International News
Gemfields Secures Loans After $100M Loss in 2024 Amid Market Downturn
Weakened demand, asset impairments, and stalled mine operations force gemstone miner to borrow $13.4M and seek $30M in new equity
Gemfields has reported a deepening loss for 2024 as demand for gemstones weakened, prompting the company to seek financial support to sustain operations.
According to a trading update issued last week, the mining company anticipates a loss of $100.8 million for the year, a stark increase compared to the $2.8 million loss recorded in 2023. This larger deficit stems primarily from an impairment charge related to its Kagem emerald mine in Zambia, which remains temporarily closed. A slowdown in demand—exacerbated by intense competition and an oversupplied market—has also contributed to the downturn. Compounding the situation, production of high-quality rubies from the Montepuez deposit in Mozambique fell short of expectations, putting additional pressure on the company’s financial performance. Total revenue declined by 19% to $212.9 million.

“Market conditions through 2024 were more challenging than we could have anticipated,” stated Sean Gilbertson, CEO of Gemfields. “Revenues at both emerald and ruby auctions were materially lower than the group experienced in recent years.”
Operations at the Kagem mine remain suspended, with emerald production continuing only through the processing of previously stockpiled ore.
In response to the financial strain, Gemfields is seeking shareholder approval to issue more than 556 million new shares, with the aim of raising approximately $30 million to keep the business running. While the company had been working to sell certain assets—including its wholly owned luxury jewelry brand Fabergé—those efforts did not result in a timely sale. As a result, the miner has opted to borrow $13.4 million as an immediate injection of working capital.
“We…confirmed we would consider options outside of the group for our wholly owned luxury jeweler Fabergé as a means of addressing a forecast near-term working capital shortfall,” Gilbertson added. “This work did not yield the certainty of funds necessary within the desired time period.”
International News
Van Cleef & Arpels Gives Its Iconic Alhambra a Pink Enamel Makeover
The Maison Introduces Five New Alhambra Creations Featuring Translucent Pink Enamel and Yellow Gold
Van Cleef & Arpels has unveiled a vibrant new chapter for its iconic Alhambra collection, introducing translucent pink enamel to the signature four-leaf clover motif for the first time. The new creations combine the Maison’s emblem of luck with yellow gold, bringing a fresh, contemporary expression to the enduring design.
The new five-piece selection comprises a Vintage Alhambra pendant, five-motif bracelet, 10-motif necklace, 20-motif long necklace and Magic Alhambra two-motif earrings. The earrings additionally feature guilloché yellow gold, adding texture and contrast to the pink enamel.



The distinctive pink is the result of several years of research at Van Cleef & Arpels’ enamel workshops. Inspired by the historic 17th-century “gold-ruby” technique, the colour is created using fine particles of gold rather than traditional pigments. Carefully controlled particle size, shape and concentration produce the desired translucent hue.
Adding to its visual depth, the enamel contains tiny bubbles, giving each Alhambra motif a distinctive character while creating subtle variations as the surface catches and reflects light. The motifs are framed by the Maison’s signature gold beaded contours, further enhancing the interplay between the pink enamel and yellow gold.
Since its debut in 1968, Alhambra has continually evolved through different stones, materials and colours while retaining its instantly recognisable four-leaf clover silhouette. The introduction of enamel marks another significant step in that evolution, bringing together heritage craftsmanship, technical innovation and contemporary colour.
With its new pink interpretation, Van Cleef & Arpels continues to reinvent one of jewellery’s most recognisable motifs, demonstrating how traditional savoir-faire can give a familiar icon an entirely new expression.
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