Policies & IssuesApr 28, 2026
Tariff Refunds: How to File, What to Expect Importers can submit claims now to receive money back for the IEEPA tariffs they’ve paid, with refunds expected to take up to 90 days.
SourcingFeb 08, 2017
Gemfields’ Q2 Emerald Production Down 43%
Ruby production also was down, though Gemfields CEO Ian Harebottle noted a “buoyant” start to the year for the luxury market.
Emerald and beryl production was down by 43 percent in the second quarter for colored gemstone miner Gemfields.
London--Mining in lower grade areas during the fiscal second quarter brought down both emerald and ruby production for Gemfields.
In the three-month period ended Dec. 31, emerald and beryl production was 4.7 million carats, compared with 8.2 million carats in the prior-year period, marking a 43 percent decrease. The company attributed the difference to the “varied nature of the mineralization and a lower grade zone mined” during the quarter at the Kagem mine in Zambia.
Total operating costs fell from $12.1 million to $10.2 million.
The company originally was scheduled to have an auction of high quality rough emeralds from the Kagem mine in the second quarter but the sale was postponed from December 2016 to this month to allow its rough emerald customers, many of whom are from India, to adjust to the demonetization program.
The sale now is slated for Feb. 13 to 17 in Lusaka, Zambia.
Ruby and corundum production also was down for the company during the quarter.
Gemfields mined 1.1 million carats of ruby and corundum in the three-month period, down from the 1.6 million carats in the comparable period in 2015. This was due to lower grade, but higher value, material being processed.
Total operating costs for the Montepuez mine in Mozambique were nearly flat at $6.6 million.
Gemfields did hold an auction of both high quality and commercial grade rough rubies from Dec. 12 to 16 in Singapore, which brought in revenues of $30.4 million.
The next mixed quality auction of rough rubies and corundum from Montepuez is slated for June in the same location.
In a company press release about the second quarter results, CEO Ian Harebottle noted a “buoyant” start to the year for the luxury market, both with Fabergé showing solid January sales demand and a positive market sentiment among the company’s customers who attended the Tucson gem shows.
Fabergé reported a strong second quarter, with sales orders agreed (those the brand has agreed and confirmed with customers) up 95 percent when compared with the prior-year period.
The number of sales transactions during the quarter also was up, increasing by 48 percent, while the average selling price per piece was up 12 percent.
Total operating costs were up 2 percent due in large part to increased spending on marketing and events.
Editors' Picks
Sponsored by
More on Sourcing
The Latest
IndependentsApr 28, 2026
This North Carolina Jeweler Is Passing the TorchThe owners of Gregory Jewelers in Morganton, North Carolina, are heading into retirement.
AuctionsApr 27, 2026
12 Years Later, the ‘Ocean Dream’ Diamond Resurfaces at Christie’sThe largest known fancy vivid blue-green diamond could fetch more than $12 million at its second auction appearance.
Brought to you by
Discover Timeless Treasures: A Showcase of Antique Jewelry & Timepieces in Las VegasGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
ColumnistsApr 27, 2026
Stop Treating Mother’s Day Like an AfterthoughtEmmanuel Raheb says jewelers need to start marketing early and make it easy for customers to pick a gift for mom.
Weekly QuizApr 23, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
IndependentsApr 27, 2026
Longnecker Jewelry Celebrates 30 YearsIn honor of the milestone, the Nebraska jeweler has debuted Leslie & Co., its new in-house jewelry brand.
MajorsApr 27, 2026
JBT Re-Elects Jeff Corey as Board ChairThe trade organization, which held its annual elections earlier this year, also added five new board members.
Brought to you by
Las Vegas Antique Jewelry & Watch Show: Showcasing the Most Collectible Merchandise from Across the GlobeGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
SurveysApr 24, 2026
Mother’s Day 2026 Jewelry Spending to Top $7B, NRF SaysNRF’s annual survey found that 45 percent of consumers plan to purchase jewelry for a loved one this Mother’s Day.
TechnologyApr 24, 2026
TwentyFour’s Digital-Age Locket Is a Virtual VaultThe “Vault” charm, our Piece of the Week, expands on the memories that can be stored in a locket by connecting to your phone.
Events & AwardsApr 24, 2026
Hamptons Jewelry Show to Return in JulyThe open-to-the-public luxury jewelry and timepiece show, in its second year, is slated for July 23-26.
IndependentsApr 23, 2026
Meet the Real Moms of Day’s JewelersThe jeweler’s Mother’s Day campaign highlights the women who work there—mothers, grandmothers, women who want to be mothers, and dog moms.
Supplier BulletinApr 23, 2026
JM® Shipping Solution: Smarter Shipping for High-Value GoodsSponsored by Jewelers Mutual
Lab-GrownApr 23, 2026
Charles & Colvard May Sell Assets for $1.5MThe proposed agreement follows the moissanite maker’s Chapter 11 bankruptcy protection filing last month.
AuctionsApr 23, 2026
John Jacob Astor IV’s Titanic Pocket Watch Fetches $1MThe Patek Philippe for Tiffany & Co. timepiece Astor brought aboard the ill-fated ship sold for double its estimate at a Freeman’s auction.
CollectionsApr 23, 2026
Adam Neeley’s High Jewelry Collection Steps Into Salvador Dalí’s GardenThe “Dalí’s Garden” collection was inspired by a surreal dream Neeley had after cooking a recipe from Salvador Dalí’s 1973 cookbook.
IndependentsApr 23, 2026
Windsor Jewelers Names New Buying DirectorNatalie Feanny has been appointed to the role.
CrimeApr 22, 2026
New Mexico Couple Pleads Guilty to Selling Fake Native American JewelryThe pair falsely claimed their jewelry was made by Navajo artists, but it was imported from Vietnam.
AuctionsApr 22, 2026
Roberta Flack’s Jewelry Is Going Up for AuctionJulien’s Auctions is selling the musician’s fine and fashion jewelry alongside her clothing, gold records, and other memorabilia.
CollectionsApr 22, 2026
British Museum Curator Pens Book on ‘The Tudor Heart’Rachel King’s book dives into the history of the pendant believed to have belonged to Henry VIII and his first wife, Katherine of Aragon.
Events & AwardsApr 22, 2026
Here’s What Sy Kessler Has on Tap for Las Vegas The company will have deals on precious metals testers as well as the latest in lab-grown diamond detection technology and security.
WatchesApr 21, 2026
Coco Chanel Enters the Game with New Watch CollectionGabrielle “Coco” Chanel is a character in the “Coco Game” collection of watches and the queen in its first haute horlogerie chessboard.
IndependentsApr 21, 2026
Meet Jewelers of America’s 2026 ‘20 Under 40’ ClassThe annual list honors rising professionals on the retail and supply sides of the jewelry industry.
CrimeApr 21, 2026
Customs Nabs 1,500 Pieces of Counterfeit Jewelry Bound for NYCSeized in Kentucky, the packages include fake Cartier, Tiffany & Co., Chanel, and Fendi jewelry.
CrimeApr 20, 2026
Queens Man Convicted in Bludgeoning Death of Pawn Shop OwnerRodolfo Lopez-Portillo faces 25 years to life in prison after being found guilty in the March 2022 beating death of Arasb Shoughi.
TrendsApr 20, 2026
Beth Bernstein, Sonia Esther Soltani Pen New Jewelry Book“Jewelry Creators: Dynamic Duos and Generational Gems” highlights the relationships among 22 influential designers, brands, and gem dealers.
Events & AwardsApr 20, 2026
Atlanta Jewelry Show’s Spring Event Is Hitting the RoadThe AJS Spring 2027 show will be held in Savannah, Georgia, with future shows taking place in other Southeast cities.
