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.
- Around $3728 (~Rs 110,300) for gold futures and $43.23 (~Rs 129,7000) for silver, both markets were trading close to a record high ahead of the US FED’s two-day policy meeting that begins today.
- The Fed is expected to cut interest rates by 25 basis points on Wednesday, the first since December, and markets are almost certain that the easing cycle will continue into the following year. Recap: Despite the president’s dismissal, the federal appeals court permits Lisa Cook to remain as a Fed gov and take part in the FOMC meeting beginning tomorrow.
- For clues about the direction of future policy, all eyes will be on the Fed’s quarterly Summary of Economic Projections, which includes the much-awaited dot plot, and Chair Jerome Powell’s press conference. Regarding the data, reports on industrial production and retail sales that are anticipated later today will be closely examined to gain more understanding of how strong the economy is.
Technical Triggers
- Gold Dec Futures has given a breakout above $3700 (~Rs 110,000), the next target would be $3800 (~Rs 113,500). If prices top out and fall below $3650 (~Rs 108,500), then only we could see further profit booking.
- Silver Nov Future prices have given a breakout above its consolidation range of $41 (~Rs 123,000) and $42 (~Rs 126,000) for the past few days and achieved the target of $43. This rally has more room for upside towards $45 (~Rs 140,000)
Support and Resistance
| Commodity | Market | Support Level | Resistance Level |
|---|---|---|---|
| Gold | International | $3650/oz | $3800/oz |
| Indian | ₹108,500/10 gm | ₹113,500/10 gm | |
| Silver | International | $42.5/oz | $45/oz |
| Indian | ₹127,000/kg | ₹140,000/kg |
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