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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

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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.”

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Mutual Engagement Ring-Wearing On The Rise, Insurance Lagging: Jewelers Mutual Group 2026 Engagement Ring Study

Jewelers Mutual Group 2026 Engagement Ring Study Finds Mutual Ring-Wearing Has Overtaken Tradition, But Insurance Hasn’t Kept Pace With How Couples Live With Their Rings.

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Jewelers Mutual Group 2026 Engagement Ring Study finds mutual ring-wearing has overtaken tradition, but insurance hasn’t kept pace with how couples live with their rings.

Jewelers Mutual® Group, the jewelry insurer backed by more than 100 years of expertise, released new findings from its 2026 Engagement Ring Study, examining how couples shop for, wear and protect one of the most meaningful purchases of their lives, and where coverage often falls short. Results indicated that as ring-wearing norms shift, protection habits haven’t caught up, leaving a growing gap between what couples own and what they cover.

The generational split is wide. More than 80% of couples ages 55 to 64 both wear a ring, compared with just 43% of couples ages 18 to 24, suggesting mutual ring-wearing, while now the norm overall, is still catching on among the couples getting engaged today.

The risk window opens well before anyone gets down on one knee. Forty-one percent of proposers hold onto the ring for more than a month before proposing, and nearly half (45%) store it somewhere unsecured, like a drawer or closet, in the meantime.

Once the ring goes on, it tends to stay on. Ninety percent of wearers travel with their engagement ring, and most don’t take it off for everyday activities that put it at risk, including cooking (60%), sleeping (60%) and hiking (65%).

The financial exposure is real: 62% of respondents count their engagement ring among the three most expensive things they own. Yet among uninsured wearers whose ring was damaged, 55% never had it repaired.

Couples should  take a few key steps to protect an engagement ring:

  • Purchase insurance before or at the time of the proposal, not after
  • Document the ring with photographs and a professional appraisal
  • Store the ring in a safe or safety deposit box before the proposal
  • Consider specialized jewelry insurance, which covers loss, theft and damage that standard homeowners or renters’ policies may not adequately address

Design or uniqueness remains the top factor in choosing a ring, cited by 52% of respondents, far ahead of price, stone size and brand. Solitaire settings have become the most popular choice since 2024, now making up 37% of rings versus 22% two years ago, and white gold remains the most common metal, though preference in platinum has grown considerably.

Budget confidence tracks with intention, not price point: respondents who set a ring budget based on personal comfort, rather than an external benchmark, report the highest confidence in their purchase and the lowest financial stress about it. That deliberateness carries past the purchase, too.

Among wearers who don’t yet own their final ring, 84% say they’re still actively researching options, a sign that even once a ring is on, the decision-making isn’t necessarily over. When couples do seek guidance on insuring what they’ve chosen, they turn to people they trust: jewelers rank as the second most trusted source for jewelry care recommendations, behind only family.

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