The independent jeweler first opened its doors in 1888.
Gemfields Pulls Out of Colombia and Sri Lanka
The colored gemstone miner said it has opted to focus on its projects in Africa.

London--Gemfields announced recently that it is abandoning plans to begin mining emeralds in Colombia and sapphires in Sri Lanka.
In Colombia, the company had entered into agreements to acquire controlling interests in two emerald projects located predominantly in the Boyacá state.
In Sri Lanka, Gemfields had a joint venture with East West Gem Investment Limited that would have added sapphires to the portfolio of colored gemstones it mines.
CEO Ian Harebottle said in a statement that the company believes its current portfolio of assets in Africa, as well as other expansion opportunities in Zambia, Mozambique and Ethiopia, are all “likely to deliver considerably higher returns, with shorter payback periods, than some of the other jurisdictions it had previously been evaluating.”
The company currently owns a 75 percent state in the Kagem emerald mine in Zambia, a 75 percent stake in the Montepuez ruby mine in Mozambique and a 50 percent stake in the Kariba amethyst mine in Zambia.
It also owns 100 percent of Oriental Mining SARL, a company incorporated in Madagascar with exploration licenses covering emeralds, rubies, sapphires, tourmalines and garnets, and acquired 75 percent of Web Gemstone Mining in Ethiopia, which holds an emerald exploration license. Drilling commenced at the latter last summer and preliminary groundwork for a bulk sampling exercise scheduled for July is underway.
The company announced that it was withdrawing from Colombia and Sri Lanka at the same time it released its financials for its third quarter ended March 31.
At Kagem, production during the three-month period was down, totaling 4.5 million carats of emerald and beryl with an average grade of 193 carats per ton. This is compared with 7.1 million carats with an average grade of 297 carats per ton in the same period last year.
The company attributes the difference to the “varied nature” of the emerald mineralization, exceptionally high rainfall, and a renewed focus on opening new areas for future production.
Total operating costs for the mine were $9.6 million, compared with $11.2 million a year ago.
The lower production at Kagem is expected to reduce targeted total production for the 2017 financial year to between 20 and 25 million carats, the company said, but added that it believes it still will deliver on the longer-term production ramp-up in the coming years. (Gemfields has said before that it would like to expand the emerald mine to reach an annual production of more than 40 million carats
An auction of predominantly higher quality rough emeralds from the Kagem mine was held in Lusaka, Zambia in February. The sale brought in revenues of $22.3 million, with an average realized value of $63.61 per carat.
The next auction of predominantly commercial quality rough emeralds from Kagem is taking place in Jaipur, India through Thursday.
Meanwhile, at the company’s ruby mine, Montepuez, production was down year-over-year, from 2 million carats to 1.2 million carats. Gemfields said this is largely due to the lower grade but higher value ore being processed, noting that the quantity of premium quality rubies recovered increased by 92 percent.
Total operating costs at Montepuez for the three-month period were $6.5 million.
Since production at the site will focus on processing predominantly lower grade but higher value ore for the remainder of the financial year, Gemfields said the targeted total production is now estimated at 8 -10 million carats, down from the previous guidance of 10 to 12 million carats.
The next mixed quality auction of rough rubies and corundum is slated for June in Singapore.
The Latest

The layoffs come amid the TV shopping channel’s efforts to restructure and focus on live shopping through social media.

The debut event will take place in Miami’s Coconut Grove neighborhood this fall.

Bench jewelers spend years honing their skills, Jewelers of America’s Certification validates their talents.

The roundtable will take place May 17 ahead of the trade show’s welcome dinner.


The “Peanuts x Monica Rich Kosann” collection features the comic strip’s classic vocabulary across 10 bracelet designs.

Three industry experts dive into the complexities of the material often marketed as an “ethical” alternative for metal in jewelry.

Natural diamonds mean more than lab-grown, but when every cut is ideal, they all look the same. Customers want more—Facets of Fire delivers.

Diamonds are not only one of the most prominent gemstones, but the birthstone for those born in April.

The Utah-based company known for making wedding bands has acquired Doubloon Golf.

The longtime luxury executive led one of LVMH’s watch brands, TAG Heuer, for 12 years before taking over Bulgari in 2013.

Authorities said the robbers fled with jewelry and 70 Rolex watches, later taking pictures of themselves posing with big stacks of cash.

The ring's design features contrasting lines influenced by work from architecture-inspired photographer Nikola Olic.

The Conference Board’s index fell as consumers continued to worry about the impact of tariffs, the labor market, and the price of eggs.

However, two medieval jewels surpassed estimates at Noonans Mayfair’s recent jewelry auction in London.

The Oscar-nominated actor debuted in the campaign for the new “Top Time B31” collection, which introduced Breitling’s Caliber B31.

The family-owned retailer is the new owner of Morrison Smith Jewelers in Charlotte, North Carolina.

The “150 Art Deco” collection features a Miss America timepiece and a pocket watch from the brand’s Archive Series.

Alex Wellen, formerly CEO and president of MotorTrend Group, has taken on the role.

The Impact Initiative is part of the nonprofit association’s new three-year strategic plan.

The ruby and the sapphire, which Christie’s calls a “once-in-a-generation masterpiece,” are part of the upcoming Hong Kong jewelry auction.

The two pairs of earrings, snatched from a Tiffany & Co. store in Orlando, Florida, are valued at a combined $769,500.

The time to start experimenting with video content is now, writes columnist Emmanuel Raheb.

From striking high jewelry to miniature fine jewelry, the new chapter continues to highlight gemstones featuring its signature 57-facet cut.

The jewelry giant is reducing its senior leadership by 30 percent as part of its new turnaround strategy.

The auction house's partnership with online watch servicing platform WatchCheck makes repairs convenient and accessible, it said.

The company also noted record sales in the United States and a strong performance in its jewelry category.