International News
Gemfields posts US$128.5 mn in auction revenues
Gemfields Group Ltd. capped a pivotal 2025 by swinging its focus toward increased capacity, reporting $128.5 million in annual auction revenues as it nears the completion of a major capital expenditure cycle at its core African mines.
The colored-gemstone miner, known for its “mine-to-market” strategy, enters 2026 with a net debt position of $39.2 million. Management noted that this debt figure—recorded before $20.5 million in pending auction receivables—primarily reflects the final funding stages for the expansion of its flagship Montepuez Ruby Mining (MRM) operation in Mozambique.
Scaling the Ruby Ridge
The centerpiece of the company’s year-end operational update was the progress at Montepuez. Gemfields confirmed that its second processing plant at the site is currently in the “final commissioning stage.”
Perhaps more importantly for shareholders concerned with inflationary pressures, the company reported the facility was delivered “materially on budget.” Investors won’t have to wait long to see the impact on the bottom line:
- First Production: Scheduled for immediate output.
- Market Debut: Inventory from the new plant is slated for the February 2026 mixed-quality ruby auction.
Emeralds: High Quality and Higher Volume
In Zambia, operations at Kagem Mining showed a return to form following a strategic pivot in May 2025. After refocusing mining efforts on high-yield zones, premium emerald recoveries met internal targets.
The year was punctuated by the discovery of “Imboo,” a massive 11,685-carat emerald celebrated for its intense color. Beyond the “headline” stones, Gemfields boosted overall throughput by implementing a night shift at its upgraded processing plant, allowing the company to begin chipping away at historic stockpiles.
The Financial Outlook
While the $39.2 million net debt marks a transition from the company’s historically leaner balance sheet, analysts view the leverage as a temporary bridge to significantly higher production volumes. With the MRM plant coming online and Kagem’s upgraded processing capabilities, the company is positioning itself to capture a larger share of the luxury gemstone market in 2026.
Gemfields remains a bellwether for the colored-gemstone industry, which has seen volatile pricing but steady demand for high-quality, ethically sourced rubies and emeralds.
A staggering 14% rally in January took gold above the US$5,000 mark, cementing the 5k number as a headline to match the first recorded annual 5,000 tonnes of total demand. The month closed at US$4,982/oz and scored 12 all-time highs. But it was not without drama with large intraday swings on the last two days of the month.
Our Gold Return Attribution Model (GRAM) showed an unusually large contribution from implied volatility (c.50% of January’s return), reflecting substantial option market activity. This variable currently sits in risk & uncertainty, although is likely more reflective here of momentum.Â
Global gold ETF flows provided plenty of support adding 120t in January to take holdings to a new record, valued at US$669bn. The flows were dominated by Asia (62t) and North America (43t) while Europe saw more modest inflows
Key Price Figures (January 2026)
The month was characterized by relentless momentum, scoring 12 all-time highs before ending with significant intraday volatility.
| Metric | Value (USD) | Peak Date |
| January Closing Price | US$4,982/oz | Jan 30, 2026 |
| All-Time Record High | US$5,307/oz | Jan 28, 2026 |
| Monthly Return | +14.1% | — |
Performance in Other Major Currencies (Jan Return):
- INR: +23.9% (Record high: ₹176,306/10g)
- RMB: +19.2% (Record high: ¥1,248/g)
- EUR: +13.0% (Record high: €4,444/oz)
Major Market Drivers
- Momentum & Options (GRAM Model): Approximately 50% of January’s return was attributed to implied volatility and massive options market activity rather than pure macro fundamentals.
- ETF Inflows: Global gold ETFs added 120 tonnes (valued at US$669bn), the strongest month on record.
- Asia: 62t (led by China)
- North America: 43t
- Europe: 13t
- The “Warsh Effect”: Late-month drama was fueled by the nomination of Kevin Warsh as the next Fed Chair. Markets perceive him as a “hawk” favoring a smaller Fed balance sheet, which triggered a sharp intraday correction from the $5,300 peaks.
Macro Outlook: The Inflation Resurgence
While geopolitics dominated January, the narrative is shifting toward resurgent US inflation risks for the remainder of 2026. Key triggers include:
- Tariff Pass-through: Lagged effects of trade policies hitting consumers.
- Fiscal Stimulus: Prospective $2,000 “tariff dividend” checks and ACA subsidies ahead of the US mid-term elections.
- Tight Labor: A falling breakeven employment rate and rising household inflation expectations.
Investment Implications
- Stock-Bond Correlation: Inflationary shocks are making stocks and bonds move in the same direction, reducing the efficacy of traditional 60/40 portfolios.
- Gold’s Role: Gold is increasingly viewed as a left-tail hedge and a “hard money” alternative as sovereign debt levels (reaching 30% of the $340T global sector debt) raise debasement fears.
The gold market is likely to “pause” after the January surge, but the combination of fiscal expansion and Fed leadership uncertainty suggests investment demand will remain a structural feature of 2026.
source :WGC
For Every Kind of Love: A Valentine’s Jewellery Edit by Kalyan Jewellers
From Carats to Cricket: Kumari Fine Jewellery Enters Franchise Sports with ‘Kumari Jets’
INDIA-US announcement on reaching a framework for an Interim Agreement
AWDC Hails EU-India Trade Pact, Sees Strong Export Boost for Antwerp-Polished Diamonds in India
Gold is Talking, Silver is Screaming – A Case for Prudent Repositioning
Japan, US Weigh Synthetic Diamond Facility to Strengthen Strategic Supply Chains
-
JB Insights2 weeks ago2026 THE ROAD AHEAD: Tradition Meets Technology, Sustainability, Personalization
-
DiamondBuzz1 week agoAWDC Hails EU-India Trade Pact, Sees Strong Export Boost for Antwerp-Polished Diamonds in India
-
JB Insights1 week agoGold is Talking, Silver is Screaming – A Case for Prudent Repositioning
-
DiamondBuzz1 week agoJapan, US Weigh Synthetic Diamond Facility to Strengthen Strategic Supply Chains
JewelBuzz is Asia’s First Digital Jewellery Media & India’s No.1 B2B Jewellery Magazine, published by AM Media House. Since 2016, we’ve been the trusted source for jewellery news, market trends, trade insights, exhibitions, podcasts, and brand stories, connecting jewellers, retailers, and industry professionals worldwide.