International News
Gemfields reports $100.8m loss for 2024, announces $30m a rights issue
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.
In a landmark move toward ethical luxury, Chaumet has announced its commitment to 100% gold traceability across all its jewellery collections, beginning in 2025. This initiative will debut with the launch of a new Bee de Chaumet pendant, crafted entirely from responsibly sourced, traceable gold.
With a legacy spanning over 240 years, Chaumet has long drawn creative inspiration from nature—an ethos now deeply embedded in its sustainability journey. As part of the LIFE 360 programme led by parent group LVMH, the Maison is strengthening its environmental and social responsibility efforts, reflecting a broader commitment to nature conservation and ethical craftsmanship.
A member of the Responsible Jewellery Council (RJC) and supporter of the Kimberley Process, Chaumet has also joined the Swiss Better Gold Association (SBGA), which champions sustainable development in artisanal mining communities.
The upcoming Bee de Chaumet pendant, adorned with the brand’s iconic bee motif, symbolizes this ethical shift. Every component—from the pendant and chain to clasps and rings—is made from gold that is 100% traceable and sourced through verified, responsible channels.
While not claiming to transform the mining industry overnight, Chaumet’s initiative marks a significant step in promoting transparency and integrity across the jewellery value chain—setting a high standard for the future of sustainable luxury.
As part of its outreach campaign for the upcoming Saudi Arabia Jewellery Exposition (SAJEX) and IIJS Premiere 2025, the GJEPC recently concluded a door-to-door initiative in Kuwait, engaging directly with key players in the local jewellery industry.
The GJEPC team met with 92 top retailers from key markets including Al Mubakariya, Souq Al Wataniya, Souq Al Sharq, and the Farwaniya Gold Market.
The focused meetings with leading retailers, manufacturers, and wholesalers, offered insights into the Kuwaiti market’s preferences and dynamics. The response was highly encouraging, with strong interest expressed in attending SAJEX 2025, which is set to become a vital networking hub for the jewellery industry across the MENA region.
International News
De Beers CEO Al Cook Engages with GJEPC Leaders During Strategic Visit to Mumbai Office
Al Cook, CEO of De Beers Group, visited the Gem & Jewellery Export Promotion Council (GJEPC) office in Mumbai, reinforcing the group’s commitment to deeper collaboration with the Indian diamond industry. He was accompanied by senior executives including Paul Rowley, Executive VP – Diamonds Trading; Shweta Harit, Global Senior VP; and Amit Pratihari, VP of De Beers Forevermark India.
The visit follows the successful joint launch of the Indian Natural Diamond Retailer Alliance (INDRA) earlier this year—a strategic initiative to boost India’s natural diamond retail ecosystem.
Mr. Cook and his team were welcomed by a distinguished delegation from GJEPC, including Shaunak Parikh, Vice Chairman; Russell Mehta, Advisor to the Chairman; Ajesh Mehta, Convener – Diamond Panel; Diamond Panel Members Anoop Mehta, Nilesh Kothari, Anil Virani, Manish Jiwani, Ashish Borda; and Sabyasachi Ray, Executive Director.
The meeting featured in-depth discussions on pressing industry topics such as traceability, G7 compliance, funding challenges, U.S. tariffs, and marketing strategies, aimed at strengthening India’s global competitiveness in the diamond sector.
The engagement signals a continued partnership between De Beers and GJEPC to drive growth, innovation, and transparency across the diamond value chain.
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