IndependentsJun 05, 2026
Pennsylvania Jewelry Store To Close After 79 YearsJim Springer, owner of Dunkelberger’s Fine Jewelry, is heading into retirement.
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
SurveysJun 05, 2026
Consumers to Cut Back on Spending Amid Rising Prices, Survey Shows When conducting its May consumer confidence survey, The Conference Board asked extra questions about consumers’ budgeting strategies.
CollectionsJun 05, 2026
Rebel Jewelry’s Charm Symbolizes Perseverance for Pride MonthThe “Tunnel” charm, our Piece of the Week, celebrates Pride Month with its design inspired by hope and the light at the end of the tunnel.
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.
AuctionsJun 04, 2026
Treasures from Maurice Tempelsman’s ‘Marvelous’ Life Head to AuctionUp for auction at Sotheby’s, the collection of Tempelsman’s personal effects includes a Cartier Tank watch Jackie O. gifted him.
Weekly QuizJun 05, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsJun 04, 2026
Buddha Mama to Spend the Summer in AspenThe Miami-based fine jewelry brand will host its first summer residency in the Colorado mountain town from June 5 to Aug. 23.
MajorsJun 04, 2026
AGS Honors Late Peter Yantzer, Holds Time Capsule CeremonyThe organization also announced its international board of directors for the 2026-2027 term.
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.
MajorsJun 04, 2026
Neiman Marcus’ Downtown Dallas Store to Close in SeptemberSaks Global confirmed the closure this week, spelling the end for a store that’s been part of downtown Dallas for more than 100 years.
ColumnistsJun 03, 2026
Peter Smith: When Top Talent Leaves and What It Says About YouSmith discusses how managers should handle a top performer's exit, warning that a poor response could have a lasting impact.
GradingJun 03, 2026
GIA’s Tracr Investment Is First Step Toward Industry-Owned PlatformThe Gemological Institute of America is now a 30 percent stakeholder in Tracr, the De Beers-backed blockchain for diamonds.
WatchesJun 03, 2026
The 1916 Company Taking Pre-Owned Rolexes on the Road, AgainThe retailer is bringing Rolex Certified Pre-Owned watches to five U.S. cities in 2026 for collectors to see, try on, and purchase.
IndependentsJun 03, 2026
Jessica Alba Is the New Face of Gabriel & Co.The actress and entrepreneur stars in the jeweler’s new campaign that celebrates life’s quiet moments.
TrendsJun 03, 2026
State of Design: Only the Innovative Will SurviveThe price of gold has risen, affecting the number of pieces designers make, the materials they use, and how they position themselves.
FinancialsJun 02, 2026
Signet Jewelers’ Q1 Sales Up 2% As It Focuses on ‘Core Four’ The jewelry retailer is zeroing in on Zales, Jared, Kay Jewelers, and Blue Nile as it looks to create unique brand identities for each.
WatchesJun 02, 2026
Watch Industry Veteran James Marks Joins Sotheby’sSotheby’s has appointed the former Phillips executive as its global head of private sales and retail in its watches division.
AuctionsJun 02, 2026
Sotheby’s to Auction 10-Carat Blue Diamond, 1960s Harry Winston Necklace A private collection of five Paraíba tourmalines also will be up for sale at Sotheby’s High Jewelry auction in New York, scheduled for June 16.
IndependentsJun 02, 2026
State of Retail: 6 Things Retailers Should Know About Consumers TodayFrom Gen Z’s view of luxury to “doom spending,” these are the six consumer trends to note this year.
Events & AwardsJun 01, 2026
Design Atelier Brands Have a Big Night at Emotional Couture Design AwardsThe show started by honoring Mildred Marcano, ended with a tearful Beth Anne Bonanno, and recognized a dozen-plus designers in between.
SourcingJun 01, 2026
RapNet Rebranding as Rapaport TradeThe revamped online diamond marketplace will feature pricing intelligence and data-driven tools for more efficient buying and selling.
SourcingJun 01, 2026
Gemfields’ Higher-Quality Emerald Auction Achieves $26.8MThe miner said demand for higher-quality emeralds is stable, but there is notable caution in the market.
CollectionsMay 29, 2026
Cultus Artem’s Necklace Is the Oasis in Las Vegas’ DesertThe “River of Heaven” necklace, our Piece of the Week debuting at Couture, combines 26 salt and pepper diamonds spaced by Tahitian pearls.
IndependentsMay 29, 2026
Meet the 2026 Retailer Hall of Fame InducteesThis year’s inductees include second-, third-, and fourth-generation jewelers.
Events & AwardsMay 28, 2026
JCK Announces Jesse Itzler as 2026 Keynote SpeakerThe author, speaker, and entrepreneur will give his presentation, “Spiritual Billionaire,” on Saturday morning.
Events & AwardsMay 28, 2026
JCK Rocks To Ride With NellyThree-time Grammy award-winning artist Nelly is set to perform at the annual event at Tao Beach on Sunday night.
MajorsMay 28, 2026
Signet Jewelers to Buy The Clear Cut Signet will integrate the online-only, natural diamond-focused jeweler into Blue Nile, which it wants to position as a higher-end retailer.
CollectionsMay 28, 2026
Meet The 17 Newcomers to Couture’s Design AtelierThese up-and-coming jewelry brands are bringing their distinct aesthetic and unique point-of-view to the Design Atelier for the first time.
