AuctionsJun 26, 2026
‘Hogback’ Diamond Ring Finds a New Home A ring set with “hogback” diamonds, an early stone cut dating to around the 16th century, sold for more than $20,000 at a U.K. auction.
SourcingDec 15, 2017
Pallinghurst Reorganizes Management, Reduces Gemfields Staff
With the acquisition of Gemfields complete, Pallinghurst aims to lower debt and increase revenue and its mining projects’ outputs.
As part of its efforts to boost revenue, Pallinghurst has refocused mining at the Kagem mine in Zambia, pictured here, to focus on production of premium emeralds.
London--Pallinghurst officially completed its takeover of Gemfields and with that has released an update on initial challenges, progress made and its goals for the future.
Pallinghurst, a natural resources investment company, successfully took over Gemfields in July, two months after it first made an unsolicited takeover offer.
It began making changes almost immediately, including naming a new CEO (Sean Gilberston) and closing the gemstone miner’s marketing, sales and public relations office for cut and polished gemstones in New York and moving those functions to London.
After the integration of the two companies, Pallinghurst said two clear issues have presented themselves.
The first is Gemfields’s debt, which has grown from about $17 million in mid-2014 to $84 million upon completion of the deal.
The second was the $54 million decline in revenue from the Kagem emerald mine in Zambia recorded in the financial year ended in June, mostly due to a sharp decline in the production of premium emeralds.
To resolve these issues, the company has taken action to reduce costs and streamline management. The staff at the London office has been reduced by about 15 percent, it said, joining “staff rationalization” implemented in New York and India.
The Pallinghurst executive team also has been restructured.
Executive Director Priyank Thapliyal has stepped down to become the full-time CEO of Jupiter Mines, in which the company owns an 18 percent stake, while Brian Gilbertson, board chairman and father of Gemfields CEO Sean, will become non-executive chairman at the end of December.
These changes and voluntary salary reductions will reduce the total compensation of the executive team by more than 50 percent, Pallinghurst said. Moving forward, CEO Arne Frandsen, Finance Director Andrew Willis and Sean Gilbertson will form its management team.
Meanwhile, the company has also made operational changes at Gemfields and, more specifically, at Kagem.
“Reporting lines” were reorganized so employees report to a “country executive” overseeing operations in a particular country, rather than reporting by discipline across all countries.
At Kagem, production was purposefully slowed, blast patterns were modified to lower intensity and crews were bolstered to focus on contact and reaction zones. The focus now is being put on extraction of premium emeralds.
Pallinghurst said that while it’s too early to make firm forecasts, it’s happy with initial results. Production in the past three months has generated about 40,000 carats of premium emeralds, compared with 7,940
carats in the first quarter 2017 and 11,310 carats in the second quarter (the two prior to the acquisition).
It also re-opened the mothballed Mbuva-Chibolele mining pit, located across a river from the Kagem mine, to increase available production areas and boost overall production. The first production is expected in the first quarter of 2018.
Bulk sampling, meanwhile, has started at one of the two Megaruma ruby licenses located adjacent to Montepuez in Mozambique. In Ethiopia, exploration continues with emerald mineralization having been encountered and bulk sampling continuing.
Moving forward, Pallinghurst has identified a number of goals for the coming year, which, in addition to revitalizing emerald production in Zambia and expanding ruby production in Mozambique, includes completing an internal review of Faberge.
It also re-opened the mothballed Mbuva-Chibolele mining pit, located across a river from the Kagem mine, to increase available production areas and boost overall production. The first production is expected in the first quarter of 2018.
Bulk sampling, meanwhile, has started at one of the two Megaruma ruby licenses located adjacent to Montepuez in Mozambique. In Ethiopia, exploration continues with emerald mineralization having been encountered and bulk sampling continuing.
Moving forward, Pallinghurst has identified a number of goals for the coming year, which, in addition to revitalizing emerald production in Zambia and expanding ruby production in Mozambique, includes completing an internal review of Faberge.
More on Sourcing
The Latest
CollectionsJun 26, 2026
Strength Is Sharpened Into Beauty in Kris Averi’s ‘Prism Thorn’ RingThe rainbow version of the ring, our Piece of the Week, features angel-cut, octahedral lab-grown sapphires designed to be worn as armor.
MajorsJun 26, 2026
Rembrandt Charms Debuts ‘Charms That Give Back’The new initiative donates a portion of the proceeds from select charms to charitable causes.
Brought to you by
Wedding Band Trends 2026: Personalization Takes Center StageColored gemstones, artisan finishes, mixed metals, and meaningful details are shaping demand in bridal jewelry.
TrendsJun 26, 2026
Bernard James Celebrates Knicks’ Win with RingThe Brooklyn-based jeweler created a limited-edition version of its “Aura” eternity band, set with gemstones in the team’s colors.
Weekly QuizJun 25, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
EditorsJun 25, 2026
Out & About: How Jewelers Mutual, SCAD Are Tackling the Bench Jeweler ShortageSenior Editor Lenore Fedow headed to Savannah to learn more about the 10-year, $10 million partnership between JM and the art school.
CollectionsJun 25, 2026
Mejuri Experiments With SteelIts new capsule jewelry collection features gold-finished stainless steel pieces designed for a maximalist look without a luxury price tag.
Brought to you by
Building the Future of Jewelry Retail: DCA Expands Education, Leadership Development, and Workforce SolutionsDCA is preparing the next generation of professionals by supporting workforce development, leadership growth, and career advancement.
Events & AwardsJun 25, 2026
Watches & Wonders Announces 2027 DatesThe week-long event in Geneva is slated for April 2027.
ColumnistsJun 24, 2026
The Revenue Hiding Between Your Counter and Your Online CartJewelers are missing out by not offering this one key add-on at the online point of sale, Emmanuel Raheb writes.
CollectionsJun 24, 2026
Greenwich St. Jewelers, Jewel Boxing’s Latest Drop Is On-TrendThe fourth collaborative collection from the retailer and jewelry content creator focuses on gemstone charms and strands of colorful beads.
Events & AwardsJun 24, 2026
AGTA Accepting Entries for Spectrum 2026This year’s AGTA Spectrum & Cutting Edge Awards will feature two new categories.
SourcingJun 24, 2026
Columbia Gem House To Offer Alexandrite Melee OnlineThe collection features traceable alexandrite from Brazil in calibrated sizes that is sorted by grade.
MajorsJun 24, 2026
CaratLane Names New Chief Sales OfficerDhaval Raja has been appointed to the role.
CollectionsJun 23, 2026
Francesca Villa Goes ‘On the Road’The capsule collection looks to vintage trunk pins that echo the spirit of speed, freedom, and the mythology of the American road trip.
SourcingJun 23, 2026
New Paraíba Tourmaline Source Reportedly Discovered in EthiopiaSSEF issued a notice about the potential new source of the sought-after gemstone, citing “credible reports” from trade sources.
MajorsJun 23, 2026
Etsy Says ‘Shop Other Jeffs’ This Prime DayAs Amazon Prime Day kicks off, Etsy is encouraging shoppers to support small businesses.
Events & AwardsJun 23, 2026
AGA Announces 2026 Scholarship WinnerCole Winward is the recipient of 2026 AGA Gemological Scholarship.
EditorsJun 22, 2026
15 Pieces of Jewelry That Brought Us Joy in Vegas Whether they evoked nostalgia, wonder, or laughter, these jewels put a smile on our faces.
Events & AwardsJun 22, 2026
Plans Announced for New Trade Show in BaselScheduled for April 2027, Basilia will be the first watch and jewelry trade show held in Basel since the collapse of Baselworld in 2020.
Events & AwardsJun 22, 2026
Gem Awards Opens 2027 Nomination PeriodSubmissions for the milestone 25th annual Gem Awards will be accepted across three categories from now through July 31.
WatchesJun 22, 2026
Snoopy Inspires New ‘Flying Ace’ Ball WatchThe beloved beagle dons his aviator outfit for the new Engineer Master II Snoopy Flying Ace timepiece.
AuctionsJun 18, 2026
Paraíba Tourmalines Sell for $3.4M at Sotheby'sThe recent high jewelry auction, which also featured the sale of a 10-carat blue diamond, was “a celebration of color.”
CollectionsJun 18, 2026
Michelle Obama Wears Almasika Earrings Symbolizing Feminine PowerShe wore the “Le Cauri Endiamanté” earrings, our Piece of the Week, in the Obamas’ first dual portrait for the Obama Presidential Center.
PodcastsJun 17, 2026
Episode 6: Las Vegas 2026-Trends, Traffic, Broken BathroomsCouture’s Michelle Orman joins Amanda Gizzi and Michelle Graff for this special post-Market Week episode of My Next Question.
GradingJun 17, 2026
SSEF Issues Warning on Refilled EmeraldsThe lab is seeing emeralds with filler added post-testing enter the market, accompanied by reports that indicate little to no treatment.
WatchesJun 17, 2026
Patek Philippe’s ‘Visionary’ Leader Philippe Stern Dies at 88 The third generation of the Stern family to head Patek Philippe, he navigated the “quartz crisis” and preserved the brand’s independence.
