CrimeApr 28, 2025
Customs Seizes Nearly 2,000 Pieces of Counterfeit Van Cleef & Arpels JewelryU.S. customs agents in El Paso, Texas, intercepted the package, which would have been worth $9 million if the jewelry was genuine.
SourcingFeb 22, 2017
Gemfields’ Revenue Falls 46 Percent
The colored gemstone miner said the decline was due largely to the postponement of December’s higher quality rough emerald auction.
Gemfields said output at its Kagem emerald mine was down 32 percent to 10.7 million carats in the fiscal half-year ended Dec. 31. Pictured here is the Chama pit at Kagem.
London--The delay of an auction led to both a revenue decrease and a net loss for Gemfields in the first half of its fiscal year ended Dec. 31.
The colored gemstone miner reported that revenue for the first half of the fiscal year was down 46 percent, declining from $94 million last year to $51 million this year.
The company said the decrease was due in large part to its postponement of a higher quality rough emerald auction originally scheduled for December 2016. The sale was pushed to this month to give Gemfields’ Indian customers time to adjust to the country’s demonetization program.
As a result, the company held only two gemstone auctions in the six-month period: one commercial quality rough emerald and beryl auction, and one mixed quality rough ruby and corundum auction.
This compares with three auctions in the prior-year period: one higher quality rough emerald and beryl sale, one commercial quality rough emerald and beryl sale, and one mixed to higher quality rough ruby and corundum auction.
The emerald and beryl auction held during the half-year period took place in September in Jaipur, India, generating revenues of $10.7 million.
The ruby sale took place in December in Singapore and achieved total revenues of $30.5 million.
In terms of Gemfields’ two biggest projects--the Kagem emerald mine in Zambia and the Montepuez ruby site in Mozambique--production was varied.
At Kagem, output was down from 15.7 million carats in the prior-year period to 10.7 million carats in 2016, while average grade declined from 254 carats per ton last year to 166 carats per ton this year. Gemfields said the difference in both was attributable to the “varied nature of the mineralization and a lower grade zone mined in the current period.”
Due to the low first-half production, Gemfields said it is dropping its expectations for Kagem’s production from 30-35 million carats to 25-30 million carats.
At Montepuez, meanwhile, output more than doubled, increasing from 2.1 million carats in 2015 to 5.6 million carats in the half-year period, with the grade also nearly doubling from 15 carats per ton to 29 carats per ton this year.
Gemfields said in its results that while the “positive impact” of the efforts to grow and expand the downstream emerald market are visible, it is likely to take a few more years for the ruby market to have access to similar levels of
working capital and global distribution, meaning flexibility is needed to determine auction schedules for rough rubies and corundum.
The next sale of mixed quality material from the site is expected to take place in June in Singapore.
Fabergé, which is owned by Gemfields, also reported a strong half-year period, with sales orders agreed (those the brand has confirmed with customers) up 41 percent year-over-year while sales transactions rose 53 percent and the average selling price per piece for the brand increased 30 percent.
Revenue from realized sales reached $6.8 million, down from $7.2 million last year.
Gemfields also has a number of projects in the works, including the Coscuez emerald project in Colombia, which currently is undergoing exploration, mine planning and administrative activities; an exploratory drilling program at an emerald site at the Dogogo-South block in Ethiopia, which was completed in December; in Mozambique, preliminary drilling at the Megaruma ruby license area and conversion of an additional exploration license to a mining license in the fall; and the sapphire project in Sri Lanka, the long term plans for which currently are under review due to operational challenges and other factors.
CEO Ian Harebottle also spoke positively about the direction of the gemstone market in the future, noting that the auction results for the higher quality emeralds demonstrates the strong pricing levels and firm demand, despite the brief period of uncertainty with the demonetization program in India.
In terms of market updates, Gemfields said that demand for Mozambican rubies continues to grow across key markets and categories, and many Gemfields customers who attended the Tucson gems shows noted strong sales orders and a more positive business sentiment in the United States.
Harebottle added, “The clear shift in both consumer trends and the increased urgency with which so many of the world’s leading luxury brands are beginning to embrace colored gemstones remain extremely encouraging and provides for a continued long-term positive outlook for the sector. This is clearly evidenced by the increased number of retail brands that are now looking to collaborate with Gemfields.”
The next sale of mixed quality material from the site is expected to take place in June in Singapore.
Fabergé, which is owned by Gemfields, also reported a strong half-year period, with sales orders agreed (those the brand has confirmed with customers) up 41 percent year-over-year while sales transactions rose 53 percent and the average selling price per piece for the brand increased 30 percent.
Revenue from realized sales reached $6.8 million, down from $7.2 million last year.
Gemfields also has a number of projects in the works, including the Coscuez emerald project in Colombia, which currently is undergoing exploration, mine planning and administrative activities; an exploratory drilling program at an emerald site at the Dogogo-South block in Ethiopia, which was completed in December; in Mozambique, preliminary drilling at the Megaruma ruby license area and conversion of an additional exploration license to a mining license in the fall; and the sapphire project in Sri Lanka, the long term plans for which currently are under review due to operational challenges and other factors.
CEO Ian Harebottle also spoke positively about the direction of the gemstone market in the future, noting that the auction results for the higher quality emeralds demonstrates the strong pricing levels and firm demand, despite the brief period of uncertainty with the demonetization program in India.
In terms of market updates, Gemfields said that demand for Mozambican rubies continues to grow across key markets and categories, and many Gemfields customers who attended the Tucson gems shows noted strong sales orders and a more positive business sentiment in the United States.
Harebottle added, “The clear shift in both consumer trends and the increased urgency with which so many of the world’s leading luxury brands are beginning to embrace colored gemstones remain extremely encouraging and provides for a continued long-term positive outlook for the sector. This is clearly evidenced by the increased number of retail brands that are now looking to collaborate with Gemfields.”
More on Sourcing
The Latest
TrendsApr 28, 2025
Suzanne Kalan Launches Tech Ring Jacket CollectionHealth monitors become statement pieces when paired with the brand’s new collection of stackable diamond-studded bands.
Events & AwardsApr 28, 2025
JCK Industry Fund Announces 2025 Grant RecipientsTen organizations were selected this year.
Brought to you by
Watch: The Winston Red: GIA Examines the Smithsonian’s Newest AdditionSupplier Spotlight Sponsored by GIA
IndependentsApr 28, 2025
John Atencio Appoints 2 to Wholesale TeamKim Carpenter and Sam Gevisenheit have joined the brand.
Weekly QuizApr 24, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsApr 25, 2025
Sylvie Looks to Water in New Sculptural Bridal Collection“Shell Auranova” is the next generation of the brand’s bridal line, featuring half-bezel engagement rings with bold and fluid designs.
FinancialsApr 25, 2025
Kering’s Jewelry Brands Persevere as Q1 Sales Sink 14%Boucheron and Pomellato performed well in an otherwise bleak quarter for Kering amid struggles at Gucci.
Brought to you by
Emerging Jewelers Accelerator Program Announces Second Cohort of Aspiring Jewelry Entrepreneurs Six new retail businesses were selected for the 2025 program, which began in January.
EditorsApr 25, 2025
Piece of the Week: Deborah Meyers Experience’s ‘The Birds’ EarringsDesigner Deborah Meyers created her birds from oxidized sterling silver, rose-cut diamond eyes, and Akoya Keshi pearl feathers.
Supplier BulletinApr 24, 2025
Protect Your Customers and Your BusinessSponsored by the Gemological Institute of America
EditorsApr 24, 2025
Q&A: Wolf’s CEO Talks U.S. ExpansionSimon Wolf shares why the time was right to open a new office here, what he looks for in a retail partner, and why he loves U.S. consumers.
IndependentsApr 24, 2025
Longtime Iowa Jeweler Herman Ginsberg Dies at 99 A third-generation jeweler, Ginsberg worked at his family’s store, Ginsberg Jewelers, from 1948 until his retirement in 2019.
FinancialsApr 24, 2025
Charles & Colvard Delisted From Nasdaq Due to NoncomplianceThe company failed to file its quarterly reports in a timely manner.
TrendsApr 24, 2025
Amanda’s Style File: So CharmingCharms may be tiny but with their small size comes endless layering possibilities, from bracelets to necklaces and earrings.
MajorsApr 23, 2025
Bulgari Doubles Size of Jewelry Factory in ItalyLocated in Valenza, the now 355,000-square-foot facility includes a new jewelry school that’s open to the public, Scuola Bulgari.
Events & AwardsApr 23, 2025
PDPaola Creative Director Wins FGI’s ‘Rising Star’ AwardPaola Sasplugas, co-founder of the Barcelona-based jewelry brand, received the Fine Jewelry Award.
AuctionsApr 23, 2025
Rare Custom Rolex Daytona Heads to AuctionA platinum Zenith-powered Daytona commissioned in the late ‘90s will headline Sotheby’s Important Watches sale in Geneva next month.
MajorsApr 23, 2025
David Yurman’s New Campaign Stars Carmelo Anthony, Jaylen BrownThe basketball stars wear men’s jewelry from the “Curb Chain” collection.
MajorsApr 22, 2025
Zales’ Rebrand Takes Playful Approach to Fine JewelryThe Signet Jewelers-owned retailer wants to encourage younger shoppers to wear fine jewelry every day, not just on special occasions.
AuctionsApr 22, 2025
Christie’s to Auction JAR Jewelry CollectionThe 21 pieces, all from a private collector, will be offered at its Magnificent Jewels auction next month.
ColumnistsApr 22, 2025
The PR Adviser: Building Buzz Through Word of MouthLilian Raji answers a question from a reader who is looking to grow her jewelry business but has a limited marketing budget.
GradingApr 22, 2025
Avi Levy Is GCAL By Sarine’s New Chief Growth OfficerGCAL by Sarine created the new role to sharpen the company’s focus on strategic partnerships and scalable expansion.
IndependentsApr 22, 2025
Brinker’s Jewelers Acquires Fellow IndependentThe Indiana jeweler has acquired Scottsdale Fine Jewelers in Scottsdale, Arizona.
Events & AwardsApr 21, 2025
An Exhibition Exploring the History of Cartier Is Now on Display“Cartier: Design, Craft, and Legacy” opened earlier this month at the Victoria and Albert Museum in London.
IndependentsApr 21, 2025
New York Jeweler to Close After 111 YearsVan Cott Jewelers in Vestal, New York, is hosting a going-out-of-business sale.
IndependentsApr 21, 2025
IJO Names New Director of Vendor Relations, Merchandise StrategyIndustry veteran Samantha Larson has held leadership roles at Borsheims, McTeigue & McClelland, Stuller, and Long’s Jewelers.
Events & AwardsApr 21, 2025
Jewelers of Louisiana, Mississippi Jewelers Association to Co-Host ConventionThe two organizations will hold the educational event together this fall in Mississippi.
