A new addition to the “Heirloom” collection, this one-of-a-kind piece features 32 custom-cut gemstones.
Emerald Output Down, Ruby Output Soars for Gemfields
But the company said it’s on schedule to meet its production target for both emeralds and rubies within the next three years.
London--Gemfields reported that its emerald production was down in the first quarter while ruby production surged ahead as Montepuez continues to ramp up production.
In the three-month period ended Sept. 30, production from the Kagem emerald mine in Zambia was 6 million carats, with an average grade of 174 carats per ton, compared with a 7.5-million-carat production and an average of 237 carats per ton in the prior-year period.
The company attributed the decrease in emerald production to the varied nature of the mineralization and a higher grade zone mined in Q1 2015.
Total operating costs at the site were $10.2 million in the first quarter, compared with $11.4 million last year.
The emerald auction comprised predominately of commercial quality rough emeralds held in Jaipur, India, in September generated revenues of $10.7 million, at an average value of $3.28 per carat.
The next auction, which will include predominantly higher quality rough emeralds, is slated for December in Singapore.
Meanwhile, ruby production at the Montepuez mine in Mozambique rose from 0.5 million carats to 4.5 million in the first quarter due to the processing of higher grade, but lower value, amphibolite resources.
The company also commenced operations at two new pits in the Mugloto and Glass areas during the first quarter.
Total operating costs at Montepuez in the three-month period were nearly flat at $5.8 million.
Gemfields is scheduled to hold an auction of mixed quality rough rubies, which also will take place in Singapore in December.
There also was an auction of mostly higher quality rough amethysts in Singapore in September that generated revenues of $400,000 and realized an average of about 4 cents per carat.
According to the company, it is on schedule to meet its target production of 40 million carats of rough emeralds from Kagem and 20 million carats of rough rubies from Montepuez within the next three years.
Meanwhile, Gemfields-owned jewelry brand Fabergé saw confirmed sales orders fall 23 percent in the first quarter, largely due to tough comps caused by the opening of two large wholesale partners in July 2015.
However, the number of sales transactions during the period increased 67 percent and the average selling price per piece was up 2 percent when compared with the prior-year period, reflecting a positive response to the brand’s shift in product mix as well as consumer engagement with its marketing campaign, Gemfields said.
In terms of
The company said that five suppliers have been appointed as preferred suppliers so far.
In other company news, Gemfields announced that Chief Operating Officer Devidas Shetty stepped down from both his position and the company’s board of directors. Chief Financial Officer Janet Boyce took his place on the board.
The Latest
Last month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
The move will allow the manufacturing company to offer a more “diverse and comprehensive” range of products.
With Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
From now through mid-May, GIA will be offering the reports at a 50 percent discount.
De Beers’ rough diamond sales were down 18 percent year-over-year in its latest round of sales.
Sponsored by the Las Vegas Antique Jewelry & Watch Show
For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
The Patek Philippe expert will serve as personal curator for the brand-focused company.
The 553-square-foot shop is aboard the Carnival Jubilee cruise ship.
NDC filed a complaint against Skydiamond for use of phrases like “diamonds made entirely from the sky.”
John Carter received the AGS’s highest honor Tuesday afternoon at Conclave in Austin, Texas.
B&D Sales and Service held a ribbon-cutting event for its new location in Cranston, Rhode Island.
It’s ultra-feminine and filled with gold, pearls, and soft pastels.
Emily Highet Morgan and Emily Bennett have joined the agency’s team.
Its updated book for mountings is also now available.
She has been with the organization since 2010, most recently serving as its chief officer of PR and industry relations.
Joyce’s Jewelry sued the bank after cybercriminals drained its accounts of nearly $1.6 million through a series of wire transfers.
He is remembered by loved ones for his loyalty, integrity, and kindness.
Hosted by Freeman’s | Hindman, the sale will take place May 7-8.
The auction house said all 24 timepieces offered in its underground sale of rare and avant-garde watches quickly found buyers.
From lab-grown diamonds and AI to the inevitable Taylor Swift mention, here are some of Conclave’s most intriguing educational offerings.
From cybersecurity liability to trade show coverage, insurance experts share tips on how to build the right policy.
The charm is a modern rendition of the evil eye amulet that has been worn for thousands of years.
Ahead of its trade show next month, TJS awarded free registration and accommodations to one jewelry professional and three students.
By the end of this year, SRK’s diamond manufacturing complexes will achieve net zero emissions, one of an impressive array of achievements.
Members can still sell lab-grown stones, it said, but only natural gems are allowed on the show floor.