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
WGC REPORT–Gold Demand Trends Q3 2026
Year-To-Date Demand Of 3,881t Virtually Matches The 2025 Record, While Its Value Has Reached A New High Of US$566bn
Total gold demand, including OTC investment and stock changes, was 1% lower y/y at 1,369t. Year-to-date demand of 3,881t virtually matches the 2025 record, while its value has reached a new high of US$566bn.
Key Highlights
Central bank buying jumped to 321t in Q3, led by China and Poland. The strong quarter lifted year-to-date demand to 675t, 6% ahead of the same period in 2025.
Global gold ETFs added 211t in Q3, in a sharp reversal from Q2 outflows. Broad-based buying took holdings to a record 4,256t and generated a record US$31bn of quarterly inflows.
Bar and coin investment fell to a four-year low of 268t. Rangebound prices discouraged fresh buying, although year-to-date demand remained at a 13-year high.
Gold jewellery consumption fell 17% y/y to 313t, the weakest third quarter in our data series. High prices constrained affordability across all markets, but the value of demand edged 2% higher to US$43bn.
Total gold supply slipped 1% y/y to 1,369t. Record third-quarter mine production of 1,071t was offset by an 8% fall in recycling to a three-year low of 314t.
2026 Outlook
We expect continued gold ETF inflows and resilient bar and coin buying, together with robust central bank purchases, to be the principal drivers of overall demand growth. Technology demand should remain firm, but elevated prices will continue to weigh on jewellery volumes. Mine production could reach another record high, but subdued recycling is expected to result in a modest decline in total supply.
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