Gemfields’ ethos of transparency, legitimacy, and integrity that allows a wider reach of international investors to directly participate in Gemfields, which owns 75% of the Kagem Emerald concession in Lufwanyama, with 25% in Government owned by the Industrial Development Corporation (IDC). Sean… Read More Here