Events & AwardsMar 17, 2026
The Best Moments From the 2026 Gem Awards Held just before the Oscars, the jewelry industry’s big awards show had its share of standout jewelry, gowns, and acceptance speeches.
FinancialsNov 08, 2016
Emerald Output Down, Ruby Output Soars for Gemfields
But the company said it’s on schedule to meet its production target for both emeralds and rubies within the next three years.
Gemfields reported that emerald production was down 20 percent to 6 million carats in its first quarter. But the company said it is on track to increase output of the gem at the Kagem site to 40 million carats annually within the next three years.
London--Gemfields reported that its emerald production was down in the first quarter while ruby production surged ahead as Montepuez continues to ramp up production.
In the three-month period ended Sept. 30, production from the Kagem emerald mine in Zambia was 6 million carats, with an average grade of 174 carats per ton, compared with a 7.5-million-carat production and an average of 237 carats per ton in the prior-year period.
The company attributed the decrease in emerald production to the varied nature of the mineralization and a higher grade zone mined in Q1 2015.
Total operating costs at the site were $10.2 million in the first quarter, compared with $11.4 million last year.
The emerald auction comprised predominately of commercial quality rough emeralds held in Jaipur, India, in September generated revenues of $10.7 million, at an average value of $3.28 per carat.
The next auction, which will include predominantly higher quality rough emeralds, is slated for December in Singapore.
Meanwhile, ruby production at the Montepuez mine in Mozambique rose from 0.5 million carats to 4.5 million in the first quarter due to the processing of higher grade, but lower value, amphibolite resources.
The company also commenced operations at two new pits in the Mugloto and Glass areas during the first quarter.
Total operating costs at Montepuez in the three-month period were nearly flat at $5.8 million.
Gemfields is scheduled to hold an auction of mixed quality rough rubies, which also will take place in Singapore in December.
There also was an auction of mostly higher quality rough amethysts in Singapore in September that generated revenues of $400,000 and realized an average of about 4 cents per carat.
According to the company, it is on schedule to meet its target production of 40 million carats of rough emeralds from Kagem and 20 million carats of rough rubies from Montepuez within the next three years.
Meanwhile, Gemfields-owned jewelry brand Fabergé saw confirmed sales orders fall 23 percent in the first quarter, largely due to tough comps caused by the opening of two large wholesale partners in July 2015.
However, the number of sales transactions during the period increased 67 percent and the average selling price per piece was up 2 percent when compared with the prior-year period, reflecting a positive response to the brand’s shift in product mix as well as consumer engagement with its marketing campaign, Gemfields said.
In terms of
developing projects, Gemfields continued its exploration and mining planning activities for completion of the Coscuez transaction in Colombia, and announced the next phase of development in Sri Lanka by calling for interested parties to supply gemstones.
The company said that five suppliers have been appointed as preferred suppliers so far.
In other company news, Gemfields announced that Chief Operating Officer Devidas Shetty stepped down from both his position and the company’s board of directors. Chief Financial Officer Janet Boyce took his place on the board.
The company said that five suppliers have been appointed as preferred suppliers so far.
In other company news, Gemfields announced that Chief Operating Officer Devidas Shetty stepped down from both his position and the company’s board of directors. Chief Financial Officer Janet Boyce took his place on the board.
More on Financials
The Latest
SourcingMar 17, 2026
Cruzeiro Mine Debuts ‘Winter Tourmaline’The Brazilian mine’s new collection features cabochons in soft, muted shades like silver and lilac.
TrendsMar 17, 2026
Natalie Portman Is Tiffany & Co.’s New AmbassadorThe Academy Award-winning actress stars in Tiffany & Co.’s latest commercial, which debuted Sunday night during the Oscars.
Brought to you by
Is This You? Every Jeweler Has This Problem; We Have the Solution.Every jeweler faces the same challenge: helping customers protect what they love. Here’s the solution designed for today’s jewelry business.
MajorsMar 17, 2026
Kering Establishes Jewelry Division, Appoints CEOThe organizational change follows Kering’s promise of a transformation after declining sales in 2025.
Weekly QuizMar 12, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
EditorsMar 16, 2026
2026 Oscars Jewelry: One Necklace After AnotherNatalie Francisco rounds up the top Oscars jewels, including Rose Byrne’s Taffin necklace with a more than 20-carat yellow-brown diamond.
WatchesMar 16, 2026
TAG Heuer Has a New CEOBéatrice Goasglas has been with TAG Heuer since 2018. She is the first woman to head the 166-year-old, LVMH-owned watch brand.
Brought to you by
DCA Enters a New Chapter in Jewelry EducationWith refreshed branding, a new website, updated courses, and a pathway for growth, DCA is dedicated to supporting retail staff development.
IndependentsMar 16, 2026
Ben Bridge Debuts New Honolulu BoutiqueThe store features the first in-store build for the jeweler’s in-house “Bella Ponte” bridal brand.
AuctionsMar 16, 2026
Bonhams Paris To Offer Antique, Signed Jewels The live fine jewelry auction will take place later this week, showcasing antique pieces, rare gemstones, and signed jewels.
CollectionsMar 13, 2026
A Trio of Jewels from the 3 Gem Award Nominees for Jewelry DesignOur Pieces of the Week honor the 2026 nominees for the Gem Award for Jewelry Design, Silvia Furmanovich, Cece Fein-Hughes, and Catherine Sarr.
WatchesMar 13, 2026
Citizen, Vera Wang to Launch Watch CollectionThe 24-piece watch collection is set to debut in spring 2027.
SourcingMar 13, 2026
Andrea Pooler Joins Third-Generation Diamond Company as COO Pooler, who has more than 25 years’ experience in jewelry, is now chief operating officer of Modani Jewels, Soham Diamonds, and SNJ Creations.
MajorsMar 13, 2026
24 Karat Club of New York’s Banquet to Return to Waldorf AstoriaThe reopening of the Waldorf Astoria means a homecoming for the industry group’s annual event, which will take place Saturday.
CollectionsMar 12, 2026
Jessica McCormack Sends Gold, Gemstones Into ‘Orbit’McCormack looked to the 19th century’s “golden age” of astronomy when designing her new celestial-themed collection.
Events & AwardsMar 12, 2026
Johnny Nelson Wins David Yurman Gem Awards GrantNelson will be honored as the inaugural grant winner at the Gem Awards gala on Friday.
TechnologyMar 12, 2026
Caratwise Launches, Names Former Signet Exec CEO The new smart design software allows jewelers to configure, price, and confirm a custom engagement ring in real time for in-store customers.
SourcingMar 12, 2026
Grandview Klein Opens New Factory in South Africa The 10,000-square-foot diamond manufacturing facility officially opened in late February and employs 50 people.
Events & AwardsMar 12, 2026
MJSA ‘Future of Jewelry Making’ Scholarship Applications OpenThe MJSA Education Foundation’s scholarships support students pursuing jewelry careers.
AuctionsMar 11, 2026
‘Spectacular’ 26-Carat Diamond Going Up for Auction in London The largest white diamond to come to market in the U.K. in more than a decade, the VVS1, I-color stone is expected to top $1 million.
TechnologyMar 11, 2026
Cast Jewelry’s Rachel Skelly on Coming Back Online Only Skelly shares her plans for reimagining the fine jewelry retailer she re-acquired after it faltered last year.
CollectionsMar 11, 2026
Pyrrha Highlights ‘The Space Between’ In New CollectionThe collection takes inspiration from the emotional space between people, moments, and experiences.
IndependentsMar 11, 2026
From the Jazz Age to the Information Age: London Jewelers Turns 100In 2026, the jewelry retailer is celebrating a milestone only a small percentage of family-owned businesses survive to see.
IndependentsMar 11, 2026
Virginia Jewelers Raise Nearly $30K for Children’s HospitalThe group of jewelers held a jewelry raffle in support of the Children’s Hospital of Richmond at VCU.
MajorsMar 10, 2026
Saks Global to Close 15 More StoresThe retailer also gave an update on its vendor partnerships.
TrendsMar 10, 2026
Messika Names Julianne Moore as AmbassadorThe award-winning actress is the “epitome of modern allure,” the brand said.
CollectionsMar 10, 2026
Gemstones ‘Bloom’ in Sorellina’s New CollectionThe “Bloom” collection draws from the flower power movement of the 1960s and ‘70s with inlay pendants offered in eight colorways.
