Policies & IssuesJul 24, 2026
New Trump Tariffs: What They Mean for Jewelry The new sweeping slate of tariffs impacts 60 countries, including India, China, Thailand, Hong Kong, and the United Arab Emirates.
SourcingMar 31, 2020
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
Editors' Picks
Sponsored by
seen in the year prior.
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.
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.
More on Sourcing
The Latest
TrendsJul 24, 2026
Amanda’s Style File: Ode to ‘The Odyssey’From coin pendants to diamond shields, these old world-inspired jewels are the perfect accessory for an epic journey.
TrendsJul 24, 2026
Courtney Leidy’s Silk Cord Pendants Center Unexpected Pairings Our Piece of the Week pairs a checkerboard-cut amethyst with an ivy green silk cord.
Brought to you by
Wedding Band Trends 2026: Personalization Takes Center StageColored gemstones, artisan finishes, mixed metals, and meaningful details are shaping demand in bridal jewelry.
PodcastsJul 23, 2026
Episode 7: Reinhold Jewelers on the Power of RelationshipsMildred Marcano Abrams and Yael Reinhold join the podcast to talk community connections, holiday plans, and preserving Reinhold’s legacy.
Weekly QuizJul 23, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsJul 23, 2026
Silvia Furmanovich’s New Collection Travels Back to the 1920s“Art Deco” fuses ancestral techniques, rare materials, and modern perspectives as a tribute to the optimism and curiosity of the movement.
IndependentsJul 23, 2026
Sissy's Log Cabin Opens Casino StoreThe jeweler’s newest store is inside Arkansas’ Saracen Casino Resort.
Brought to you by
Building the Future of Jewelry Retail: DCA Expands Education, Leadership Development, and Workforce SolutionsDCA is preparing the next generation of professionals by supporting workforce development, leadership growth, and career advancement.
WatchesJul 23, 2026
Movado Inks Licensing Deal With Kate Spade New YorkThe watch company will design, manufacture, and distribute Kate Spade New York watches.
Policies & IssuesJul 22, 2026
Trump to Put 50% Tariff on Canadian Goods The higher tax is set to go into effect in August and will apply to loose polished diamonds as well as precious and base metals jewelry.
CollectionsJul 22, 2026
Monica Rich Kosann’s High Jewelry Is FruitfulThe “Enchanted Garden” series features a cherry, lemon, and pear that each hold a little secret inside.
IndependentsJul 22, 2026
Liljenquist Beckstead Opens Rolex New BoutiqueIt’s located in Tysons Galleria, an upscale shopping center in the Washington, D.C., metro area.
Events & AwardsJul 22, 2026
NY Now Returns in August Under New OwnershipThe show, recently acquired by Rockview Management Group, will be held at New York City’s Javits Center from Aug. 2-4.
ColumnistsJul 21, 2026
Sherry Smith: Shattering the Illusion of the ‘Either/Or’ Diamond MarketSmith offers retailers guidance on creating an environment where natural and lab-grown diamonds can both thrive.
Events & AwardsJul 21, 2026
Apollo Funds Completes Emerald AcquisitionFormer Emerald President and CEO Hervé Sedky has transitioned to the role of senior advisor.
CollectionsJul 21, 2026
Graff’s New Butterfly High Jewelry Brooches MetamorphosizeThe 12-piece capsule collection transforms from brooches to pendants.
Policies & IssuesJul 20, 2026
Tariffs on Brazil to Increase But Rough Gemstones ExemptThe new tariff, imposed after a Trump administration study, is 25 percent and will stack on top of existing tariffs.
CollectionsJul 20, 2026
Vhernier Transforms ‘Freccia’ Collection Into High JewelryThe collection from 2014 has been reinterpreted into high jewelry with its signature triangular-shaped elements.
MajorsJul 20, 2026
Krista Collins Walters Promoted to Publisher of InstoreShe will also take on the role of vice president of jewelry for SmartWork Media, a newly created position.
Events & AwardsJul 20, 2026
TJS Accepting Speaker Proposals for 2027 EventOrganizers are looking for presentations on topics like manufacturing, technology and research, bench work, gemstones, and sustainability.
CollectionsJul 17, 2026
HOWL Taps Shailene Woodley for ‘Home Sweet Home’ CampaignWoodley is seen in the campaign wearing our Piece of the Week, the “Frida” collar featuring 13 pieces of hand-carved Venetian glass.
SourcingJul 17, 2026
U.K. Woman Pays £5 for £15K Diamond Ring at Car Boot SaleA WeBuyVintage jewelry expert uncovered how much the flea market find was actually worth.
SourcingJul 17, 2026
Diamond Dealer Jeff Pancis Pens MemoirThe founder of natural colored diamond wholesaler Pancis Gems shares stories from his five decades in the industry.
Events & AwardsJul 17, 2026
Gem Awards Opens 2027 Nomination PeriodSubmissions for the milestone 25th annual Gem Awards will be accepted across three categories from now through July 31.
EditorsJul 16, 2026
Q&A: Guzema’s Co-Owners On Its US Expansion, 10-Year AnniversaryValeriya Guzema and Mariana Lenha look back on the last decade and discuss the Ukrainian brand’s first U.S. store.
SourcingJul 16, 2026
Ekati to Close, Leaving Canada With One Diamond Mine The diamond mine, which opened nearly 30 years ago in Canada’s Northwest Territories, is expected to shut down by mid-August.
FinancialsJul 16, 2026
Richemont’s Jewelry Sales Soar for the Seventh Quarter in a RowJewelry sales for the company, which owns Cartier, Van Cleef & Arpels, Vhernier, and Buccellati, rose 21 percent in the first quarter.
