CollectionsAug 14, 2025
In Midst of ‘Sardine Girl Summer,’ Pippa Small Looks to ‘Flounder Fall’Her new “Ocean” collection was inspired by Myanmar’s traditional articulated fish jewelry, with depictions of flounder, catfish, and more.
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
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
MajorsAug 14, 2025
Casio America Names New CEOLongtime Casio executive Yusuke Suzuki is the new president and CEO of Casio’s U.S. subsidiary.
TrendsAug 13, 2025
Cristiano Ronaldo Proposes With Gigantic Oval-Cut DiamondModel Georgina Rodríguez received a rock of an engagement ring, with her diamond estimated to be 35 carats, experts say.
Brought to you by
Taking the Moment Head On: How Rio Grande Champions the Present & Future of Fine JewelryAs a leading global jewelry supplier, Rio Grande is rapidly expanding and developing new solutions to meet the needs of jewelers worldwide.
TrendsAug 13, 2025
Colorado Jeweler, Whiskey Maker Collab on Ring GiveawayThree winners will receive a custom ring from Honest Hands Ring Co. inlaid with a piece of history from Denver-based distillery Stranahan’s.
Weekly QuizAug 08, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
SurveysAug 13, 2025
These Are The 25 Hottest Retailers, Says NRFJD Sports and Wawa were among the fastest-growing retail companies in the U.S. last year.
SourcingAug 13, 2025
Columbia Gem House Launches Winza Sapphires, RubiesThe new inventory, all untreated, features vibrant hues and unique bicolor combinations.
Brought to you by
Investing in the Next Generation of Bench JewelersThe Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.
SourcingAug 12, 2025
Gemfields Sells Fabergé for $50MAcquired by a tech investor, the historic brand will continue to focus on jewelry, accessories, and timepieces.
Policies & IssuesAug 12, 2025
Higher Tariff on Chinese Imports Paused for 90 Days, Trump SaysPresident Donald Trump issued an executive order extending the pause on higher tariffs to November as negotiations with China continue.
CollectionsAug 12, 2025
Jacquie Aiche’s New Collection Harnesses the Energy of the ThunderbirdThe “Thunderbird Slab” collection features a thunderbird motif as a symbol of power, protection, and boundless possibility.
ColumnistsAug 12, 2025
Creative Connecting: How to Take a Better HeadshotColumnists Jen Cullen Williams and Duvall O’Steen share tips on how to elevate your professional image.
CrimeAug 11, 2025
Man Convicted of First-Degree Murder in Death of Colorado JewelerPeter Damian Arguello, a jeweler in the Denver suburb of Wheat Ridge, was found dead inside his store in November 2023.
IndependentsAug 11, 2025
Lisa Bridge to Depart Ben Bridge JewelerThe retailer, owned by Berkshire Hathaway, is becoming part of the Berkshire Hathaway Jewelry Group with Helzberg.
Events & AwardsAug 11, 2025
Bethenny Frankel to Give Keynote at CBG’s Experience ShowThe Continental Buying Group’s 2025 Tampa Experience Show is slated for Sept. 8-10.
EditorsAug 11, 2025
The Colors Expected to Be On-Trend in a Couple YearsAssociate Editor Lauren McLemore recently attended a fabrics trade show where a trend forecaster shared her predictions for summer 2027.
FinancialsAug 08, 2025
Brilliant Earth’s Q2 Sales Up 3% as Engagement Ring Sales RiseThe company raised its full-year sales guidance while noting it has not yet assessed the potential impact of the latest tariff news.
Events & AwardsAug 08, 2025
GJEPC’s Jewellers for Hope Celebrates 10 Years of FundraisingThe organization has raised more than $1.3 million for charity since its inception.
TrendsAug 08, 2025
Piece of the Week: Rahaminov Diamonds’ Bezel BangleThe brand’s latest iteration of a bezel-set diamond bangle features clean lines and a timeless design for a new modern silhouette.
WatchesAug 07, 2025
Bulova’s New Collection Honors Tony BennettThe first watch in the series commemorates his participation in the Civil Rights movement, marching from Selma to Montgomery in 1965.
Lab-GrownAug 07, 2025
Chatham Releases Catalog for Loose Lab-Grown GemstonesThe catalog contains a complete listing of all the loose gemstones in stock, as well as information about the properties of each stone.
TechnologyAug 07, 2025
Rembrandt Charms Debuts New Website, Bird CharmsThe company added a retailer dashboard to its site and three new birds to its charm collection, the cardinal, blue jay, and hummingbird.
Policies & IssuesAug 06, 2025
Tariff on India to Rise to 50%, Trump Says An additional 25 percent tariff has been added to the previously announced 25 percent.
MajorsAug 06, 2025
Claire’s Files for Chapter 11 Bankruptcy AgainThe jewelry and accessories retailer plans to close 18 stores as part of the proceedings.
IndependentsAug 06, 2025
Smith & Son Jewelers to Close 107-Year-Old Location Its Springfield, Massachusetts, store is set to close as owner Andrew Smith heads into retirement.
CollectionsAug 06, 2025
Zahn-Z Swims With Whales in ‘Beluga’ CollectionDesigner Hiba Husayni looked to the whale’s melon shaped-head, blowhole, and fluke for her new chunky gold offerings.
TrendsAug 06, 2025
Paola De Luca to Release Trendbook 2027+She will present the 23rd edition of the trend forecasting book at Vicenzaoro on Sept. 7.
