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 post $24.6m interim loss on lower sales
GEMFIELDS expects to report an interim loss of $24.6m (R435.8m) following disrupted emerald production and less premium rubies mined. In a trading statement ahead of its…
Gemfields sells iconic luxury brand Fabergé for $50m
GEMFIELDS is to sell iconic jewellery brand Fabergé for $50m in a development that helps bolster the miner’s under-pressure balance sheet. The buyer is US-based private…
Gemfields shares rise as ruby expansion offsets gloom
GEMFIELDS will commission a second processing plant at its ruby mine Montepuez in Mozambique in September, the company said on Friday. Shares in the company gained 17% in early…
Gemfields ruby auction realises $31.7m
GEMFIELDS reported strong demand for fine-quality rubies on Monday despite market turbulence, with its latest mixed-quality ruby auction generating $31.7m in revenue. “Demand and…
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…
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 appoints former De Beers boss as board chair
EMERALD and ruby miner Gemfields scored a coup with the appointment of former De Beers CEO Bruce Cleaver as its non-executive chairperson, effective July 1. Cleaver, who led the…
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 awards $70m contract for second plant at Montepuez
GEMFIELDS said it had awarded a contract for the $70m construction of a second processing plant at its 75%-owned Montepuez, a ruby mine in Mozambique. Consulmet (Africa) Ltd will…
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…
Illegal mining scourge is tearing through Africa and governments are powerless to respond
ILLEGAL mining is a huge and growing problem across much of Africa but it seems to be particularly prevalent in South Africa, where it is getting rapidly larger and more…