The medals feature a split-texture design highlighting the Games’ first time being hosted by two cities and the athletes’ journeys.
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

Sponsored by The INSTORE Jewelry Show 2025

Globally, travel and transportation brands reigned, while in the U.S., alcoholic beverage companies and a lingerie brand took the top spots.

The Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.

The Brooklyn-based jewelry designer is remembered as a true artist and a rare talent.


A new slate of Learning Workshops will take place in Oklahoma, Mississippi, and Georgia.

The middle class is changing its approach to buying jewelry and affordable luxury goods, the NRF said.

The countdown is on for the JCK Las Vegas Show and JA is pulling out all the stops.

It marks the third consecutive quarter of growth for Cartier, Van Cleef & Arpels, Buccellati, and Vhernier.

The reseller’s market trends report, based on its sales data, also shows exactly how much Rolex prices have jumped since 2010.

The auction house will be hosting a retrospective paying tribute to jeweler Jean Dinh Van and his company’s 60th anniversary.

Jake Duneier and Danielle Duneier-Goldberg have stepped into the roles of CEO and president, respectively.

The “Impermanence” collection contemplates nature through the Japanese art of Ikebana (flower arranging) and philosophy of wabi-sabi.

The Texas-based jewelry retailer has set up shop in Tennessee and Arizona.

Eric Ford will step into the role, bringing with him decades of experience.

In addition to improved capabilities, the acquisition will allow the jeweler to offer support to other independent jewelers.

The “Celestial Blue” capsule collection campaign features Olympian Kateryna Sadurska.

The seasonal store, located in Mykonos, Greece, offers exclusive events, personal styling, and curated experiences.

The New England jeweler is hosting a bridal event for the month of August.

Its sessions will focus on inventory strategies, staff performance, retention and acquisition, emerging market trends, and more.

For its 10th anniversary, Miseno designed the “Arco” earrings based on the Arco Felice, an arch conceptualized in A.D. 95 in Miseno, Italy.

The jewelry company is one of several contributing to relief efforts in the region after the recent floods.

Inspired by fiancé Sid Wilson’s nickname for her, the white and yellow diamond ring features a unique honeycomb design.

The brand is marking its 50th anniversary with a limited-edition bangle, high jewelry suites, new collections, and more.

Goldfarb said changes in the industry, coupled with his age and the updates needed to modernize his business, drove his decision.

Longtime LVMH executive Michael Burke has stepped into the role.

Central topics of next week’s event include climate action, labor rights, artisan preservation, and value retention in producing countries.