EditorsJan 16, 2026
Remembering Pete Yantzer for His Contributions and His Kindness Pete’s boundless curiosity extended beyond diamond cut and he was always eager to share his knowledge with others, no matter the topic.
SourcingMay 24, 2018
Fallout from Nirav Modi Scandal Hits Gemfields
The colored gemstone miner, which sold only half the lots at its latest auction, said emerald customers in India are struggling to get financing.
Nine of the 17 lots in Gemfields’ most recent emerald auction in Lusaka, Zambia, featured stones with the new “Provenance Proof” nanoparticle technology. A part of the Provenance Proof process is pictured here.
London--Only about half the carats on offer sold at Gemfields’ latest emerald auction, with the colored gemstone miner pointing to the recent Nirav Modi bank fraud scandal as the culprit.
Gemfields held its auction of higher-quality rough emeralds from the Kagem mine in Lusaka, Zambia, from May 15 to 18.
It put 310,000 carats up on the block, its smallest quantity of higher-quality emeralds at any auction to date, and only 56 percent sold.
In a company release announcing the results, Sean Gilbertson, CEO of Pallinghurst and Gemfields, attributed the results to the effect the Nirav Modi bank fraud scandal has had on auction participants.
Gilbertson said many of Gemfields’ emerald customers are from India, where the gemstone and jewelry sector is suffering: “Given the ensuing losses sustained by Indian banks, access to finance has become challenging for many companies in the Indian gem and jewelry industry.
“With reduced funding available, our clients had to be much more selective about the auction lots they wished to secure. Given our confidence in the value and high quality of the gems we offered, we naturally held back auction lots that did not meet our reserve prices in order to aid market stability during the present period of turbulence.”
Gilbertson added that given the auction’s average per-carat price of $59.55, there still appears to be “good underlying demand” in the market despite the current jewelry market trends.
RELATED CONTENT: Nirav Modi Case Is ‘Another Nail in the Coffin’Overall, Gemfields’ May sale generated revenue of $10.3 million.
The colored gemstone miner said Indian gem firm H.C. Tank won a lot comprised of three gems weighing a total of 37.5 carats and set an all-time price-per-carat record for a single lot at a Gemfields emerald auction.
The sale also marked the first time Gemfields put up for auction emeralds tagged with the new “Provenance Proof” nanoparticle technology, launched in partnership with Gübelin Gem Lab at Baselworld 2017.
Nine of the 17 lots featured the technology in which nanoparticles tag the emeralds as having been mined at Kagem, allowing for identification of origin and traceability.
Five of the nine lots featuring Provenance Proof were sold at the auction.
When asked about the effects of the technology on rough gemstone prices, a Gemfields spokesperson said a little more than 600 rough gems containing the “Provenance Proof” nanotechnology have now entered the market,
Editors' Picks
Sponsored by
adding that the company “look(s) forward immensely to watching the price developments as they make their way into the supply chain.”
More on Sourcing
The Latest
FinancialsJan 16, 2026
Richemont’s Jewelry Brands Shine in Q3Cartier, Van Cleef & Arpels, Buccellati, and Vhernier had another successful holiday season, Richemont reported this week.
TrendsJan 16, 2026
Diane Lane's Brooch Buzzes at the 2026 Golden GlobesOur Piece of the Week is Lagos’ “Bee” brooch that was seen on the red carpet for the first time on Sunday.
Brought to you by
How Jewelers Can Fight Back Against Cell JammersCriminals are using cell jammers to disable alarms, but new technology like JamAlert™ can stop them.
CrimeJan 15, 2026
D.C. Rapper ‘Taliban Glizzy’ Sentenced to 18+ Years for Jewelry Store RobberiesTrevor Jonathan Wright led a crew in a string of armed robberies targeting South Asian-owned jewelry stores on the East Coast.
Weekly QuizJan 15, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsJan 15, 2026
Jewelers of Americas’ ‘20 Under 40’ Nominations Now OpenThe program recognizes rising professionals in the jewelry industry.
Events & AwardsJan 15, 2026
Registration for JCK Las Vegas 2026 Is Now OpenA new lifestyle section and a watch showcase have been added to this year’s event.
Brought to you by
Impacting Tomorrow TodayHow Jewelers of America’s 20 Under 40 are leading to ensure a brighter future for the jewelry industry.
TrendsJan 15, 2026
Don’t Double-Dip With This Golden ChipAvocados From Mexico is celebrating those who love to double-dip in game day guacamole with a 14-karat yellow gold tortilla chip necklace.
CollectionsJan 14, 2026
Marie Lichtenberg Lassos Leather for New BraceletsThe brand is trading its colorful fabric cords for Italian leather in its “Lasso” baby locket bracelets.
TechnologyJan 14, 2026
“My Next Question” Enters Its Podcast Era National Jeweler and Jewelers of America’s popular webinar series is evolving in 2026.
MajorsJan 14, 2026
Saks Files for Bankruptcy, Names New CEOThe department store chain owes millions to creditors like David Yurman, Roberto Coin, Kering, and LVMH.
CollectionsJan 14, 2026
Boucheron Names Colman Domingo as Brand AmbassadorThe award-winning actor’s visionary approach and creativity echo the spirit of Boucheron, the brand said.
IndependentsJan 14, 2026
Kansas Jeweler Wins 2025 ‘Wag’ AwardEdge Retail Academy honored Burnell’s Fine Jewelry in Wichita, Kansas, with its annual award for business excellence.
ColumnistsJan 13, 2026
2025 Was a ‘Price Up, Units Down’ Year, Here’s What That Signals for 2026 In a market defined by more selective consumers, Sherry Smith shares why execution will be independent jewelers’ key to growth this year.
IndependentsJan 13, 2026
Orr’s Jewelers Opens New Location in Pittsburgh’s Strip DistrictThe family-owned jeweler’s new space is in a former wholesale produce market.
CrimeJan 13, 2026
Alleged Getaway Driver Charged in Florida Jewelry Store RobberyIvel Sanchez Rivera, 52, has been arrested and charged in connection with the armed robbery of Tio Jewelers in Cape Coral, Florida.
Events & AwardsJan 13, 2026
NYC Jewelry, Antique, & Object Show Announces Winter EventThe new show will take place Jan. 23-25, 2026.
PodcastsJan 12, 2026
Introducing My Next Question, the PodcastA monthly podcast series for jewelry professionals
EditorsJan 12, 2026
Platinum, White Gold Rule the 2026 Golden GlobesAssociate Editor Natalie Francisco highlights her favorite jewelry moments from the Golden Globes, and they are (mostly) white hot.
GradingJan 12, 2026
Peter Yantzer, Former Executive Director of AGS Labs, Dies at 77 Yantzer is remembered for the profound influence he had on diamond cut grading as well as his contagious smile and quick wit.
MajorsJan 12, 2026
These 14 Macy’s Locations Will Close This YearThe store closures are part of the retailer’s “Bold New Chapter” turnaround plan.
MajorsJan 12, 2026
Jewelers Mutual Acquires AI-Powered Event Insurance ProgramThrough EventGuard, the company will offer event liability and cancellation insurance, including wedding coverage.
MajorsJan 09, 2026
Kendra Scott Taps Activewear Exec as CEO Chris Blakeslee has experience at Athleta and Alo Yoga. Kendra Scott will remain on board as executive chair and chief visionary officer.
SurveysJan 09, 2026
U.S. Holiday Retail Sales Up 4%, Visa, Mastercard SayThe credit card companies’ surveys examined where consumers shopped, what they bought, and what they valued this holiday season.
AuctionsJan 09, 2026
Christie’s Names New Global Managing Director for LuxuryKimberly Miller has been promoted to the role.
CollectionsJan 09, 2026
Piece of the Week: Lionheart’s ‘Serenity’ Opal CharmThe “Serenity” charm set with 13 opals is a modern amulet offering protection, guidance, and intention, the brand said.
