MajorsApr 30, 2026
Claire’s New Summer Campaign Is a Sensory Wonderland for Gen Alpha“A Girl SMR at Claire’s” celebrates girlhood through the five senses with stacked jewelry, slime toys, scented accessories, and ASMR.
SourcingMay 24, 2018
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.
Nine of the 17 lots in Gemfields’ most recent emerald auction in Lusaka, Zambia, featured stones with the new “Provenance Proof” nanoparticle technology. A part of the Provenance Proof process is pictured here.
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,
Editors' Picks
Sponsored by
adding that the company “look(s) forward immensely to watching the price developments as they make their way into the supply chain.”
More on Sourcing
The Latest
AuctionsApr 30, 2026
Vintage Cartier Watch Crashes Through Records, Selling for $2MBelieved to be one of three made in 1987, the Cartier London Crash was hot at the “Shapes of Cartier” sale at Sotheby’s Hong Kong.
ColumnistsApr 30, 2026
Peter Smith: A Sleazy Salesman and the Case for Regret Avoidance Smith uses a comment he overheard in the grocery store to remind retailers that their job is to inspire buying behavior, not just sell.
Brought to you by
Discover Timeless Treasures: A Showcase of Antique Jewelry & Timepieces in Las VegasGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
CrimeApr 30, 2026
Masked Group Uses Hammers, Pepper Spray in Texas Jewelry Store RobberyOfficials are looking for a group that robbed Marc Robinson Jewelers at an outlet mall in Round Rock, Texas, in broad daylight on April 21.
Weekly QuizApr 23, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Supplier BulletinApr 30, 2026
OROAREZZO 2026: The B2B Event for Italian Excellence in Goldsmith, Jewelry and Silver ManufacturingSponsored by OROAREZZO International Jewelry Exhibition
MajorsApr 29, 2026
The Thought Process Behind the Mother's Day Email Opt-OutSome retailers are taking a nuanced approach to marketing what can be a difficult holiday for many.
Brought to you by
Las Vegas Antique Jewelry & Watch Show: Showcasing the Most Collectible Merchandise from Across the GlobeGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
IndependentsApr 29, 2026
Dick Abbott to Retire From The EdgeThe Edge has announced its new CEO, as well as a new partnership with an investment firm focused on founder-led software businesses.
AuctionsApr 29, 2026
This'll Be the Day You Own John Wayne's RingA signet ring belonging to the Western film star of Hollywood’s Golden Age will be up for auction at Elmwood’s next month.
Policies & IssuesApr 28, 2026
Tariff Refunds: How to File, What to Expect Importers can submit claims now to receive money back for the IEEPA tariffs they’ve paid, with refunds expected to take up to 90 days.
IndependentsApr 28, 2026
This North Carolina Jeweler Is Passing the TorchThe owners of Gregory Jewelers in Morganton, North Carolina, are heading into retirement.
SourcingApr 28, 2026
NDC Hires Tapestry Exec to Head Global Marketing Susie Dewey joins the Natural Diamond Council as its new chief marketing officer.
AuctionsApr 27, 2026
12 Years Later, the ‘Ocean Dream’ Diamond Resurfaces at Christie’sThe largest known fancy vivid blue-green diamond could fetch more than $12 million at its second auction appearance.
ColumnistsApr 27, 2026
Stop Treating Mother’s Day Like an AfterthoughtEmmanuel Raheb says jewelers need to start marketing early and make it easy for customers to pick a gift for mom.
IndependentsApr 27, 2026
Longnecker Jewelry Celebrates 30 YearsIn honor of the milestone, the Nebraska jeweler has debuted Leslie & Co., its new in-house jewelry brand.
MajorsApr 27, 2026
JBT Re-Elects Jeff Corey as Board ChairThe trade organization, which held its annual elections earlier this year, also added five new board members.
SurveysApr 24, 2026
Mother’s Day 2026 Jewelry Spending to Top $7B, NRF SaysNRF’s annual survey found that 45 percent of consumers plan to purchase jewelry for a loved one this Mother’s Day.
TechnologyApr 24, 2026
TwentyFour’s Digital-Age Locket Is a Virtual VaultThe “Vault” charm, our Piece of the Week, expands on the memories that can be stored in a locket by connecting to your phone.
Events & AwardsApr 24, 2026
Hamptons Jewelry Show to Return in JulyThe open-to-the-public luxury jewelry and timepiece show, in its second year, is slated for July 23-26.
IndependentsApr 23, 2026
Meet the Real Moms of Day’s JewelersThe jeweler’s Mother’s Day campaign highlights the women who work there—mothers, grandmothers, women who want to be mothers, and dog moms.
Supplier BulletinApr 23, 2026
JM® Shipping Solution: Smarter Shipping for High-Value GoodsSponsored by Jewelers Mutual
Lab-GrownApr 23, 2026
Charles & Colvard May Sell Assets for $1.5MThe proposed agreement follows the moissanite maker’s Chapter 11 bankruptcy protection filing last month.
AuctionsApr 23, 2026
John Jacob Astor IV’s Titanic Pocket Watch Fetches $1MThe Patek Philippe for Tiffany & Co. timepiece Astor brought aboard the ill-fated ship sold for double its estimate at a Freeman’s auction.
CollectionsApr 23, 2026
Adam Neeley’s High Jewelry Collection Steps Into Salvador Dalí’s GardenThe “Dalí’s Garden” collection was inspired by a surreal dream Neeley had after cooking a recipe from Salvador Dalí’s 1973 cookbook.
IndependentsApr 23, 2026
Windsor Jewelers Names New Buying DirectorNatalie Feanny has been appointed to the role.
CrimeApr 22, 2026
New Mexico Couple Pleads Guilty to Selling Fake Native American JewelryThe pair falsely claimed their jewelry was made by Navajo artists, but it was imported from Vietnam.
