International News
Gemfields will resume open-pit emerald mining at Kagem mine
Gemfields, the world’s leading colored gemstone miner, has announced it will resume focused open-pit emerald mining at its Kagem mine in Zambia, marking a significant shift after a six-month suspension of mining activities. This decision comes after a period of challenging market conditions, a strategic operational pause, and recent signs of recovery in the emerald market.
In December 2024, Gemfields halted all mining operations at Kagem, effective January 1, 2025, as part of broader cost-cutting and business streamlining measures. The suspension was a response to several converging factors:
A slump in auction sales and weaker global demand for gemstones, particularly in China.An oversupply of emeralds, partly due to increased output from a Zambian competitor.
The need to reduce operational costs and focus on processing existing ore stockpiles using an upgraded processing plant.
During the suspension, Kagem continued to process stockpiled ore. While this maintained some level of production, it yielded a lower proportion of premium-quality emeralds compared to direct open-pit mining.
The decision to restart mining was prompted by improved market sentiment following encouraging results from Gemfields’ latest commercial-quality emerald auction in April 2025. The auction generated $16.4 million in revenue, with 89% of lots sold at an average price of $6.87 per carat, signaling renewed demand and stability in the market. These results have increased management’s confidence in the outlook for higher-quality emeralds.
Initially, Gemfields will resume mining at two key production points in the Chama pit at Kagem, employing minimal waste mining to optimize the recovery of premium emeralds for future high-value auctions. The company describes this as “focused open-pit mining,” emphasizing a targeted approach rather than a full-scale restart.
Gemfields has stated that a return to full-scale mining will be considered as market conditions continue to improve. In the meantime, the company will monitor the market closely and adjust its operations accordingly.
Gemfields’ decision to resume focused mining at Kagem reflects cautious optimism after a period of market turbulence and operational retrenchment. The move is underpinned by improved auction results and a strategic emphasis on premium emerald recovery, but the company remains vigilant, with a full-scale restart contingent on sustained market recovery. This development not only signals a potential turnaround for Gemfields but also highlights the broader challenges and dynamics facing the colored gemstone industry today.
International News
AGTA appeals US Government to Scrap 10% Import Tariff on Gemstones
Trade body seeks exemption for coloured gemstones under new temporary tariff regime, with potential implications for diamonds.
The American Gem Trade Association (AGTA) has formally appealed to the US government to remove the newly imposed 10% global import tariff on gemstones, and potentially diamonds, warning of its impact on the trade.
The tariff was announced on February 20 after the US Supreme Court struck down President Donald Trump’s reciprocal tariffs issued under the International Emergency Economic Powers Act (IEEPA). In response, the administration introduced a temporary 10% import surcharge under Section 122 of the Trade Act of 1974. The measure will remain in effect for 150 days unless Congress votes to extend it, though further tariff mechanisms have not been ruled out.
AGTA has submitted a formal request to the Office of the United States Trade Representative (USTR), urging that precious and semiprecious coloured gemstones be added to the exception list under Annex I or Annex II. The association argued that these stones are not mined domestically in the US and therefore should qualify for exemption.
Previously, AGTA’s lobbying efforts contributed to diamonds and gemstones being included in Annex III — a list of products eligible for potential exemption from duties for “aligned” countries. This had placed Indian diamonds and gemstones on track for relief following a prospective US-India trade agreement. However, it remains unclear whether Annex III provisions apply under the new tariff framework that recently took effect.
If the across-the-board exemption request is denied, AGTA has asked the USTR to confirm whether Annex III remains a viable pathway for country-specific tariff relief on coloured gemstones.
While the current petition focuses on coloured gemstones, AGTA noted that trade experts believe any exemption granted in this category could effectively extend to diamonds, as seen in past trade agreements such as the US–European Union deal.
“We will continue to work tirelessly toward eliminating tariffs on gemstone imports into the US. We remain fully committed to this effort — giving up is not an option,” said AGTA President Bruce Bridges and CEO John Ford.
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