Gemfields takes $125m hit at Montepuez ruby mine
GEMFIELDS expects to report a $73.5m loss for the six months to June after taking a $125.2m impairment against its Montepuez ruby mine in Mozambique, where it recovered fewer…
Can De Beers make diamonds forever again?
So … diamonds are forever, you say. Are we sure about that? The diamond market has, over the past few years, seen a cataclysmic shift that threatens its foundations to the core…
Gemfields girds market for loss, debt pressure
RUBY and emerald miner Gemfields said it would post a loss for its 2025 financial year ended December owing to subdued prices, a delay to an expansion project, and operational…
Gemfields to restart Kagem mining as emeralds recover
GEMFIELDS said on Thursday it will restart open pit mining at its Kagem emerald mine in Zambia after pausing production for four months amid subdued market prices, and as part of…
Gemfields to hold $30m rights issue as it plunges into far worse-than-expected losses
Emerald and ruby producer Gemfields is to hold a $30m rights issue at a deep discount to its current share price as it moves to shore up its finances in the face of severe losses…
Zambia suspends 15% export duty on emeralds
ZAMBIA has suspended a 15% export duty on emeralds following meetings with the country’s mining sector. Effective on January 1, the export duty would almost certainly have sunk…
Hope for Gemfields as emerald duty “may be revoked”
GEMFIELDS Group said it could resume exports of emeralds from Zambia as a duty on gemstones re-imposed by the southern African country in January “may be revoked”. Commenting in…
Gemfields to meet Govt. in bid to save hundreds of jobs
FAILURE to extract a change of heart from the Zambian government this week over a controversial export duty on emeralds could result in hundreds of retrenchments, said Sean…
Gemfields hit by shock 15% export duty on Zambian emeralds
ZAMBIA has imposed a shock 15% export duty on precious gemstones adding further pressure on Gemfields which operates the country’s Kagem emerald mine. Sean Gilbertson, CEO of…
Gemfields ready to defend balance sheet if market weakens
GEMFIELDS CEO Sean Gilbertson said on Friday the company was prepared to cut costs and seek additional finance if there was a repeat of poor gemstone auctions this year. He was…
Gemfields registers early resource for Mozambique gold prospect
GEMFIELDS described drilling results from its Nairoto Gold Project in Mozambique as “exciting initial and early stage news” after defining an inferred mineral resource containing…
Gemfields looking for fillip from Mozambique gold prospect
GEMFIELDS might seek a partner to help it develop its Nairoto gold prospect in Mozambique if drilling results support further investment. Commenting during the ruby and emerald…
Sedibelo Platinum write-down forces ruby miner into the red
THE decline in platinum group metal (PGM) prices last year weighed heavily on Gemfields, the ruby and emerald miner which has a 6.45% stake in Sedibelo Platinum Mine. Commenting…
Madagascan president’s ex-aide convicted of offering mining licence for bribes
MADAGASCAN President Andry Rajoelina’s ex-chief of staff was convicted in a London court on Tuesday of offering to help precious stone miner Gemfields win lucrative mining rights…
Precious gemstones keep their sparkle for Gemfields, but profits are down from a year ago
Gemfields, the miner and marketer of coloured gemstones, looks set to fulfil the warning in its 2022 annual report that it would be difficult to achieve the same sterling…
Gemfields warns recessionary pressures may dampen sales after record 2022
GEMFIELDS was unlikely to scale the heights in free cash flow generation it achieved in 2022 for its current financial year, but it hoped to provide a regular stream of returns,…
Gemfields announces $15m interim payout, seeks approval for $10m share buy-back
GEMFIELDS today declared an interim dividend of $15m following “sparkling” results which CEO Sean Gilbertson colourfully remarked were akin to pulling “a very well-groomed bunny…
Gemfields set for fresh record emerald sales from Zambia mine Kagem
GEMFIELDS confirmed it was set for best ever emerald sales from its Zambia mine, Kagem following nearly three weeks of auctions from August to September. Revenue of $32.9m was…
After nearly going bust, the future couldn’t look any brighter for Gemfields
WHEN three of South Africa’s wealthiest families engage in some discreet business dealings, it’s perhaps worth taking a second look. In September last year, Christo Wiese sold…
Christmas comes early for Gemfields through record revenues from booming emerald sales
Coloured gemstone producer Gemfields is ending 2021 in fine style following booming sales at the emerald auction held from November 1 to December 6 which set records both for…