MajorsApr 07, 2026
QVC Group’s Latest Filing Calls Its Future Into QuestionThe retailer failed to file its annual report on time and said it may issue a going concern warning.
SourcingAug 04, 2016
Emerald Output Flat, Rubies Up for Gemfields
Kagem reported production around 30 million carats in the fiscal year while Montepuez turned out a 23 percent increase to 10.3 million carats.
Gemfields reported that ruby and corundum production from its Montepuez mine in Mozambique was up 23 percent in the fiscal year ended June 30, with a 68 percent increase in the volume of higher quality stones uncovered.
London--Gemstone miner Gemfields saw varying results from its two major mining projects during its recently concluded fiscal year.
In the full year ended June 30, emerald and beryl production at the Kagem in Zambia was essentially flat at 30 million carats. The average grade was 241 carats per ton, again about equal to last year’s, while total operating costs rose 6 percent to $47.3 million.
During the fiscal year, Gemfields held four rough emerald and beryl auctions, totaling $101.3 million at an overall average of $12.22 per carat. Its latest emerald auction, held in Jaipur, India in May, generated revenues of $14.3 million and an average value of $5.15 per carat, setting a record average price for commercial quality emerald and beryl.
Gemfields is slated to hold its next emerald auction in September in Jaipur.
Production of ruby and corundum at the Montepuez mine in Mozambique during the 12-month period rose from 8.4 million to 10.3 million carats, exceeding the company’s initial guidance of 8 million carats, with a 68 percent increase in the volume of higher quality rubies recovered.
The average grade was up from 26 carats per ton to 35 carats per ton on the greater proportion of higher grade amphibolite ore being processed during the period. Total operating costs increased 21 percent to $26.2 million as the company ramped up exploration and mining activity.
The company’s two ruby and corundum auctions held during the fiscal year totaled $73.1 million in revenue with per-carat average of $45.50. Its next is scheduled for December in Singapore.
Gemfields said it plans to expand both of these projects.
Last month, the company secured three $15 million loans to aid its growth and expansion plans to increase annual production at Montepuez to approximately 20 million carats within the next three years. These loans join an existing revolving credit facility of $30 million to help expand Kagem production to more than 40 million carats.
For Fabergé, full-year results indicated that the value of sales orders agreed (those that Faberge has agreed and confirmed with customers) were down 10 percent year-over-year as no high value objets d’art were sold this year.
This was also the main reason behind the decline in the average selling price per piece, which was down 34 percent. The number of sales transactions, however, was up 46 percent, reflecting “a positive consumer response” to its shift in the average price
points for products on display.
The colored stone miner also provided updates on a number of projects it has in the works.
The colored stone miner also provided updates on a number of projects it has in the works.
Gemfields has continued with its preemptive exploration and mine planning exercises in preparation for completion of the Coscuez transaction (the emerald mine in the Boyacá state of Colombia it acquired last fall) and as base-level arrangements for future operations.
The mining company has had several meetings with the Ministry of Mines and the National Mining Agency about pending issues in the deal, and completion of the transaction was extended by another three months to September.
Gemfields has completed the necessary geological and geophysical exploration for diverse minerals in selected areas across the licenses it has in Sri Lanka, where it intends to mine sapphires.
The company also has finished initial steps to set up an in-house gemological laboratory and implemented standard operating procedures for gemstone authentication.
Trading operations there are slated to begin in the second quarter of financial year 2016-2017.
More on Sourcing
The Latest
ColumnistsApr 07, 2026
Peter Smith: A Tip to the Post Office on Workplace CultureSmith recounts a recent trip to the post office that included an uncomfortable, embarrassing, and public exchange between two employees.
GradingApr 07, 2026
GIA CFO David Tearle to Retire in June John Cowley, who has more than 30 years of experience, is succeeding Tearle as the lab’s chief financial officer.
Brought to you by
Protect Your Customers and Your BusinessYou deserve to know what you are selling–to protect your customers as well as your business and your reputation.
CollectionsApr 07, 2026
Nerd Out Over Gemology Geek’s First Jewelry CollectionFounder Erica Silverglide has designed 35 colorful pieces set with fluorescing gemstones for the brand's first finished jewelry offering.
Weekly QuizApr 02, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsApr 07, 2026
Ukrainian Jewelers Highlighted In New Book“Ukrainian Jewelry | Contemporary Jewelry and Art Jewelry from Ukraine” features 33 contemporary Ukrainian designers and studios.
CollectionsApr 06, 2026
Fope’s New Jewelry Debuts Are Golden“The Golden Now” campaign celebrates the here and now with the brand’s signature styles and a selection of its new pieces.
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.
MajorsApr 06, 2026
Kecia Caffie, Corinne Bentzen No Longer With Signet JewelersSignet confirmed that Caffie, president of Zales and Banter, and Bentzen, who headed Blue Nile, have left the company.
CollectionsApr 06, 2026
Historian Tanzy Ward Pens Book on Black Victorians’ JewelryThe antique jewelry dealer talks about the importance of including Black Americans in jewelry history and preserving their stories.
CollectionsApr 03, 2026
Taylor Swift’s ‘Elizabeth Taylor’ Video Puts Jewelry Front and CenterIconic pieces, like the Mike Todd Diamond Tiara, appear in the superstar’s new music video for her song inspired by the actress.
MajorsApr 03, 2026
Saks Global Says It Will Emerge From Bankruptcy This SummerThe luxury retailer, which went Chapter 11 in January, announced Thursday that it has secured $500 million in exit financing.
Events & AwardsApr 03, 2026
JCK Luxury, NouvelleBox Partner on New Designer BallroomThe NouvelleBox ballroom will feature independent jewelry designers, including Lene Vibe, Wyld Box Jewelry, and Kiaia Limited.
CollectionsApr 03, 2026
Buddha Mama Brings Its ‘Moon’ Locket To DallasThe one-of-a-kind locket, our Piece of the Week, opens to reveal three hidden images to keep close to your heart.
MajorsApr 02, 2026
Pandora Opens New Canadian Distribution Center Amid Tariff ConcernsThe new facility was also designed to better serve its growing customer base in Canada.
TrendsApr 02, 2026
Michelle Yeoh Fronts New Mikimoto Campaign The campaign is a tribute to the year 1893, when Kokichi Mikimoto created the world’s first cultured pearl.
GradingApr 02, 2026
GIA Debuts New Campus in TaiwanIt is the only GIA school to offer the GIA Graduate Gemologist program in Chinese.
MajorsApr 02, 2026
DCA Launches ‘Second Spark’ Workforce InitiativeThe initiative connects veterans and parents returning to the workforce with careers in jewelry retail.
MajorsApr 02, 2026
Hoover & Strong Names New National Sales RepresentativeThe wholesale manufacturer and precious metals refiner has appointed Michael Angelo as its new national sales representative.
MajorsApr 01, 2026
Foundrae Sues Pandora for Allegedly Copying Its Medallion DesignsFoundrae also accused the jewelry giant of copying its mood board style of marketing.
AuctionsApr 01, 2026
John Jacob Astor IV’s Titanic Pocket Watch Heads to AuctionA Patek Philippe for Tiffany & Co. timepiece owned by the American businessman who died on the Titanic will be offered at Freeman's Chicago.
SurveysApr 01, 2026
Consumers’ Outlook Improves Again in MarchThe Conference Board’s Consumer Confidence Index edged up, with optimism about the present outweighing worries about the future.
IndependentsApr 01, 2026
Zachary’s Jewelers’ Constance Polamalu to Release Children’s BookThe retailer’s Zach Bear gift comes to life in “Zach Bear and the Window Necklace,” which centers on curiosity, bravery, and helping.
Events & AwardsApr 01, 2026
AGA Opens 2026 Gemological Scholarship, Research Grant ApplicationsApplications are open for the AGA Gemological Scholarship Program through May 15, and until June 2027 for the Gemological Research Grant.
ColumnistsMar 31, 2026
Q1 Clues That Reveal Where Your Jewelry Store’s Sales Are Heading These customer behavior patterns say a lot about how successful your jewelry store is going to be this year, Emmanuel Raheb writes.
CollectionsMar 31, 2026
Mejuri Adds Silver to ‘Puzzle’ CollectionMejuri’s popular collection of 18-karat yellow gold vermeil rings debuted in sterling silver alongside new “Puzzle” slider charms.
CollectionsMar 31, 2026
Buddha Mama, Ashley Longshore to Host Pop-Up in DallasThe Miami-based jewelry brand and the NYC-based artist will be in Dallas from April 9-11.
