AuctionsMay 16, 2024
Christie’s Holds 2 Sales Despite CyberattackThough its website has been down for a week, Christie’s proceeded with its jewelry and watch auctions on May 13-14, bringing in nearly $80 million.
SourcingAug 04, 2016
Emerald Output Flat, Rubies Up for Gemfields
Kagem reported production around 30 million carats in the fiscal year while Montepuez turned out a 23 percent increase to 10.3 million carats.
Gemfields reported that ruby and corundum production from its Montepuez mine in Mozambique was up 23 percent in the fiscal year ended June 30, with a 68 percent increase in the volume of higher quality stones uncovered.
London--Gemstone miner Gemfields saw varying results from its two major mining projects during its recently concluded fiscal year.
In the full year ended June 30, emerald and beryl production at the Kagem in Zambia was essentially flat at 30 million carats. The average grade was 241 carats per ton, again about equal to last year’s, while total operating costs rose 6 percent to $47.3 million.
During the fiscal year, Gemfields held four rough emerald and beryl auctions, totaling $101.3 million at an overall average of $12.22 per carat. Its latest emerald auction, held in Jaipur, India in May, generated revenues of $14.3 million and an average value of $5.15 per carat, setting a record average price for commercial quality emerald and beryl.
Gemfields is slated to hold its next emerald auction in September in Jaipur.
Production of ruby and corundum at the Montepuez mine in Mozambique during the 12-month period rose from 8.4 million to 10.3 million carats, exceeding the company’s initial guidance of 8 million carats, with a 68 percent increase in the volume of higher quality rubies recovered.
The average grade was up from 26 carats per ton to 35 carats per ton on the greater proportion of higher grade amphibolite ore being processed during the period. Total operating costs increased 21 percent to $26.2 million as the company ramped up exploration and mining activity.
The company’s two ruby and corundum auctions held during the fiscal year totaled $73.1 million in revenue with per-carat average of $45.50. Its next is scheduled for December in Singapore.
Gemfields said it plans to expand both of these projects.
Last month, the company secured three $15 million loans to aid its growth and expansion plans to increase annual production at Montepuez to approximately 20 million carats within the next three years. These loans join an existing revolving credit facility of $30 million to help expand Kagem production to more than 40 million carats.
For Fabergé, full-year results indicated that the value of sales orders agreed (those that Faberge has agreed and confirmed with customers) were down 10 percent year-over-year as no high value objets d’art were sold this year.
This was also the main reason behind the decline in the average selling price per piece, which was down 34 percent. The number of sales transactions, however, was up 46 percent, reflecting “a positive consumer response” to its shift in the average price
Editors' Picks
Sponsored by
points for products on display.
The colored stone miner also provided updates on a number of projects it has in the works.
The colored stone miner also provided updates on a number of projects it has in the works.
Gemfields has continued with its preemptive exploration and mine planning exercises in preparation for completion of the Coscuez transaction (the emerald mine in the Boyacá state of Colombia it acquired last fall) and as base-level arrangements for future operations.
The mining company has had several meetings with the Ministry of Mines and the National Mining Agency about pending issues in the deal, and completion of the transaction was extended by another three months to September.
Gemfields has completed the necessary geological and geophysical exploration for diverse minerals in selected areas across the licenses it has in Sri Lanka, where it intends to mine sapphires.
The company also has finished initial steps to set up an in-house gemological laboratory and implemented standard operating procedures for gemstone authentication.
Trading operations there are slated to begin in the second quarter of financial year 2016-2017.
More on Sourcing
The Latest
AuctionsMay 16, 2024
Sotheby’s Withdraws 101-Carat Yellow Diamond from AuctionDespite the absence of “The Allnatt,” Sotheby’s Geneva jewelry auction totaled $34 million, with 90 percent of lots sold.
ColumnistsMay 16, 2024
The PR Adviser: What the Designer Should’ve DoneLilian Raji gives advice to designers on how to make the most of great publicity opportunities.
Brought to you by
Record Gold Prices Have Consumers Undeterred. Here’s Why.Despite the rising prices, consumers continue to seek out the precious metal.
ColumnistsMay 15, 2024
Squirrel Spotting: Why Retailers Struggle to Fire BrandsWhy do so many jewelers keep lines that are not selling? Peter Smith thinks the answer lies in these two behavioral principles.
Weekly QuizMay 16, 2024
This Week’s QuizTest your jewelry news knowledge by answering these seven questions.
AuctionsMay 15, 2024
Red Diamond Breaks Records at Phillips GenevaThe “Argyle Phoenix” sold for more than $4 million at the auction house’s second jewels sale.
Events & AwardsMay 15, 2024
See Who’s in JA’s 2024 ‘20 Under 40’ ClassThe annual list recognizes young professionals making an impact in jewelry retail.
Brought to you by
From Registration to Return: 10 Tips to Protect You Before, During and After a TradeshowTradeshow risks are real. Get tips to protect yourself before, during and after and gain safety and security awareness for your business.
IndependentsMay 15, 2024
David Mann Jewelers in Upstate NY to Close After 35 YearsOwner David Mann is heading into retirement.
FinancialsMay 15, 2024
Brilliant Earth’s Sales Fall Flat in Q1 While overall sales were sluggish, the retailer said its non-bridal fine jewelry was a popular choice for Valentine’s Day.
AuctionsMay 14, 2024
2 Huge Yellow Diamonds Are Heading to AuctionChristie's is selling one of the diamonds, moving forward with its Geneva jewelry auction despite the cyberattack that took down its website.
MajorsMay 14, 2024
Platinum Born Taps ‘Born Leaders’ for New CampaignThe ad aims to position platinum jewelry as ideal for everyday wear.
GradingMay 14, 2024
Instappraise Adds Trifold Brochure to Appraisal OfferingsRetailers can customize and print the appraisal brochures from their store.
Lab-GrownMay 13, 2024
Lab-Grown Diamond Brand Lightbox Cuts Prices by 25 to 40%The move follows a price-drop test run in Q4 and comes with the addition of a “quality assurance card” from GIA for some loose diamonds.
TechnologyMay 13, 2024
Christie’s Website Brought Down by Hackers, Watch Auction Postponed The site has been down since Thursday evening, just ahead of its spring auctions.
AuctionsMay 13, 2024
Madeleine Albright’s Jewelry, Pins a White-Glove Sale at Freeman’s | HindmanThe late former U.S. Secretary’s collection went for quadruple the sale’s pre-sale estimate.
IndependentsMay 13, 2024
Zachary’s Jewelers Names Mother’s Day Jewelry Contest WinnersThree fifth graders’ winning designs were turned into custom jewelry pieces in time for Mother’s Day.
IndependentsMay 10, 2024
Frank Adams Jewelers Names New CEOKimberly Adams Russell is taking over the role from her father, David Adams, marking the third generation to hold the title.
CollectionsMay 10, 2024
Piece of the Week: Carina Hardy’s ‘Birth of Venus’ NecklaceAs a token of womanhood, this necklace depicts when Venus was born from the sea.
MajorsMay 09, 2024
Watches of Switzerland Pays $130M for Roberto Coin Inc.The deal gives the retailer control over the distribution of Roberto Coin jewelry in the U.S., Canada, Caribbean, and Central America.
TrendsMay 09, 2024
Amanda’s Style File: Shine Bright, Moms Show your mother some love with a piece of fine jewelry.
IndependentsMay 09, 2024
Kyle Edward Fine Jewelry to Close Salisbury StoreThe company’s Easton location will remain open.
MajorsMay 09, 2024
JBT Elects New ChairmanBrian D. Fleming of Carla Corporation was elected to serve a one-year term in the role.
Supplier BulletinMay 08, 2024
Fusing Past and Present at the Las Vegas Antique Jewelry & Watch ShowSponsored by the Las Vegas Antique Jewelry and Watch Show
EditorsMay 07, 2024
Q&A: Author Vikki Tobak on the ‘Ice-Cold’ ExhibitionTobak, author of “Ice Cold: A Hip-Hop Jewelry History,” shares how the exhibition came to be, and the pieces people may be surprised to see.
EditorsMay 07, 2024
10 On-Theme Looks from the 2024 Met GalaStars adorned themselves in emeralds, platinum, and myriad bird motifs, writes Associate Editor Natalie Francisco.
IndependentsMay 07, 2024
112-Year-Old New Orleans Business Popping Up in Aspen M.S. Rau is set to open a seasonal gallery in the high-end resort town early next month.
