AuctionsNov 03, 2026
Infinity Gauntlet Set With 170+ Carats of Colored Gemstones Up for AuctionA replica of one of the most powerful objects in the Marvel Cinematic Universe, the glove is heading to auction next month in Abu Dhabi.
SourcingMar 31, 2021
Gemfields Reports $93M Loss in 2020 Amid Coronavirus Pandemic
The colored stone miner wasn’t able to hold any regular auctions during the year.
Gemfields was not able to hold any regular gemstone auctions in 2020 due to the pandemic, severely impacting its bottom line in its full-year financial results.
London—The coronavirus pandemic led to the suspension of Gemfields’ mining operations and its regular auction system, severely impacting its bottom line in 2020.
The company just released its full-year financial results, reporting a drop in revenue and slipping into the red amid a challenging year.
For the year ended Dec. 31, revenue was down 84 percent, plummeting from $216.2 million in 2019 to $34.6 million in 2020. And whereas the company earned a net profit of $39.1 million in 2019, it reported a net loss of $93.2 million for 2020.
The lockdowns during the pandemic meant mines had to shut down.
Gemfields suspended activities at its Kagem emerald mine in Zambia on March 30, 2020 and its Montepuez ruby operations in Mozambique on April 22, 2020.
Restrictions on travel and the movement of goods also meant the miner’s clients weren’t selling inventory at trade events and had no need to purchase more.
Gemfields didn’t hold any “traditional” auctions after its February 2020 sale of commercial-quality emeralds, which saw revenues total $11.5 million.
In November and December, however, the company held a series of “mini auctions” to test the market.
There were five small emerald auctions in which clients in Jaipur, Singapore and Tel Aviv were allowed private, in-person viewings of mixed-quality lots.
Each event took place over five days, with bids accepted via Gemfields’ new online auction platform or by email, marking the first time customers have been able to bid for its Zambian rough emeralds online.
Forty-six companies placed bids, and Gemfields said it achieved revenues of $10.9 million total and a per-carat average of $59.84, noting it found that rough emerald prices and demand have “held up well.”
“Winning bids were in line with and, in some cases, higher than, pre-COVID prices, and the number of bids per schedule increased, which demonstrates good demand,” the company said.
No ruby auctions took place last year, but Gemfields did start a series of small auctions for rubies in March and expects them to be completed in early April.
The company said it will continue with this auction model “in the near term” for both its emeralds and its rubies but hopes to return to a more regular auction format in the fourth quarter of this year.
Meanwhile, operations at both Kagem and Montepuez have resumed, with the latter’s wash plant and sort house starting in mid-February 2021 and those at Kagem beginning mid-March.
Gemfields said it anticipates operations to reach full capacity by the end of April.
The company just released its full-year financial results, reporting a drop in revenue and slipping into the red amid a challenging year.
For the year ended Dec. 31, revenue was down 84 percent, plummeting from $216.2 million in 2019 to $34.6 million in 2020. And whereas the company earned a net profit of $39.1 million in 2019, it reported a net loss of $93.2 million for 2020.
The lockdowns during the pandemic meant mines had to shut down.
Gemfields suspended activities at its Kagem emerald mine in Zambia on March 30, 2020 and its Montepuez ruby operations in Mozambique on April 22, 2020.
Restrictions on travel and the movement of goods also meant the miner’s clients weren’t selling inventory at trade events and had no need to purchase more.
Gemfields didn’t hold any “traditional” auctions after its February 2020 sale of commercial-quality emeralds, which saw revenues total $11.5 million.
In November and December, however, the company held a series of “mini auctions” to test the market.
There were five small emerald auctions in which clients in Jaipur, Singapore and Tel Aviv were allowed private, in-person viewings of mixed-quality lots.
Each event took place over five days, with bids accepted via Gemfields’ new online auction platform or by email, marking the first time customers have been able to bid for its Zambian rough emeralds online.
Forty-six companies placed bids, and Gemfields said it achieved revenues of $10.9 million total and a per-carat average of $59.84, noting it found that rough emerald prices and demand have “held up well.”
“Winning bids were in line with and, in some cases, higher than, pre-COVID prices, and the number of bids per schedule increased, which demonstrates good demand,” the company said.
No ruby auctions took place last year, but Gemfields did start a series of small auctions for rubies in March and expects them to be completed in early April.
The company said it will continue with this auction model “in the near term” for both its emeralds and its rubies but hopes to return to a more regular auction format in the fourth quarter of this year.
Meanwhile, operations at both Kagem and Montepuez have resumed, with the latter’s wash plant and sort house starting in mid-February 2021 and those at Kagem beginning mid-March.
Gemfields said it anticipates operations to reach full capacity by the end of April.
Editors' Picks
Sponsored by
More on Sourcing
The Latest
IndependentsNov 03, 2026
Longtime Jewelry Marketer Arthur Klein Dies at 89Klein, who had his own marketing agency and worked for Gabriel & Co. and Trans American Diamond, is remembered as a kind man.
IndependentsNov 03, 2026
Zadok Jewelers Toasts To 50 Years With Diamond Bracelet GiveawayTo enter the giveaway, locals can purchase a featured beverage from one of eight participating restaurants in Houston and Austin, Texas.
Brought to you by
How Overnight Mountings’ Bridal Builder Makes Custom Engagement Ring Design Easier to SellWith customization becoming more expected in engagement ring shopping, the Bridal Builder makes the process tangible.
Events & AwardsNov 03, 2026
David Yurman Gem Awards Grant Opens 2027 ApplicationsThe grant recipient will be awarded $50,000 as well as mentoring meetings with executives at David Yurman and other industry executives.
Weekly QuizOct 29, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsNov 03, 2026
NAJA, Instappraise Name 2026 Scholarship WinnersThe winners include a non-NAJA member seeking training, a member beginning NAJA courses, and a member becoming a Certified Master Appraiser.
AuctionsNov 02, 2026
197-Carat ‘Romanov Sapphire’ Heads to Sotheby’s GenevaThe rare jewel, which has links to Russia’s Romanov dynasty, is estimated to fetch up to $2 million.
Brought to you by
A Diamond Is Forever Launches 2026 Holiday Campaign Championing Natural DiamondsA Diamond Is Forever's holiday campaign reimagines natural diamond icons for a new generation celebrating individuality.
CrimeNov 02, 2026
Customs Seizes More Than 400 Fake Audemars Piguet WatchesIt is one of several seizures of counterfeit jewelry and watches by U.S. Customs and Border Protection officials in Louisville this year.
MajorsNov 02, 2026
Lawrence Bock, Caryl Capeci, Amanda Coleman-Phelps Join JA Board Jewelers of America announced the additions to its board of directors following its annual general meeting, held last week.
CollectionsNov 02, 2026
Olympian Kristi Yamaguchi, Heller Jewelers Expand ‘Always Dream’ CollectionThe jewelry collection supports Yamaguchi’s Always Dream foundation, which provides reading and educational resources to families in need.
Events & AwardsOct 30, 2026
Illuminating Carved Paraiba Pendant, Suite of Moonstones Wow at Spectrum AwardsSpectrum’s “Best of Show” honors went to a 101-carat Paraiba carved to look like Medusa that has a magnet-activated LED light.
TrendsOct 30, 2026
Edina Kiss’ Pendants Say ‘Eye’m Watching You’Our Halloween Pieces of the Week are four “Eye” pendants, each set with colorful gemstones.
MajorsOct 30, 2026
The RealReal Hires Former eBay Exec as New Chief Merchandising OfficerAlexis Hoopes expanded eBay’s “Authenticity Guarantee” program during her tenure.
WatchesOct 29, 2026
Bucherer Opens Rolex Boutique in Washington StateThe Rolex-owned retailer’s new 4,700-square-foot store’s façade honors the Pacific Northwest’s evergreen forests.
TrendsOct 29, 2026
Amanda's Style File: All Treats, No Tricks Get into the Halloween spirit with this roundup of 13 spooky jewels.
MajorsOct 29, 2026
Gesswein Hires Longtime Bench Jeweler, Educator Ann CahoonCahoon was appointed strategic account and educational program manager at Gesswein, which recently joined Continental Buying Group.
MajorsOct 29, 2026
Amanda Seyfried Stars In Tiffany & Co.’s Holiday CampaignTiffany & Co.’s latest ambassador makes her debut in its “Love Is a Gift” holiday campaign.
EditorsOct 28, 2026
These Wicked Jewels Will Cast a Spell on YouFor her annual Halloween story, Senior Editor Lenore Fedow highlights bewitching jewels fit for a witch that go from day to unholy night.
CrimeOct 28, 2026
Man In Florida Who Swallowed Tiffany & Co. Earrings ConvictedJaythan Gilder was found guilty of robbery and grand theft after stealing and then ingesting nearly $800,000 worth of Tiffany & Co. jewelry.
SurveysOct 28, 2026
Consumer Confidence Up in October as Gas Prices EaseConsumer confidence remains on the long-term downward trend that’s persisted over the past few years, said a Conference Board economist.
MajorsOct 28, 2026
Stuller’s Holiday Campaign Lets the ‘Magic of the Moment’ ShineThe holiday campaign includes key jewelry trends, a curated holiday gift guide, and resources to help jewelers prepare for holiday shoppers.
IndependentsOct 27, 2026
Solomon Brothers Acquires Mervis Diamond ImportersSolomon Brothers, which has three stores in the Metro Atlanta area, said it may continue to acquire other independent jewelers.
IndependentsOct 27, 2026
Gabriel & Co. Supports Charity Partner DKMS With Gala, New JewelsThe fine jewelry brand raised $2.3 million at its annual gala that supports the nonprofit’s fight against blood cancer and blood disorders.
Events & AwardsOct 27, 2026
JFC Announces 2027 ‘Facets’ HonoreesThe annual fundraising event is slated for June 6, 2027, at The Venetian Resort in Las Vegas.
CollectionsOct 26, 2026
Bliss Lau’s ‘Vantage’ Point Is the Hawaiian HorizonIn her “Vantage” collection, Lau explores heritage, identity, and inner strength through designs featuring blue-green Guatemalan jade.
MajorsOct 26, 2026
Tiffany & Co. Takes Consumers Behind the ScenesThe jeweler gave the public backstage tours of its flagship store and its design and innovation workshop as part of LVMH’s open house.
