CollectionsDec 05, 2025
Piece of the Week: Robinson Pelham’s ‘Tsar Star’ EarringsThe new pink sapphire version of the piece dances with its wearer in the brand’s “Icons After Dark” holiday campaign.
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.
More on Sourcing
The Latest
TrendsDec 05, 2025
Pantone’s Color of the Year for 2026 Is … WhiteA choice that’s generated a lot of commentary, Pantone says “Cloud Dancer” marks a fresh start and encourages relaxation and creativity.
MajorsDec 05, 2025
Stuller Releases ‘Wrapped in Wonder’ CampaignThe manufacturer’s holiday campaign features a gift guide filled with trending designs and jewelry that can be personalized.
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.
CrimeDec 04, 2025
Man Arrested After Allegedly Swallowing Fabergé Egg PendantThe man was charged with theft, accused of ingesting the necklace while in a jewelry store in Auckland, New Zealand.
Weekly QuizDec 04, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
IndependentsDec 04, 2025
Step Inside JR Dunn Jewelers’ Giant New Store The Florida independent expanded its store from 8,000 to 14,000 square feet, fulfilling the vision of its late co-founder, Jim Dunn.
Supplier BulletinDec 04, 2025
Introducing Shop Natural Day: A New Movement Celebrating Natural DiamondsSponsored by De Beers Group
Brought to you by
Roseco Releases New Full-Line CatalogRoseco’s 704-page catalog showcases new lab-grown diamonds, findings, tools & more—available in print or interactive digital editions.
WatchesDec 04, 2025
Casio Shrinks its G-Shock WatchThe classic 5600 series G-Shock has been scaled down to about a tenth of its size, becoming a fully functioning watch ring.
Events & AwardsDec 04, 2025
AGA Announces 2026 Tucson Speaker LineupThe association’s annual conference and gala will take place Feb. 4, 2026, during the Tucson gem shows.
Events & AwardsDec 04, 2025
CBG Announces Speaker Lineup for 2026 Miami Event The January show will include a workshop for jewelry retailers on implementing AI to strengthen their businesses.
TrendsDec 03, 2025
Miley Cyrus Debuts Edgy Engagement RingFellow musician Maxx Morando proposed to the star with a chunky, cushion-cut diamond ring designed by Jacquie Aiche.
Policies & IssuesDec 03, 2025
Costco Joins Growing Wave of Retailers Suing for Tariff Refunds The retailer, which sells billions in fine jewelry and watches, is suing the Trump administration and U.S. Customs and Border Patrol.
SurveysDec 03, 2025
A Record 202.9M Shoppers Turned Out Thanksgiving WeekendBlack Friday is still the most popular shopping day over the five-day holiday weekend, as per the National Retail Federation’s survey.
AuctionsDec 03, 2025
Fabergé’s 'The Winter Egg' Achieves Record $30MThe historic egg, crafted for Russia's ruling family prior to the revolution, was the star of Christie’s recent auction of works by Fabergé.
FinancialsDec 02, 2025
Signet Jewelers’ Q3 Sales Up Amid Continued Focus on Lower Price PointsThe retailer offered more fashion jewelry priced under $1,000, including lab-grown diamond and men’s jewelry.
CollectionsDec 02, 2025
Briony Raymond Introduces First FragranceThe eau de parfum is held in a fluted glass bottle that mirrors the decor of the brand’s atelier, and its cap is a nod to its “Sloan” ring.
MajorsDec 02, 2025
Lee Krombholz Takes Over as Chair of MJSA Education FoundationIn addition, a slate of new officers and trustees were appointed to the board.
IndependentsDec 02, 2025
RJO Welcomes Its 1,200th Retail MemberWitt’s Jewelry in Wayne, Nebraska, is the organization’s new milestone member.
CrimeDec 01, 2025
Fourth Man Charged in Louvre Jewelry HeistThe man, who has a criminal history, is suspected of being the fourth member of the four-man crew that carried out the heist.
AuctionsDec 01, 2025
Christie’s Presents ‘Splendor & Style’ CollectionThe single-owner collection includes one of the largest offerings of Verdura jewels ever to appear at auction, said Christie’s.
IndependentsDec 01, 2025
Lustig Jewelers’ New Owner Is a Fellow Chicago JewelerMichael Helfer has taken the reins, bringing together two historic Chicago jewelry names.
MajorsDec 01, 2025
PGI Debuts Platinum-Filled Holiday Gift GuideThe guide features all-new platinum designs for the holiday season by brands like Harwell Godfrey, Ritani, and Suna.
FinancialsNov 26, 2025
Movado CEO Talks Tariffs, Growing Interest in Accessible Luxury WatchesDuring its Q3 call, CEO Efraim Grinberg discussed the deal to lower tariffs on Swiss-made watches, watch market trends, and more.
TrendsNov 26, 2025
Piece of the Week: Rosior’s Pumpkin RingRosior’s high jewelry cocktail ring with orange sapphires and green diamonds is the perfect Thanksgiving accessory.
IndependentsNov 26, 2025
Greenwich St. Jewelers Launches Colorful Holiday CampaignThe “Embrace Your True Colors” campaign features jewels with a vibrant color palette and poetry by Grammy-nominated artist Aja Monet.
MajorsNov 26, 2025
Serafino Consoli Names New VP of Sales, Brand Development for the AmericasLuxury veteran Alejandro Cuellar has stepped into the role at the Italian fine jewelry brand.
