International News
Gemfields Resumes Emerald Mining in Zambia as Market for Premium Stones Rebounds
Following a four-month pause, the miner restarts operations at Kagem’s Chama pit amid rising demand and improving auction results.
Gemfields has announced the resumption of open-pit mining operations at its Kagem emerald mine in Zambia, following signs of recovery in the global market for high-quality colored gemstones. The move comes after a four-month suspension of mining activities, which began on January 1, 2025, as part of a cost-control strategy during a challenging period for the gemstone sector.
During the suspension, Gemfields relied on processing material from existing stockpiles rather than extracting new ore. While the upgraded processing facility met expectations in terms of carat recovery, the company reported a lower yield of top-quality emeralds, citing the limited potential of stockpiled material compared to fresh ore from open-pit mining.
Encouraged by recent strong auction results and improving buyer sentiment, Gemfields will now restart mining in two high-potential zones within the Chama pit. The focus will be on minimal waste removal and targeted excavation to maximize recovery of premium-grade stones suitable for higher-end sales.
The company emphasized that this restart is a measured step, and it will continue to assess global market trends before making any decisions on returning to full-scale mining at Kagem. Gemfields holds a 75% stake in the mine, with the remaining 25% owned by Zambia’s Industrial Development Corporation (IDC).
The strategic restart underscores Gemfields’ confidence in the rebound of the premium emerald market while maintaining operational flexibility amid evolving global demand.
DiamondBuzz
Diamond Slump forces Debswana to diversify into copper, platinum and solar
Diamond-centric mining models is giving way to broader resource portfolios
Debswana Diamond Company, the 50–50 joint venture between the Botswana government and De Beers, is moving to diversify into copper, platinum and renewable energy as the prolonged downturn in natural diamond demand pressures earnings and forces the industry to rethink its growth strategy.
The company’s board has approved plans to invest in a portfolio of non-diamond projects after revenue fell 46% in 2024, the latest available financial year, highlighting the scale of the downturn in the global diamond market.
The move signals a strategic shift toward commodities with stronger long-term demand fundamentals, particularly copper, which is central to global electrification and energy-transition infrastructure.
Debswana’s diversification reflects a broader industry pivot as diamond producers confront weak consumer demand, rising competition from lab-grown stones and elevated inventories across the supply chain.
The shift is also visible among smaller exploration companies. Botswana Diamonds recently rebranded as Botswana Minerals, signalling its own strategic focus on copper exploration rather than diamonds.
Together, these moves underscore a growing consensus across the sector: the era of diamond-centric mining models is giving way to broader resource portfolios anchored in energy-transition metals.
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