International News
Historic Mughal Emerald Jewels to Lead Christie’s Magnificent Jewels Auction in New York
Over 2,000 carats of rare Mughal-era emeralds and multi-gem treasures — including a 470-carat centerpiece — headline a landmark sale alongside prestigious pieces from Anne Bass and Lucille Coleman collections.
Christie’s will showcase an extraordinary array of Mughal jewels at its upcoming Magnificent Jewels auction in New York on June 17, led by a remarkable carved emerald necklace bearing over 1,150 carats of Colombian emeralds. The historic piece is inscribed with the name Ahmad Shah Durrani, founder of the Durrani Empire, and features a massive 470-carat central emerald. Dating back to 1612, this jewel is steeped in royal heritage and has been linked in historical records with other legendary gems such as the Timur Ruby and the Koh-i-Noor diamond. It carries a pre-sale estimate of up to $3 million.
Two additional Mughal masterpieces will also feature in the sale. One is a multi-gem necklace set with four Colombian emeralds totaling nearly 800 carats, expected to fetch up to $3 million. The other is a remarkable necklace strung with over 2,000 carats of spinel and natural pearls, with eight stones engraved with the names of influential rulers including Delhi Sultan Muhammad ibn Tughluq, Mughal emperors Babur, Jahangir, and Shah Jahan. That piece is estimated to sell for as much as $2 million.
These jewels will be presented alongside the personal collection of philanthropist Anne Hendricks Bass, which includes 26 pieces from esteemed design houses such as Van Cleef & Arpels, Bulgari, Cartier, and JAR. A standout from this collection is a pair of Van Cleef & Arpels diamond pendant earrings, estimated at up to $1.8 million, and a JAR sapphire, emerald, and diamond necklace, valued at up to $300,000.
Also featured in the auction is a group of nine Van Cleef & Arpels Mystery-Set jewels from the collection of philanthropist Lucille Coleman, described by Christie’s as a “significant” highlight of the sale.
With its blend of historical depth and iconic 20th-century design, the June auction promises to be one of the most compelling jewelry events of the year.
International News
Gemfields revenue down 32% in 2025 revenue
Revenue plunges as ruby and emerald demand weakens amid operational disruptions
Colored precious stones miner Gemfields reported a 32% drop in 2025 revenue to $135.1 million as operational disruptions and weak demand for rubies and emeralds weighed on performance.
The company said EBITDA fell 85% to $6.2 million from $43.2 million, reflecting reduced production, fewer auctions and softer market conditions. Seven auctions generated $129 million during the year, as limited gemstone availability and uneven demand offset resilient pricing at the high end.
Operations at its Montepuez ruby mine in Mozambique were hit by persistently low recovery of premium rubies and rising illegal mining activity. Two police officers were killed in October when illegal miners stormed the site. The company also flagged delays to its new $70 million processing plant, with commissioning now expected to run well into the first half of 2026, constraining near-term output despite production beginning in September 2025.
On the plus side, Gemfields said it had cut group operating costs by 17%. It also sold the iconic Faberge brand for $50 million to reduce mounting debts and raise working capital for expansion projects.
At the Kagem emerald mine in Zambia, Gemfields suspended mining from January to May in response to weak auction results, softer global demand, particularly in China, and oversupply from a competing Zambian producer.
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