PodcastsMay 21, 2026
Episode 5: Sotheby’s Frank Everett Puts the Auction Market in PerspectiveEverett covers colored stones’ surging popularity, the mellow return of the “Mellon Blue,” and his “The Devil Wears Prada” doppelgänger.
SourcingMay 17, 2017
Gemfields Pulls Out of Colombia and Sri Lanka
The colored gemstone miner said it has opted to focus on its projects in Africa.
Gemfields is abandoning plans to pursue mines in Colombia and Sri Lanka to focus on its projects in Africa. Pictured here is the Chama pit at the Kagem emerald mine in Zambia.
London--Gemfields announced recently that it is abandoning plans to begin mining emeralds in Colombia and sapphires in Sri Lanka.
In Colombia, the company had entered into agreements to acquire controlling interests in two emerald projects located predominantly in the Boyacá state.
In Sri Lanka, Gemfields had a joint venture with East West Gem Investment Limited that would have added sapphires to the portfolio of colored gemstones it mines.
CEO Ian Harebottle said in a statement that the company believes its current portfolio of assets in Africa, as well as other expansion opportunities in Zambia, Mozambique and Ethiopia, are all “likely to deliver considerably higher returns, with shorter payback periods, than some of the other jurisdictions it had previously been evaluating.”
The company currently owns a 75 percent state in the Kagem emerald mine in Zambia, a 75 percent stake in the Montepuez ruby mine in Mozambique and a 50 percent stake in the Kariba amethyst mine in Zambia.
It also owns 100 percent of Oriental Mining SARL, a company incorporated in Madagascar with exploration licenses covering emeralds, rubies, sapphires, tourmalines and garnets, and acquired 75 percent of Web Gemstone Mining in Ethiopia, which holds an emerald exploration license. Drilling commenced at the latter last summer and preliminary groundwork for a bulk sampling exercise scheduled for July is underway.
The company announced that it was withdrawing from Colombia and Sri Lanka at the same time it released its financials for its third quarter ended March 31.
At Kagem, production during the three-month period was down, totaling 4.5 million carats of emerald and beryl with an average grade of 193 carats per ton. This is compared with 7.1 million carats with an average grade of 297 carats per ton in the same period last year.
The company attributes the difference to the “varied nature” of the emerald mineralization, exceptionally high rainfall, and a renewed focus on opening new areas for future production.
Total operating costs for the mine were $9.6 million, compared with $11.2 million a year ago.
The lower production at Kagem is expected to reduce targeted total production for the 2017 financial year to between 20 and 25 million carats, the company said, but added that it believes it still will deliver on the longer-term production ramp-up in the coming years. (Gemfields has said before that it would like to expand the emerald mine to reach an annual production of more than 40 million carats
Editors' Picks
Sponsored by
within the next few years.)
An auction of predominantly higher quality rough emeralds from the Kagem mine was held in Lusaka, Zambia in February. The sale brought in revenues of $22.3 million, with an average realized value of $63.61 per carat.
The next auction of predominantly commercial quality rough emeralds from Kagem is taking place in Jaipur, India through Thursday.
Meanwhile, at the company’s ruby mine, Montepuez, production was down year-over-year, from 2 million carats to 1.2 million carats. Gemfields said this is largely due to the lower grade but higher value ore being processed, noting that the quantity of premium quality rubies recovered increased by 92 percent.
Total operating costs at Montepuez for the three-month period were $6.5 million.
Since production at the site will focus on processing predominantly lower grade but higher value ore for the remainder of the financial year, Gemfields said the targeted total production is now estimated at 8 -10 million carats, down from the previous guidance of 10 to 12 million carats.
The next mixed quality auction of rough rubies and corundum is slated for June in Singapore.
An auction of predominantly higher quality rough emeralds from the Kagem mine was held in Lusaka, Zambia in February. The sale brought in revenues of $22.3 million, with an average realized value of $63.61 per carat.
The next auction of predominantly commercial quality rough emeralds from Kagem is taking place in Jaipur, India through Thursday.
Meanwhile, at the company’s ruby mine, Montepuez, production was down year-over-year, from 2 million carats to 1.2 million carats. Gemfields said this is largely due to the lower grade but higher value ore being processed, noting that the quantity of premium quality rubies recovered increased by 92 percent.
Total operating costs at Montepuez for the three-month period were $6.5 million.
Since production at the site will focus on processing predominantly lower grade but higher value ore for the remainder of the financial year, Gemfields said the targeted total production is now estimated at 8 -10 million carats, down from the previous guidance of 10 to 12 million carats.
The next mixed quality auction of rough rubies and corundum is slated for June in Singapore.
More on Sourcing
The Latest
IndependentsMay 21, 2026
Springer’s Jewelers’ New Flagship Will Serve Next-Gen Luxury ShoppersFourth-generation CEO Lilly Mullen wants to emphasize experience, connection, and personalized service.
Events & AwardsMay 21, 2026
JA Announces Nina Pugliese Memorial ScholarshipThe new award, created in partnership with Henne Jewelers, honors the late designer’s legacy through supporting jewelry education.
Brought to you by
All Eyes on Gold Prices. Alternatives to Look For. And What to BEWARE of in VegasAs gold prices rise, today’s retailers are looking for alternatives at prices that will appeal to wider audiences.
CrimeMay 20, 2026
NYPD Warns of Jewelry Swap Scams Targeting SeniorsThe NYPD is warning elderly New Yorkers to keep their jewelry hidden when walking outside to avoid being a target.
Weekly QuizMay 21, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
IndependentsMay 20, 2026
Adornment & Theory’s New Store Feels Like Home Designer Viviana Langhoff has realized her dream of owning a space for her Chicago jewelry store that looks and feels like her brand.
Events & AwardsMay 20, 2026
Here Is Couture’s 2026 Education Lineup The sessions will run from Friday, May 29, to Sunday, May 31, with one being a live taping of an episode of Couture’s podcast.
Brought to you by
How Modern Training Is Becoming a Competitive Advantage for Jewelry RetailersWith the trade and customer trust in mind, GIA® developed NextGem™ – on-demand training designed specifically for retail.
Lab-GrownMay 20, 2026
Savannah Friedkin Jewelry Names New CEOFormer Stephanie Gottlieb Fine Jewelry executive Morgan P. Richardson is joining the lab-grown diamond jewelry brand.
WatchesMay 19, 2026
Here’s the AP x Swatch Pocket Watch That Caused PandemoniumThe $400 pocket watch is a blend of Audemars Piguet’s iconic eight-sided Royal Oak and Swatch’s unserious Pop watches from the ‘80s.
CollectionsMay 19, 2026
Chris Ploof’s New Collection Makes an Ancient Metal ModernWith gold prices on the rise, the “Modern Electrum” collection uses an alternative, non-tarnishing metal alloy composed of gold and silver.
IndependentsMay 19, 2026
Ellen and Michael Fruchtman Retire, Sell Marketing Agency Fruchtman Marketing has new owners, Erin Moyer-Carballea and Manuel Carballea, and will relocate to Miami.
ColumnistsMay 19, 2026
Peter Smith: The (Mostly) Immutable Sales TruthsIn a column for the 2026 State of the Majors issue, Smith lists 10 time-tested principles about sales that still ring true.
ColumnistsMay 18, 2026
Edahn Golan: What a K-Shaped Economy Means for Fine JewelryIn a column for the 2026 State of the Majors issue, Golan spells out how the growing economic divide in the U.S. is reshaping the market.
CollectionsMay 18, 2026
Foundrae’s New Collection Taps Into JoyThe “Limitless Expansion of Joy and Hope” collection evokes summer through colored gemstones and motifs of butterflies and florals.
CollectionsMay 18, 2026
Hancocks London Acquires Historic ‘Inchiquin’ EmeraldThe jewel, circa 1890, is from the late Victorian era and was owned by descendants of the last high king of Ireland.
Events & AwardsMay 18, 2026
Here Are the 2026 JCK Industry Fund Grant Recipients This is what the nine recipients plan to do with the funds.
AuctionsMay 15, 2026
American Collector Ponies Up Almost $17K for John Wayne’s RingThe Western star’s 14-karat gold signet ring sold for six times its low estimate following a bidding war at U.K. auction house Elmwood’s.
Events & AwardsMay 15, 2026
JA, MJSA To Sponsor Roundtable at TJSThe discussion, "Rebuilding the Jewelry Workforce," will take place on Saturday, May 16, in Troy, Michigan.
AuctionsMay 14, 2026
White Diamonds Lead Sotheby’s Auction, Blue Diamond Does Not SellA matching pair of 18.38-carat, D-color diamonds from Botswana’s Jwaneng mine sold for $3.3 million, the top lot of the jewelry auction.
Supplier BulletinMay 14, 2026
A Diamond Is Forever Continues Desert Diamonds – Bridal ReinvigoratedSponsored by A Diamond Is Forever
SourcingMay 14, 2026
State of Colored Stones: The Spirit of Young American Gemstone CuttersThe next generation of lapidarists are entrepreneurial, engaged online, and see the craft as a means for artistic expression.
AuctionsMay 14, 2026
‘Ocean Dream’ Makes Waves at Christie’s, Fetching $17MIt was the second auction appearance for the fancy vivid blue-green diamond, which sold for $7.8 million at Christie’s Geneva 12 years ago.
CrimeMay 14, 2026
Second Man Arrested in Florida Pawn Shop Shooting Members of the U.S. Marshals Task Force took a 22-year-old man into custody. He was charged with tampering with evidence.
CrimeMay 13, 2026
JSA’s 2025 Crime Report Shows ‘Concerning’ Rise in ViolenceWhile the overall number of crimes was down, there were more incidences in which robbers pulled out guns, mace, or rammed cars into stores.
IndependentsMay 13, 2026
New Orleans Jeweler Closing Canal Place StoreJack Sutton Fine Jewelry is closing its store inside the downtown shopping center after 40 years in business.
SourcingMay 13, 2026
Smithsonian Acquires ‘Winston Red’ Diamond PaintingReena Ahluwalia’s painting of the rare red diamond is the first contemporary painting to join the National Gem Collection.
