Associate Editor Natalie Francisco highlights the best jewelry looks from the 76th Primetime Emmy Awards.
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.
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,
The Latest
The lab will include reference numbers on reports for cultured pearls that contain bead nuclei embedded with an RFID tag.
Lilian Raji offers advice to a reader frustrated with the current state of their company’s website.
Growing your Instagram following organically is more important than ever in today's technological environment.
The actress shared her inspiration for the collection, insight into her personal style, and which jewels President Barbie would wear.
Monishkumar Kirankumar Doshi Shah admitted to dodging customs duties on more than $13.5 million of jewelry imported into the U.S.
The new boutique is located on Madison Avenue.
Supplier Spotlight Sponsored by GIA.
The company’s fourth location worldwide will focus on its AI-powered gem document, the Gem Passport.
Its next event will take place in D.C. on Sept. 17 and in New York City on Oct. 29.
The artist opted for big yellow diamond earrings, a vintage chain, and white metals at the annual MTV awards show.
The Swiss watchmaker has created limited-edition timepieces for all 32 National Football League teams.
This carved jasper and yellow-diamond-eyed cat brooch from 1962 is the perfect accessory for Friday the 13th.
The jewelry giant said it expects to see an uptick in engagements in the second half of the year.
Sponsored by Gemological Institute of America
The brand is celebrating its upcoming 55th anniversary with modern designs that pay tribute to its history.
Those interested can apply online now through Nov. 15.
Its “Her-ology” report highlights trends in the women’s luxury watch market, from top brands to movement preferences.
The smoked heirloom tomato mezcal martini, only available at Adalina in Chicago, is served with a 9-carat diamond tennis necklace.
Scheduled for Sept. 25, the online-only event will be open to non-AGS members this year, for a fee.
Customers in more than 150 countries can now shop at the jewelry retailer’s online store.
The organization, which was started by the International Colored Gemstone Association, is now a 501(c)(3).
The Gemvision founder is remembered as a passionate mentor with a deep love for God.
The “Golden Hour” collection was designed to “inspire and encourage reflection,” said the brand.
Movado has named five new brand ambassadors, featuring them in its new “When I Move You Move” campaign.
The jewelry historian discusses the history and cultural significance of jewelry throughout time and across the globe.
Bonhams will offer more than 70 pieces of the late dignitary’s jewelry next month.