It will quit assigning the stones specific color and clarity grades in favor of applying “new descriptive terminology.”
Gemfields Reports $93M Loss in 2020 Amid Coronavirus Pandemic
The colored stone miner wasn’t able to hold any regular auctions during the year.

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 Latest

From design trends to sustainability, here’s a roundup of can’t-miss education sessions at JCK Las Vegas.

The Jewelers’ Security Alliance offers advice for those attending the annual trade shows.

When investing in your jewelry business, it's important not to overlook the most crucial element of success: the sales associates.

Her new role is director of strategic initiatives.


The entrepreneur and “Shark Tank” star will share his top tips for success.

The designer is embracing bold pieces with weight to them in “AU79,” a collection she celebrated with a creative launch party.

More shoppers are walking out without buying. Here’s how smart jewelers can bring them back—and the tool they need to do it right.

On an earnings call, CEO J.K. Symancyk discussed what’s working for the company and how it’s preparing for the potential impact of tariffs.

The index partially rebounded after months of decline, due in part to the U.S.-China deal to temporarily reduce import tariffs.

The actress stars in the latest campaign set in Venice, Italy, and is set to participate in other creative initiatives for the jeweler.

The company has joined other labs, including GIA and Lotus Gemology, in adopting the Chinese term for "jadeite jade."

Located in Bangkok, the laboratory is Gemological Science International’s 14th location worldwide.

Those born in June have a myriad of options for their birthstone jewelry.

The company plans to raise the prices of select watches to offset the impact of tariffs.

Between tariffs and the sky-high cost of gold, designers enter this year’s Las Vegas shows with a lot of questions and few answers.

Designed by founder Renato and his daughter Serena Cipullo, it showcases a flame motif representing unity and the power of gathering.

However, the tariffs remain in effect in the short term, as an appeals court has stayed the U.S. Court of International Trade’s decision.

The pop icon is one step closer to launching her “B Tiny” jewelry collection, a collection she first began posting about last fall.

Sponsored by Stuller

It was featured in the miner’s latest sale, which brought in $24.8 million.

GemText AI uses artificial intelligence to generate tailored product titles, descriptions, and tags with jewelry-specific language.

The 3,300-square foot location is the jeweler's largest store in North America.

Aging and with myriad health issues, none will serve time for their roles in robbing the billionaire celebrity at gunpoint in 2016.

The WNBA team received rings imbued with meaning, from leaf motifs and its Liberty torch to the number of diamonds used.

A longtime executive at RDI Diamonds, Rickard has served on the JBT board for the past five years.

The two organizations have signed an affiliation agreement that’s expected to be finalized in the coming weeks.