ColumnistsAug 19, 2025
Peter Smith: The Arrival Fallacy and Jewelry RetailSmith shares wisdom he gleaned from a podcast he was listening to one morning while being walked by his dog, a Malshi named Sophie.
SourcingMay 09, 2016
Gemfields Sees Q3 Emerald Production Slide 28%
Despite reporting a decrease in emerald and beryl production in its fiscal third quarter, the colored gemstone miner said it was on track to meet its guidance for the year.
London--Despite a decrease in emerald production in its fiscal third quarter ended March 31, Gemfields reported that overall production was solid enough that its Kagem emerald mine and Montepuez ruby mine are on track to meet their guidance for the year.
Production of emerald and beryl was 7.1 million carats in the third quarter, compared with 9.9 million carats in the prior-year period. Gemfields said the difference is attributed in large part to finding a higher-grade zone during the third quarter 2015.
This also affected the average grade from Kagem in the third quarter, with Gemfields reporting 297 carats per ton in 2016. This is a 16 percent year-over-year decline.
The company held an auction of predominantly higher quality rough emeralds in Lusaka, Zambia from March 30 to April 3, generating revenues of $33.1 million and an average of $70.68 per carat, a record average price for higher quality emerald auctions at Gemfields.
The next auction will be of predominantly lower quality rough emerald and beryl from Kagem and is scheduled to take place this month in Jaipur, India.
Ruby production, meanwhile, was up in the third quarter.
Gemfields reported that it mined 2 million carats of ruby and corundum, compared with 1.4 million carats in the third quarter ended March 2015.
This was supported in part by the processing of the higher grade, lower value amphibolite (a type of metamorphic rock) resources but offset by prolonged and heavy rainfall.
The average grade also was up, from 18 carats per ton last year to 30 carats per ton this quarter.
There were no ruby actions held during the three-month period. The next auction, which will consist of mixed qualities of rough ruby from Montepuez, is slated to take place in Singapore in June.
To date, Gemfields has generated more than $116 million in revenue from auctions held in the 2016 financial year and still has the two additional auctions prior to year-end to add to that total.
When it comes to Fabergé, sales orders agreed (sales to which the brand has agreed and confirmed with customers during the period) fell 26 percent when compared with the year-earlier period, due to the sale of the high value Pearl Egg in February 2015 and the timing of the 2016 Baselworld show, the company said.
The number of sales transactions for the brand in the third quarter 2016 was up 17 percent while the average selling
Editors' Picks
Sponsored by
price per piece increased by 32 percent.
This month, Chopard will unveil a new capsule collection of Green Carpet High Jewellery within its Red Carpet Collection, showcasing Gemfields emeralds, at the Cannes Film Festival.
This month, Chopard will unveil a new capsule collection of Green Carpet High Jewellery within its Red Carpet Collection, showcasing Gemfields emeralds, at the Cannes Film Festival.
More on Sourcing
The Latest
CrimeAug 19, 2025
Customs Seizes 7,300 Pairs of Fake ‘Alhambra’ EarringsThe counterfeit Van Cleef & Arpels jewels would have been worth more than $30 million if genuine.
MajorsAug 19, 2025
MJSA Apprenticeship Program Is Nationally RecognizedThe MJSA Mentor & Apprenticeship Program received the Registered Apprenticeship Program designation by the U.S. Department of Labor.
Brought to you by
Rallying Call for the Jewelry Industry on Tariffs and Other Key IssuesJewelers of America is leading the charge to protect the industry amidst rising economic threats.
WatchesAug 19, 2025
Casio America Names New Timepiece Division ManagerCasio executive and watch enthusiast Masaki Obu is the new general manager of its U.S. timepiece division.
Weekly QuizAug 15, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsAug 18, 2025
Verragio’s Michael Barabash, a ‘Kind Soul,’ Dies at 58Barabash, Verragio’s client relations representative, was a vital member of the team and is remembered as being warm and full of life.
CollectionsAug 18, 2025
John Hardy’s New ‘Dot’ Collection Is on PointOriginally introduced in 1992, the “Dot” collection is back with a capsule featuring five archival designs and three new creations.
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.
Events & AwardsAug 18, 2025
IJO Announces 2025 Vendor of the YearAllison-Kaufman has received the honor for the fourth year in a row.
FinancialsAug 15, 2025
In Q2 Results, Pandora Talks Tariffs, Q4 Plans The company had a solid second quarter, with sales of non-charm jewelry outpacing sales of pieces in its core collections.
EditorsAug 15, 2025
Piece of the Week: Etho Maria’s Showgirl-Approved Ruby Drop Earrings Taylor Swift dons the vibrant pair in new promotional imagery for her upcoming album, “The Life of a Showgirl,” set to release in October.
WatchesAug 15, 2025
Audemars Piguet Acquires Majority Stake in ManufacturerIts investment in micromechanics expert Inhotec will preserve skills essential to the watchmaking industry as a whole, said the company.
MajorsAug 15, 2025
Rio Grande Names New Marketing DirectorNicolette Bianchi joins the wholesale provider with more than 15 years of cross-industry experience in marketing and product development.
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.
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.
SourcingAug 13, 2025
ICA Names 2025 Board of DirectorsThe board elected 9 new directors at its recent ICA Congress in Brazil.
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.
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.
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.
