CrimeMay 03, 2024
Second Suspect Arrested in Murder of Colorado JewelerWheat Ridge, Colorado police took a 50-year-old man into custody Wednesday following a two-month search.
SourcingFeb 08, 2017
Gemfields’ Q2 Emerald Production Down 43%
Ruby production also was down, though Gemfields CEO Ian Harebottle noted a “buoyant” start to the year for the luxury market.
Emerald and beryl production was down by 43 percent in the second quarter for colored gemstone miner Gemfields.
London--Mining in lower grade areas during the fiscal second quarter brought down both emerald and ruby production for Gemfields.
In the three-month period ended Dec. 31, emerald and beryl production was 4.7 million carats, compared with 8.2 million carats in the prior-year period, marking a 43 percent decrease. The company attributed the difference to the “varied nature of the mineralization and a lower grade zone mined” during the quarter at the Kagem mine in Zambia.
Total operating costs fell from $12.1 million to $10.2 million.
The company originally was scheduled to have an auction of high quality rough emeralds from the Kagem mine in the second quarter but the sale was postponed from December 2016 to this month to allow its rough emerald customers, many of whom are from India, to adjust to the demonetization program.
The sale now is slated for Feb. 13 to 17 in Lusaka, Zambia.
Ruby and corundum production also was down for the company during the quarter.
Gemfields mined 1.1 million carats of ruby and corundum in the three-month period, down from the 1.6 million carats in the comparable period in 2015. This was due to lower grade, but higher value, material being processed.
Total operating costs for the Montepuez mine in Mozambique were nearly flat at $6.6 million.
Gemfields did hold an auction of both high quality and commercial grade rough rubies from Dec. 12 to 16 in Singapore, which brought in revenues of $30.4 million.
The next mixed quality auction of rough rubies and corundum from Montepuez is slated for June in the same location.
In a company press release about the second quarter results, CEO Ian Harebottle noted a “buoyant” start to the year for the luxury market, both with Fabergé showing solid January sales demand and a positive market sentiment among the company’s customers who attended the Tucson gem shows.
Fabergé reported a strong second quarter, with sales orders agreed (those the brand has agreed and confirmed with customers) up 95 percent when compared with the prior-year period.
The number of sales transactions during the quarter also was up, increasing by 48 percent, while the average selling price per piece was up 12 percent.
Total operating costs were up 2 percent due in large part to increased spending on marketing and events.
More on Sourcing
The Latest
CollectionsMay 03, 2024
A Sneak Peek Into PGI’s Couture Platinum Spotlight ProgramPGI partnered with four new and seven returning designers for its annual platinum capsule collection.
MajorsMay 03, 2024
Kristie Nicolosi Joins WJA Board AgainNicolosi, president and CEO of The Kingswood Company, previously sat on WJA’s board from 2011 to 2018.
Brought to you by
Rio’s Reimagined Podcast: For the Love of JewelersMeet Ben Claus—grand prize winner of For the Love of Jewelers 2023 Fall Design Challenge.
CollectionsMay 03, 2024
Piece of the Week: A “Bit of LUV” for the DerbyKarina Brez’s race-ready piece is a sophisticated nod to the horse-rider relationship.
Weekly QuizMay 02, 2024
This Week’s QuizTest your jewelry news knowledge by answering these seven questions.
CrimeMay 02, 2024
4 Indicted in Burglary Ring Targeting Indian, South Asian FamiliesThe men are allegedly responsible for stealing millions in jewelry and other valuables in 43 burglaries in 25 towns across Massachusetts.
CollectionsMay 02, 2024
Foundrae Launches ‘Horizon’ Collection“Horizon” invites individuals to explore the limitless possibilities that lie ahead, said the brand.
Brought to you by
The Blueprint for Success in Scalable, Personalized Jewelry RetailWith Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
FinancialsMay 02, 2024
Pandora Raises Guidance After Strong Q1The jeweler credits its recent “Be Love” campaign and ongoing brand revamp for its 17 percent jump in sales.
IndependentsMay 02, 2024
Oklahoma Jeweler Glenn Lewis Dies at 68The co-founder of Lewis Jewelers was also the longtime mayor of the city of Moore.
AuctionsMay 02, 2024
Vintage Baume & Mercier With Ties to Elvis Sells for $7K Elvis Presley gifted this circa 1967 gold and diamond watch to Dodie Marshall, his co-star in “Easy Come, Easy Go.”
SurveysMay 01, 2024
Consumer Confidence Falls in AprilConcerns about rising prices, politics, and global conflicts continue to dampen consumer outlook.
TrendsMay 01, 2024
Amanda’s Style File: All Eyes on EmeraldsMay’s birthstone is beloved for its rich green hue and its versatility.
CrimeMay 01, 2024
Grand Jury to Hear Case Against Jeweler Charged in Fatal Shove Following IJO ShowLast month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
CollectionsApr 30, 2024
12 Otherworldly Pieces From Tiffany & Co.’s 2024 Blue BookThe “Tiffany Céleste” collection reimagines designer Jean Schlumberger’s interpretations of the universe.
MajorsApr 30, 2024
Zales Celebrates 100 Years With New CampaignThe brand also created a 100-carat lab-grown diamond necklace in honor of its centennial.
MajorsApr 30, 2024
Platinum Guild International Appoints New CEOTim Schlick has been promoted from his previous position as COO.
Events & AwardsApr 30, 2024
Canadian Jewellers Association Brings Back the Summit It’s the second year for the event, slated to take place in October in Toronto.
Recorded WebinarsApr 29, 2024
Watch: Diamond Identification and Evaluation - How to Protect your BusinessSupplier Spotlight Sponsored by GIA
CollectionsApr 29, 2024
Simone I. Smith Mixes Denim and Diamonds in New Collection“SIS x MISA Denim and Diamonds” is a collaboration between the designer and celebrity stylist Misa Hylton.
IndependentsApr 29, 2024
Venus Jewelers Relocating After 45 YearsThe retailer is moving to a newly designed space in the same shopping center.
SurveysApr 29, 2024
Mother’s Day Jewelry Spending to Reach $7B, Says NRFGifts that are unique and thoughtful are top of mind this year, according to the annual survey.
CollectionsApr 26, 2024
Piece of the Week: Jacquie Aiche’s Starry Galaxy NecklaceThe necklace is featured in the brand’s “Rebel Heart” campaign starring Adam Levine and Behati Prinsloo.
Events & AwardsApr 26, 2024
AGS Conclave and GIA Symposium Are ConvergingThe two organizations will host a joint event, “Converge,” in September 2025.
SourcingApr 26, 2024
Anglo American Reportedly Shopping De Beers as BHP Eyes Anglo Big changes appear to be on the horizon for the diamond miner and its parent company, Anglo American.
Events & AwardsApr 25, 2024
Alexis Padis Takes Over as AGS Board President Padis succeeds Lisa Bridge, marking the first time the organization has had two women board presidents in a row.
