International News
Kagem to recommence focused open-pit mining
Gemfields is pleased to announce that Kagem Mining Limited (‘Kagem’), the emerald mine in Zambia which is 75% owned by Gemfields and 25% owned by the Government of the Republic of Zambia through the Industrial Development Corporation of Zambia (‘IDC’), will shortly recommence a programme of focused open-pit mining to recover more premium emeralds.
As announced on 23 December 2024, alongside other cost cutting measures, Kagem suspended all mining from 1 January 2025 to focus on processing ore from Kagem’s significant ore stockpile utilising the upgraded processing plant.
Emerald production from the processing plant in 2025 so far, in terms of carats recovered, has been in-line with the Company’s expectations, producing a lower proportion of higher-quality or premium emeralds than direct open-pit mining methods.
Kagem’s recent auction results, including the encouraging commercial-quality auction results released on 30 April 2025, has increased management confidence in the current emerald market and the decision has therefore been taken to recommence mining of two key production points in the Chama pit, with minimal waste mining, to recover premium emeralds for Kagem’s future higher-quality auctions. The decision to recommence full scale mining will continue to be assessed as market conditions develop.
International News
Diamond Price Gains In Sept Led By Small, High-Quality Stones
US Retail Demand Strengthened, Particularly For 1–2 Ct (F–I, VS2–SI2) and 2+ Ct Stones. Lower-Quality Smaller Goods Remain Under Pressure From Lab-Grown Diamond Competition.
Diamond prices continued their upward trajectory in September—traditionally a slow month—driven by reduced production and rising demand. Round diamonds consistently outperformed fancy shapes.
US Market & Trading Sentiment: US retail demand strengthened, particularly for 1–2 ct (F–I, VS2–SI2) and 2+ ct stones. Lower-quality smaller goods remain under pressure from lab-grown diamond competition. Holidays in the US, Belgium, Israel, and India temporarily slowed regional trading.
Trade Show Trends (Hong Kong JGW): Show results were mixed: strong demand for finished jewelry and 2+ ct natural diamonds offset weak interest from Chinese buyers and sluggish movement in smaller, low-clarity goods.
Corporate & Supply Restructuring:
- De Beers is set to acquire Mountain Province’s 49% stake in the Gahcho Kué mine under a debt-restructuring agreement.
- Anglo American’s ongoing process to sell De Beers maintains broad market uncertainty, while recent De Beers rough sights indicate cautious buying.
- Petra Diamonds is evaluating strategic options, including potential asset sales.
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