CrimeFeb 06, 2026
Florida Man Sentenced After Selling Fake Native American Jewelry for a Decade Prosecutors say the man attended arts and craft fairs claiming he was a third-generation jeweler who was a member of the Pueblo tribe.
SourcingApr 01, 2019
Gemfields Reports $60M Loss in 2018
A new tax levied in Zambia played a significant part in putting the colored stone miner in the red for the full year.
Gemfields recovered the 5,655-carat “Inkalamu” emerald from its Kagem mine in October and sold it a month later for an undisclosed amount to Dia-Color.
London—Gemfields recorded a net loss in 2018, hurt in part by a new tax levied in Zambia and a costly court case.
In its full year ended Dec. 31, which was first full fiscal year for the company since the July 2017 takeover of its biggest investor, Pallinghurst, Gemfields reported revenue of $206.1 million, a 252 percent increase over 2017. This was the first time it crossed the $200-million mark, the colored gemstone miner noted.
EBITDA also increased, from $30.5 million to $58.9 million.
Even with revenue hitting a new high, the company recorded a $60.4 million loss for the fiscal year, hurt by the fair-value loss on the Sedibelo platinum mines, in which Gemfields holds a 6.5 percent stake, a $22.6 million impairment charge applied to Kagem because of newly implemented tax changes in Zambia and a costly court case.
Starting Jan. 1, the Zambian government introduced a 15 percent export duty on gemstones and metals to help reduce the country’s debt. When combined with the existing 6 percent mineral royalty already levied on gemstones, it increases Gemfields’ total tax on revenue at Kagem to 21 percent.
Also last fiscal year, a group of Mozambicans filed a lawsuit against the London-based colored gemstone miner over alleged human rights abuses at the company’s Montepuez ruby mine. In January, Gemfields agreed to pay $7.6 million on a no-admission-of-liability basis to settle the lawsuit.
Gemfields’ share price reflected the challenges it faced at its operations throughout the year, falling 40 percent by the end of the year.
RELATED CONTENT: Fallout from Nirav Modi Scandal Hits GemfieldsIn its annual results release, Chairman Brian Gilbertson said the company’s biggest challenge in the coming months will lie in Zambia. In addition to the higher taxes, he noted that the mineral royalty is no longer tax-deductible for corporations.
Because of the new taxes enacted, Gemfields has recognized an impairment loss of $22.6 million in respect to Kagem, its emerald mine there that faces other market headwinds as well.
Production in the “premium” category at Kagem reached 224,000 carats, representing a 400 percent increase in the category’s production in the 12-month period to June 2017 (Gemfields included pre-acquisition figures for the full-year t June 30, 2017, where possible to allow for better comparability).
Kagem also set new records for ore production and total carats produced. However, as production soared, the emerald market struggled.
Editors' Picks
Sponsored by
Most of Gemfields’ emerald dcustomers operate in India and, as such, were grappling with deflating property prices in Jaipur, lack of liquidity and heightened regulatory scrutiny in India following the Nirav Modi scandal.
As a result, the four emerald auctions during the year generated revenues of $60.3 million, which Gemfields called “tolerable” given the financial and regulatory oversight challenges facing Indian customers.
Higher-quality emerald auctions held during the year yielded a slight increase in average per-carat price, achieving $65.55 compared with $63.63 per carat in the 12-month period ended June 2017.
The per-carat average for commercial-quality emeralds was flat, achieving $3.54 per carat on average in 2018 compared with $3.53 per carat in the year up to June 2017.
Gemfields also faces challenges in Ethiopia, where it was mining emeralds.
In July 2018, a mob overran its mining operations and a month later looted the site. Its 110-person team there has been reduced to a handful, the company said, as it works to find a way to restart bulk sampling.
In 2018, the mining area produced a total of 2.9 million carats of ruby and corundum.
Faberge, meanwhile, reported record revenues of $13.4 million in 2018 and saw triple-digit growth in online sales.
As a result, the four emerald auctions during the year generated revenues of $60.3 million, which Gemfields called “tolerable” given the financial and regulatory oversight challenges facing Indian customers.
Higher-quality emerald auctions held during the year yielded a slight increase in average per-carat price, achieving $65.55 compared with $63.63 per carat in the 12-month period ended June 2017.
The per-carat average for commercial-quality emeralds was flat, achieving $3.54 per carat on average in 2018 compared with $3.53 per carat in the year up to June 2017.
Gemfields also faces challenges in Ethiopia, where it was mining emeralds.
In July 2018, a mob overran its mining operations and a month later looted the site. Its 110-person team there has been reduced to a handful, the company said, as it works to find a way to restart bulk sampling.
RELATED CONTENT: Gemfields Opens $15M Automated Sort House in MozambiqueMeanwhile, Gemfields’ operations in Mozambique, where it mines ruby and corundum, generated revenues of $127.1 million from the two Montepuez auctions of mixed-quality rubies held during the year, with the June auction seeing record results of $71.8 million.
In 2018, the mining area produced a total of 2.9 million carats of ruby and corundum.
Faberge, meanwhile, reported record revenues of $13.4 million in 2018 and saw triple-digit growth in online sales.
More on Sourcing
The Latest
FinancialsFeb 06, 2026
Pandora’s North America GM Departs Amid Executive ChangesNew CEO Berta de Pablos-Barbier shared her priorities for the Danish jewelry company this year as part of its fourth-quarter results.
TrendsFeb 06, 2026
Margot Robbie, Jacob Elordi Wear Matching Cece Jewellery Signet RingsOur Piece of the Week picks are these bespoke rings the “Wuthering Heights” stars have been spotted wearing during the film’s press tour.
Brought to you by
The MJSA Mentor & Apprenticeship Program: Attracting & Training the Next Generation of Bench JewelersLaunched in 2023, the program will help the passing of knowledge between generations and alleviate the shortage of bench jewelers.
MajorsFeb 05, 2026
Pandora to Begin Selling Platinum-Plated JewelryThe introduction of platinum plating will reduce its reliance on silver amid volatile price swings, said Pandora.
Weekly QuizFeb 05, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
IndependentsFeb 05, 2026
Borsheims to Undergo Massive Renovation in the Spring The Omaha jewelry store’s multi-million-dollar renovation is scheduled to begin in mid-May and take about six months.
CollectionsFeb 05, 2026
Marco Bicego’s Amethyst Collection Travels to a Purple ParadiseThe “Paradise Amethyst” collection focuses on amethyst, pink tourmaline, garnet, and 18-karat yellow gold beads.
Brought to you by
How Jewelers Can Fight Back Against Cell JammersCriminals are using cell jammers to disable alarms, but new technology like JamAlert™ can stop them.
FinancialsFeb 05, 2026
Watches of Switzerland Reports Strong Holiday Results in Q3The retailer credited its Roberto Coin campaign, in part, for boosting its North America sales.
ColumnistsFeb 04, 2026
January Jewelry Sales: More Dollars Spent, Fewer Units Sold Sherry Smith unpacks independent retailers’ January performance and gives tips for navigating the slow-growth year ahead.
MajorsFeb 04, 2026
What Designers Should Know About Saks Global’s BankruptcyFrom how to get an invoice paid to getting merchandise returned, JVC’s Sara Yood answers some complex questions.
TrendsFeb 04, 2026
Amanda’s Style File: February Birthstone BlissAmethyst, the birthstone for February, is a gemstone to watch this year with its rich purple hue and affordable price point.
MajorsFeb 04, 2026
Marco Bicego Names New Global Marketing DirectorThe Italian jewelry company appointed Matteo Cuelli to the newly created role.
MajorsFeb 04, 2026
Frederick Goldman Updates Leadership TeamThe manufacturer said the changes are designed to improve speed, reliability, innovation, and service.
Policies & IssuesFeb 03, 2026
Tariff Relief on Horizon for India as Trump, Modi Make DealPresident Trump said he has reached a trade deal with India, which, when made official, will bring relief to the country’s diamond industry.
CollectionsFeb 03, 2026
Jade Trau Releases New Charms, Introduces RondellesThe designer’s latest collection takes inspiration from her classic designs, reimagining the motifs in new forms.
WatchesFeb 03, 2026
Casio America Calls Jersey City HomeThe watchmaker moved its U.S. headquarters to a space it said fosters creativity and forward-thinking solutions in Jersey City, New Jersey.
GradingFeb 02, 2026
IGI to Acquire American Gemological Laboratories IGI is buying the colored gemstone grading laboratory through IGI USA, and AGL will continue to operate as its own brand.
CrimeFeb 02, 2026
Ylang 23’s Dallas Store BurglarizedThe Texas jeweler said its team is “incredibly resilient” and thanked its community for showing support.
EditorsFeb 02, 2026
Stars Choose Chokers, Elongated Earrings at 2026 GrammysFrom cool-toned metal to ring stacks, Associate Editor Natalie Francisco highlights the jewelry trends she spotted at the Grammy Awards.
CollectionsFeb 02, 2026
2026 Winter Olympic Medal Design Symbolizes UnityThe medals feature a split-texture design highlighting the fact that the 2026 Olympics are taking place in two different cities.
SurveysJan 30, 2026
These Are the Top Brands of 2026, Says YouGovFrom tech platforms to candy companies, here’s how some of the highest-ranking brands earned their spot on the list.
CollectionsJan 30, 2026
Follow the Beat With Etiq’s ‘Khol’ RingThe “Khol” ring, our Piece of the Week, transforms the traditional Indian Khol drum into playful jewelry through hand-carved lapis.
MajorsJan 30, 2026
Arch Crown’s 2026 ‘Tag & Label’ Catalog Is HereThe catalog includes more than 100 styles of stock, pre-printed, and custom tags and labels, as well as bar code technology products.
CollectionsJan 29, 2026
Ghirardelli’s ‘Chocolocket’ Returns for Valentine’s DayThe chocolatier is bringing back its chocolate-inspired locket, offering sets of two to celebrate “perfect pairs.”
AuctionsJan 29, 2026
These Were Bonhams’ Top 10 Jewelry Lots in 2025The top lot of the year was a 1930s Cartier tiara owned by Nancy, Viscountess Astor, which sold for $1.2 million in London last summer.
SourcingJan 29, 2026
Stuller Website to Mark AGTA-Sourced GemstonesAny gemstones on Stuller.com that were sourced by an AGTA vendor member will now bear the association’s logo.
