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Gemfields reports  $100.8m loss for 2024, announces $30m a rights issue

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In 2024, Gemfields, confronted a series of compounding challenges that culminated in a staggering financial loss of $100.8 million. The UK-based company, long regarded as a major player in the global gemstone industry, is now grappling with the harsh realities of volatile market conditions and operational disruptions. In response, it has announced a $30 million rights issue as part of a broader effort to stabilize its financial footing.

Gemfields’ financial downturn reflects a sharp contrast to the previous year, when it reported a comparatively modest loss of $2.8 million. The shift underscores the unpredictability of the global gemstone market, particularly in 2024, which CEO Sean Gilbertson described as more challenging than we could have anticipated. Several factors contributed to this decline, including an oversupply of emeralds from a Zambian competitor, lower-than-expected yields of premium rubies at the company’s Montepuez mine in Mozambique, and a notably weak demand for gemstones—especially in the Chinese market.

Operational setbacks have further compounded Gemfields’ difficulties. In December 2024, the company made the difficult decision to suspend mining operations at its Kagem emerald mine in Zambia for up to six months. Around the same time, civil unrest forced a temporary closure of the Montepuez ruby mine. With these interruptions, Gemfields has been left relying heavily on processing pre-mined stockpiles to maintain any semblance of production continuity.

Total revenue for 2024 dropped to $213 million, a 19 percent decline from the previous year. This dip is largely attributed to the weakened demand for emeralds in the second half of the year and a reduced supply of premium rubies. Gilbertson acknowledged that while the company’s original growth plans did not anticipate requiring additional capital from shareholders, the unprecedented convergence of challenges has necessitated a strategic recalibration.

Gemfields’ journey through 2024 serves as a potent reminder of the fragility of even the most established enterprises in the face of global economic uncertainty and geopolitical instability. As the company prepares for its next chapter, its ability to adapt, invest wisely, and rebuild investor confidence will be critical to securing its future in the highly competitive gemstone industry.

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Gold continues upward march;Bank of America forecasts  $5,000/oz for 2026

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Gold prices in India saw a modest rise on Wednesday today Oct 15, mirroring an uptick in international markets as renewed US-China trade tensions and expectations of further US interest rate cuts bolstered demand for safe-haven assets.24k gold traded at Rs.1,28,360/10gm after gaining ₹10 in early trade, while silver prices increased by Rs.100 to Rs.1,89,100 per kilogram.

Gold prices surged to a record high of $4,179.48 per ounce on October 14, 2025.  Investors flocked to safe-haven metals amid trade tensions and Fed rate-cut expectations. U.S. December gold futures jumped 57% year-to-date.  Bank of America raised its 2026 gold forecast to $5,000 per ounce, warning of possible near-term corrections.

Gold prices soared to an unprecedented $4,179.48 per ounce on October 14, 2025, marking a historic milestone for the yellow metal. The rally comes as investors worldwide seek safety in hard assets amid a turbulent global economic backdrop marked by escalating trade tensions, slowing growth, and expectations of further interest rate cuts by the U.S. Federal Reserve.

The sharp surge in bullion prices has been driven by a combination of macroeconomic uncertainty and aggressive monetary easing. As inflation pressures remain sticky and central banks pivot toward dovish policies, gold has reasserted its role as a hedge against both currency debasement and market volatility.

In futures trading, U.S. December gold contracts have skyrocketed nearly 57% so far this year, underscoring the strength of investor demand across both institutional and retail segments. Analysts note that central bank buying—particularly from emerging markets—has added further momentum to the rally, with several countries diversifying reserves away from the U.S. dollar.

Reflecting this bullish sentiment, Bank of America has raised its 2026 gold price forecast to $5,000 per ounce, citing continued monetary easing, geopolitical instability, and robust central bank accumulation. However, the bank also cautioned that short-term corrections are likely, given the rapid pace of the recent run-up and potential bouts of profit-taking.

Overall, gold’s meteoric rise underscores a broader shift toward safe-haven assets, as investors navigate a world increasingly defined by economic fragmentation, shifting interest rate cycles, and persistent geopolitical risks.

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