AuctionsOct 05, 2026
The Star Cats of the Sandy Lerner AuctionThese jewels stood out at Bonhams’ sale of the cat-loving tech entrepreneur’s collection of objects depicting the feline form.
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
Editors' Picks
Sponsored by
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
CollectionsOct 05, 2026
Sorellina Writes Another Love Letter for ‘Postscript’ CollectionThe fine jewelry brand has expanded the collection that debuted at Couture with four new designs based on its most popular styles.
SourcingOct 02, 2026
De Beers, National Geographic Society Renew Okavango Eternal Partnership The partnership, a pledge to protect Africa’s Okavango River Basin, has been extended for an additional five years.
Brought to you by
Meet Gemology’s Next Generation Microscope: GIA® Gemolite® NXT Professional EditionExperience gemstones with greater precision and comfort than ever before.
MajorsOct 02, 2026
Pandora Opens New $150M Manufacturing Facility in VietnamThe new facility, its first outside of Thailand, will boost its manufacturing capacity by 50 percent.
Weekly QuizOct 01, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
TrendsOct 02, 2026
Hearts On Fire Celebrates 30th Anniversary With Heart PendantThe special-edition “Dream” pendant, our Piece of the Week, was created to mark Hearts On Fire’s 30-year milestone with 30 diamonds.
CrimeOct 01, 2026
Police Looking for 4 Suspects in $600K Smash-and-Grab RobberyDubai Jewelers in Springfield, Virginia, was once again the target of an armed robbery.
Brought to you by
Your Piece Could Be the One Editors Talk AboutSubmit your pieces for a chance to win in this year's competition.
SurveysOct 01, 2026
Rolex Ranks Among Most Recommended Brands in US, Survey Says YouGov’s 2026 U.S. Most Recommended Brands report’s out, and a fast-fashion giant is sitting at No. 1 while Rolex is just shy of the top 5.
SourcingOct 01, 2026
Columbia Gem House Opens ‘Cutting Toward Change’ FundraiserProceeds from its jewelry raffle will benefit an organization working in India to combat silicosis, a lung disease affecting stone cutters.
TrendsOct 01, 2026
Carolina Hurricanes’ Championship Ring Reveals Hidden Hockey Puck PendantThe rings, crafted by Jason of Beverly Hills, celebrate the hockey team’s Stanley Cup win with design elements that honor its traditions.
TrendsOct 01, 2026
Amanda’s Style File: October’s Color Range This roundup of birthstone jewelry for October features vibrant tourmalines and opals with personality.
SourcingSep 30, 2026
Botswana’s President, De Beers CEO Say Diamond Demand Is RecoveringPresident Duma Boko spoke at back-to-back events in the city last week, touting Botswana’s stability and the diamond “bounceback.”
CollectionsSep 30, 2026
Oscar Heyman’s Holiday Book Is ‘A Living Archive’ The catalog showcases 112 new, one-of-a-kind pieces amid highlights from the jeweler’s historic archive.
SourcingSep 30, 2026
Gemfields Posts $98.5M Loss, Writes Down Value of Ruby MineIts Montepuez Ruby Mining operation in Mozambique, which is not yielding enough high-quality rubies, has taken a $125 million hit.
SurveysSep 30, 2026
Consumer Confidence Falls to 12-Year Low in SeptemberThose surveyed were worried about the present and the future, with write-in responses mentioning high oil and gas prices.
Events & AwardsSep 30, 2026
Jewelers of America, JA New York to Host Networking EventThe event will take place on the evening of Oct. 26 in New York City.
IndependentsSep 29, 2026
Christy Bromberg, Longtime Gift Buyer for Underwood Jewelers, Dies at 68She is remembered for her joie de vivre, upbeat personality, genuine interest in other people, and love of the Alabama Crimson Tide.
AuctionsSep 29, 2026
Dionne Warwick’s Jewelry Goes Up for AuctionOnline bidding is open now for Julien’s sale of items owned by the “Walk On By” singer, whose final album comes out this fall.
Events & AwardsSep 29, 2026
Matt Stuller to Receive 2027 Gem Award for Lifetime AchievementThe founder and executive chairman of Stuller Inc. is being honored for his impact on the jewelry industry at the 25th annual Gem Awards.
ColumnistsSep 29, 2026
Your Holiday Marketing Has a Bridal Blind SpotDecember is the most popular month to propose, and jewelers need to keep that in mind when planning their holiday marketing.
AuctionsSep 29, 2026
If You Love Cats, This Jewelry Auction Is for YouCat ladies of the jewelry world, unite. Sandy Lerner’s collection of cat jewelry and other objects is going up for auction Wednesday.
CollectionsSep 28, 2026
De Beers London Drops Water-Inspired High Jewelry Collection“Vibrations” features several firsts for De Beers’ high jewelry, including the use of chalcedony and diamonds sourced from artisanal miners.
CollectionsSep 28, 2026
Jessica McCormack Turns to Classic Motif for New CollectionThe “Bows” collection features three interpretations of the bow motif designed with Georgian and Victorian influences.
Events & AwardsSep 28, 2026
Guy Borenstein, Troy Underwood Among the Professionals Honored at AGS Conclave 2026The American Gem Society recognized industry members, one Guild, and a law enforcement official for their contributions to jewelry.
FinancialsSep 28, 2026
Instappraise, Jewelers Mutual Look to Simplify Jewelry InsuranceThrough a new system integration, customers can now receive instant personal jewelry insurance quotes at the time of appraisal.
WatchesSep 25, 2026
Smaller Rolex Watches Showing Strength on Secondary Market, Data ShowsFive of the 10 fastest-appreciating Rolex models on Bob’s Watches were Datejust 31 or Lady Datejust watches.
