CollectionsFeb 21, 2025
Piece of the Week: Jade Ruzzo’s ‘Tennessee’ Oval Drop EarringsHeidi Gardner, an SNL cast member, wore the smoky quartz earrings on the “SNL50: The Anniversary Special” red carpet on Sunday.
SourcingMay 17, 2017
Gemfields Pulls Out of Colombia and Sri Lanka
The colored gemstone miner said it has opted to focus on its projects in Africa.
Gemfields is abandoning plans to pursue mines in Colombia and Sri Lanka to focus on its projects in Africa. Pictured here is the Chama pit at the Kagem emerald mine in Zambia.
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
Editors' Picks
Sponsored by
within the next few years.)
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.
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.
More on Sourcing
The Latest
MajorsFeb 21, 2025
24 Karat Club of New York Names New PresidentThe organization also announced its newly elected officers and directors.
SourcingFeb 20, 2025
Harry Winston’s Son Donates Fancy Red Diamond to the SmithsonianRonald Winston is giving the 2.33-carat “Winston Red” to the Smithsonian, 67 years after his father donated the Hope Diamond.
Brought to you by
Get Ready for the JA New York Spring ShowThis year will feature a new MJSA Showcase and partnership with Piazza Italia.
SourcingFeb 20, 2025
GJEPC Names New Chairman, Vice ChairmanKirit Bhansali, a partner in Smital Gems and chairman of India Jewellery Park, will take on the role of chairman.
Weekly QuizFeb 21, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
IndependentsFeb 20, 2025
IJO Elects 4 New Board MembersAlisha Cornett, Nic Faini, Eric Stevens, and Seth Shipley have joined the organization’s board of directors for a three-year term.
CrimeFeb 19, 2025
Brink’s to Pay $42M After Admitting to Illegally Transporting MoneyThe company has to pay the Justice Department and FinCEN for violating the Bank Secrecy Act, the U.S.’s main anti-money laundering law.
Brought to you by
3 Ways to Capitalize on America’s Newfound Love of Colored GemsColored stones are stepping into a jewelry spotlight typically reserved for diamonds—are you ready to sell color?
SourcingFeb 19, 2025
Diamond Mining Company CEO Steps Down Amid Sales Slump, LayoffsPetra Diamonds Ltd. CEO Richard Duffy resigned as the diamond miner reported a 30 percent drop in sales to start its fiscal year.
ColumnistsFeb 19, 2025
The Smart Lab: Maximizing Your Jewelry Brand on PinterestPinterest is a potential gold mine for jewelry brands, Emmanuel Raheb writes, provided they follow these five tips.
MajorsFeb 19, 2025
Cartier Opens New Store Inside LAXThe boutique is the French luxury brand’s first airport store on the West Coast.
CollectionsFeb 19, 2025
Swarovski’s NYC Flagship Celebrates Ariana Grande CollabThe store’s facade now features the iconic swan logo and campaign images of the “Wicked” star.
Policies & IssuesFeb 18, 2025
New Customs Requirements for Diamond Imports: What We KnowBeginning in April, companies importing diamonds into the United States will have to list the country in which the diamonds were mined.
AuctionsFeb 18, 2025
A Menagerie of Fabergé Coming to Sotheby’sAround 30 whimsical Fabergé animal carvings will go up for auction at Sotheby’s Geneva in May.
SourcingFeb 18, 2025
Celine Assimon Stepping Down as CEO of De Beers JewellersAssimon will be leaving at the end of February after nearly five years with De Beers.
CollectionsFeb 18, 2025
Tabayer Debuts Its First Men’s Jewelry SelectionsDesigns from the brand’s “Oera” collection have been reimagined with modern masculinity in mind.
SourcingFeb 14, 2025
Navneet Gems Now Offering Unheated Montana SapphiresThe wholesale collection features material from the Rock Creek mine in a variety of colors.
CollectionsFeb 14, 2025
Carolyn Rafaelian Partners with ‘Long Island Medium’ StarThe “Divinely Guided” collection, created in collaboration with Theresa Caputo, features symbols that celebrate the power of connection.
CollectionsFeb 14, 2025
Piece of the Week: Lorraine West’s Diamond ‘Open Heart’ RingShow some love on Valentine’s Day with this 14-karat yellow gold ring that features pavé diamonds.
CrimeFeb 13, 2025
Macy’s Employee Foils $1.5M Jewelry Theft The employee confronted the thief, causing the suspect to flee and leave behind the suitcases full of jewelry.
SourcingFeb 13, 2025
Namibian Diamond Co. Suspends CEO, COO After Deadly Heist Namib Desert Diamonds also put its security manager on leave following last month’s robbery that left one employee dead.
Events & AwardsFeb 13, 2025
AGTA Announces Buyer’s Choice Award Winners for Spectrum, Cutting EdgeAGTA recently concluded its 2025 GemFair event in Tucson and is already gearing up for next year’s show, set for Feb. 2-6, 2026.
CollectionsFeb 13, 2025
Royal Chain Releases Its Spring 2025 CatalogMore than 400 new pieces are featured in the supplier’s latest catalog.
TrendsFeb 13, 2025
Amanda’s Style File: Hearts for Valentine’s DayThis curation celebrates love with heart-shaped jewelry of all shapes and sizes.
Policies & IssuesFeb 13, 2025
Jewelers Relief Fund Reopened to Aid Victims of LA Fires The fund is collecting money for jewelry businesses damaged by the wildfires in Los Angeles County.
TrendsFeb 12, 2025
5 Engagement Ring Trends Expected to Rule 2025From chunky bands to vintage diamond cuts and bezel settings, these are the trends experts are seeing take over the bridal market.
EditorsFeb 12, 2025
Q&A: Marion Fasel on the History of Diamond Engagement RingsFasel discusses researching her new book, the most enduring engagement ring styles, and the diamond shape Taylor Swift will pick.
