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.
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
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.
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 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.
Weekly QuizApr 02, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
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.
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.
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.
SourcingMar 31, 2026
GIA VP Jillian Wolk to Take Over at Tracr Wolk’s first day on the job as CEO of Tracr, De Beers Group’s blockchain platform, will be May 1.
EditorsMar 30, 2026
Tom Moses Looks Back on His Decades at GIA Moses, who will leave the lab in May after nearly 50 years, discusses his start in the business, gemstones that stand out, and what’s next.
TrendsMar 30, 2026
Oscar Heyman Debuts First Spring CatalogThe new catalog, which showcases 35 one-of-a-kind pieces of jewelry, is a compliment to the company’s popular holiday catalog.
SourcingMar 30, 2026
Rio Tinto Hauls Last Load from DiavikProduction has ceased at the Canadian diamond mine, which has yielded more than 150 million carats of rough diamonds in its 23-year run.
MajorsMar 30, 2026
Tanishq Opens First New England LocationThe store opening marks the 10th United States location for the India-based jewelry retailer.
