The pieces in “Animali Tarallo” portray animals from stingrays to elephants through portraits and interpretations of their patterns.
Gemfields Suspends Gemstone Auctions Amid COVID-19
It also provided an update on its mining, exploration and retail operations across the world.
London—Colored gemstone miner Gemfields said it expects the COVID-19 crisis to have a “significant detrimental impact” on its revenue and operations in 2020 and possibly beyond.
The company said as of Monday, all but critical operations at the Kagem emerald mine in Zambia have been suspended, for what the company said it hopes is a period no longer than one month.
Its operations in Mozambique, including the Montepuez ruby mine, are ready to implement similar suspensions if required but are “unaffected” at this time, according to the miner.
Meanwhile, exploration projects in Madagascar have been suspended, and the Gemfields offices in London and Jaipur are closed, with staff working remotely.
For Gemfields-owned Faberge, the brand’s retail operations at Harrods in London and the Galleria Mall in Houston, as well as its mono-brand boutiques operated by partners in the Dubai Mall and Kiev, Ukraine, all are closed.
Gemfields added that not only are about 80 percent of the multi-brand retailers stocking Fabergé currently closed but also 80 percent of the workshops that supply Fabergé, including its timepieces workshop in Geneva.
Travel restrictions across the world implemented to slow the spread of the virus have led to the postponement or suspension of numerous trade events, and Gemfields’ auctions of rough gemstones are no exceptions.
The miner said the current restrictions mean it cannot presently host any auctions, notable since Gemfields’ six auctions held in 2019 brought in 93 percent of its full-year revenue.
The miner and marketer noted that even once restrictions are lifted, it will take additional time before “life and business returns to a relative ‘normal.’”
Because of the uncertainty, it’s unable to provide reliable guidance as to when it might be able to hold the next auctions.
It said its auction of high-quality emeralds and mixed-quality rubies originally scheduled for May and June, respectively, are likely to be rescheduled for the second half of the year, and noted that if the market doesn’t recover “adequately,” it will consider cancelling the emerald and ruby auctions slated for November and December.
As of Feb. 29, the Gemfields Group had cash balances of approximately $73.5 million, a net cash position of about $43.5 million and undrawn overdraft facilities of $30 million.
Gemfields said in a March 24 trading statement it expects net profit after tax to be $39.1 million for the full year ended Dec. 31, compared with a net loss after tax of $60.4 million
Montepuez and Kagem generated revenues of $121.5 million and $79 million, respectively, in 2019, and an impairment reversal of $21.6 million has been recognized against Kagem given the recent suspension of the 15 percent export duty in Zambia.
The Latest

Parent company Saks Global said the iconic location will be open through the holiday season as it decides what to do with the space.

The virtual event will take place April 7 at 3 p.m.

Bench jewelers spend years honing their skills, Jewelers of America’s Certification validates their talents.

The educational event will take place in Charlotte, North Carolina, this May.


The independent jeweler first opened its doors in 1888.

The layoffs come amid the TV shopping channel’s efforts to restructure and focus on live shopping through social media.

Natural diamonds mean more than lab-grown, but when every cut is ideal, they all look the same. Customers want more—Facets of Fire delivers.

The debut event will take place in Miami’s Coconut Grove neighborhood this fall.

The roundtable will take place May 17 ahead of the trade show’s welcome dinner.

The “Peanuts x Monica Rich Kosann” collection features the comic strip’s classic vocabulary across 10 bracelet designs.

Three industry experts dive into the complexities of the material often marketed as an “ethical” alternative for metal in jewelry.

Diamonds are not only one of the most prominent gemstones, but the birthstone for those born in April.

The Utah-based company known for making wedding bands has acquired Doubloon Golf.

The longtime luxury executive led one of LVMH’s watch brands, TAG Heuer, for 12 years before taking over Bulgari in 2013.

Authorities said the robbers fled with jewelry and 70 Rolex watches, later taking pictures of themselves posing with big stacks of cash.

The ring's design features contrasting lines influenced by work from architecture-inspired photographer Nikola Olic.

The Conference Board’s index fell as consumers continued to worry about the impact of tariffs, the labor market, and the price of eggs.

However, two medieval jewels surpassed estimates at Noonans Mayfair’s recent jewelry auction in London.

The Oscar-nominated actor debuted in the campaign for the new “Top Time B31” collection, which introduced Breitling’s Caliber B31.

The Congress is scheduled to take place May 19-22 in Brasilia, Brazil.

The family-owned retailer is the new owner of Morrison Smith Jewelers in Charlotte, North Carolina.

The “150 Art Deco” collection features a Miss America timepiece and a pocket watch from the brand’s Archive Series.

Alex Wellen, formerly CEO and president of MotorTrend Group, has taken on the role.

The Impact Initiative is part of the nonprofit association’s new three-year strategic plan.

The ruby and the sapphire, which Christie’s calls a “once-in-a-generation masterpiece,” are part of the upcoming Hong Kong jewelry auction.

The two pairs of earrings, snatched from a Tiffany & Co. store in Orlando, Florida, are valued at a combined $769,500.