AuctionsOct 11, 2024
Bonhams Reports ‘Fierce Bidding’ for Dianne Feinstein’s Jewels All 74 lots of jewelry belonging to the late Democratic senator found buyers at Bonhams Los Angeles.
SourcingDec 21, 2018
Gemfields’ Kagem Cleared by Zambian Tax Authority
Four months after it served search warrants during an unannounced visit to the emerald mine, the revenue authority has closed its investigation.
The Zambia Revenue Authority has closed its investigation on Gemfields subsidiary Kagem Mining Limited regarding alleged tax evasion. Pictured here is the Kagem mining site.
London—The Zambia Revenue Authority has cleared Gemfields subsidiary Kagem Mining Limited of any wrongdoing following a recent investigation into alleged tax evasion.
The ZRA launched the investigation in August, serving two search warrants during an unannounced visit to the emerald mine. They were issued against Kagem and Limpopo Polygraphs, a South African company that conducts periodic polygraph testing at the site.
The warrants authorized the ZRA to take a range of documents and files, including those allegedly “used by Kagem Mining Ltd./Limpopo Polygraphs CC to evade the payment of value added tax, income tax, withholding tax and other taxes.”
According to a press release from Gemfields, which holds a 75 percent stake in the Kagem emerald mine, the ZRA advised them this week that the matters into which it was looking have been “suitably addressed.” They added there were no findings of wrongdoing or late payment by either Kagem or Limpopo, so no penalties were levied.
The ZRA’s investigation is now closed.
According to a Business Day story about the news that quoted mining analyst John Meyer, the investigation was part of a larger effort by the Zambian government to look into the tax affairs of foreign miners in the country, embarking on an audit of all the major companies this year.
Concurrent with the news about the investigation, Gemfields also released the results of its recent auction in Singapore offering high, medium and commercial grade rough rubies exclusively in untreated form.
The auction reached revenues of $55.3 million, selling 96 percent of the carats on offer at an average price of $84.32 per carat.
The 41 Gemfields auctions held since July 2009—30 of which offered Zambian emeralds and 11 of which offered Mozambican rubies—have now surpassed $1 billion in combined revenue.
Editors' Picks
Sponsored by
More on Sourcing
The Latest
CollectionsOct 11, 2024
Piece of the Week: Gemfields x Kimberly McDonald Jewelry SuiteThe two collaborated on a necklace and a pair of earrings that praise the beauty of Zambian emeralds.
MajorsOct 11, 2024
The Kingswood Company Launches New Retail Fixture ProgramRetailers can move jewelry care lines off countertops with the fixtures, which were designed for a “sophisticated retail environment.”
Brought to you by
Enhance Your Expertise with IGI’s In-Person Courses in NYCThis fall, sharpen your skills in jewelry grading, quality control and diamond assessment.
Events & AwardsOct 11, 2024
ICA Congress Goes to BrazilThe 20th ICA Congress is slated for May 19-22 in Brasília, Brazil.
Weekly QuizOct 10, 2024
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsOct 10, 2024
Why Ritani Is Partying Like It’s 1999The jeweler is celebrating its 25th anniversary with a throwback campaign.
CollectionsOct 10, 2024
Pomellato Revives Past Designs for New Capsule Collection“Memorie D’Archivio” was inspired by the “Mora” and “Mosaico” collections the brand introduced in the ‘90s.
Brought to you by
Why You Can't Miss JA New York This FallDon't miss this one-stop-shop in October, curated with buyers’ needs in mind.
MajorsOct 10, 2024
Oscar Heyman Releases 2024 Holiday CatalogIt features 124 jewels and a variety of colored gemstones.
ColumnistsOct 09, 2024
Peter Smith: 7 Things to Know When Selling LuxuryAhead of the holiday season, Smith delves into the often subconscious reasons people buy luxury products for themselves or their loved ones.
AuctionsOct 09, 2024
Rolex Worn on Apollo 14 Mission Up for SaleThe GMT-Master “Pepsi” belonging to astronaut Edgar Mitchell is a standout in RR Auction’s online “Space Auction,” going on now.
MajorsOct 09, 2024
New Simon Campaign Invites Gen Z to ‘Meet Me At The Mall’The ads celebrate the mall culture of the ‘80s and ‘90s.
MajorsOct 09, 2024
PGI Launches New Virtual Sales TrainingRetail sales associates can access the video series on mobile to refresh their selling skills.
Policies & IssuesOct 09, 2024
GJNRF: Reaching Out, Rebuilding Futures For 25 years, India’s Gem & Jewellery National Relief Foundation has provided aid in the wake of war, natural disasters, and global crises.
AuctionsOct 08, 2024
Sotheby’s Selling Jewelry That Belonged to a Bulgarian TsarThe November auction will feature a collection of jewels owned by Ferdinand I, the first king of modern Bulgaria, and his family.
SurveysOct 08, 2024
What to Know About Online Shopping This Holiday SeasonDeloitte and Adobe Analytics shared their insights on the season, from the retail sales forecast to the role of generative AI.
CollectionsOct 08, 2024
Sylvie Adds New Men’s BandsThe Texas-based jeweler collaborated with luxury clothing brand Uncommon Man on men’s bands designed with European influences.
SourcingOct 08, 2024
Is Current Diamond Industry Turbulence Shaping a ‘New Normal’? Industry players have found ways to cope with market conditions while working to reshape themselves in the face of emerging realities.
SourcingOct 07, 2024
Rio Tinto to Offer 76 Diamonds in 2024 Beyond Rare Tender The sales event, in its second year, features a selection of rare diamonds from the miner’s Argyle and Diavik diamond mines.
IndependentsOct 07, 2024
Olympian Kristi Yamaguchi Partners With Heller Jewelers on New CollectionA portion of the proceeds from the “Always Dream” collection will go to Yamaguchi's foundation, supporting early childhood literacy.
SurveysOct 07, 2024
Hill & Co.’s New ‘Business of Jewelry Report’ Is OutThe first in what is slated to be a series of in-depth reports from the consulting company, it focuses on shortening supply chains.
WatchesOct 04, 2024
Watches of Switzerland Clocks Another Acquisition—HodinkeeThe company said Benjamin Clymer will return to his role as head of the watch news website, which will maintain editorial independence.
SourcingOct 04, 2024
How India Became the World’s Second-Largest Market for Diamond Jewelry A strong economy, a growing middle class with an affinity for brands, and rapid expansion of organized retail have fueled the market’s rise.
MajorsOct 04, 2024
Hearts On Fire Names Gabrielle Grazi VP of Sales, North AmericaThe industry veteran is also the president-elect of the Women’s Jewelry Association.
CollectionsOct 04, 2024
Piece of the Week: Ray Griffiths’ ‘Double Headed Snake’ RingSlither into spooky season with this scary snake ring that boasts two heads with tsavorite eyes.
Policies & IssuesOct 03, 2024
RJO, CERF+ Join Those Offering Hurricane Helene Relief to Affected JewelersPlus, how to apply for emergency funds and donate to recovery efforts.
CrimeOct 03, 2024
Man Who Shared Spoils of $2.7M Smash-and-Grab on Social Media Pleads Guilty to Robbery ChargeLadell Tharpe, 39, took part in a 2022 jewelry store robbery and then posted pictures of cash on Instagram with the text “Robbery Gang.”
