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
Swiss watch industry sees export values up 9.2% yoy in Feb 2026, USA, Japan, France drive growth
Growth was led by high-end segments and favorable base effects, while demand in China and Hong Kong remained fragile.
The Swiss watch industry experienced a notable rebound in February 2026, with export values climbing 9.2% year-over-year. This recovery follows a sluggish start to the year in January, where exports had dipped by 3.6%. It was mainly the very strong growth in three of the main markets – the USA, Japan and France – that tipped the balance.
According to the Federation of the Swiss Watch Industry (FHS), total monthly sales reached CHF 2.2 billion (approximately USD 2.77 billion), a significant increase from the CHF 1.9 billion recorded in the previous month.
Key Market Performance
The recovery was primarily driven by explosive growth in three core Western and Asian markets, which offset continued fragility in Greater China.
The Top Performers
- USA (+26.8%): Maintaining its position as the world’s largest market for Swiss watches, the U.S. continues to exhibit “seesaw” behavior. This volatility is largely attributed to shifting trade policies and tariff uncertainties under the Trump administration.
- Japan (+23.7%): Demand surged in Japan, marking it as a critical pillar of the February recovery.
- France (+57.1%): While appearing as the strongest growth leader for the third consecutive month, the FHS notes this likely reflects France’s role as a logistics hub. Many watches are transshipped through France to other European destinations rather than being sold to local French consumers.
The Struggling Hubs
In contrast to the Western rebound, the Asian “Greater China” region remains under pressure:
- China (-11.0%): Following a brief 5.0% uptick in January, demand plummeted again in February.
- Hong Kong (-5.2%): Similarly, the recovery seen in January (+3.6%) proved short-lived. The FHS characterized the demand in these regions as “fragile.”
Analysis of the Recovery
1. The “Base Effect”
A portion of the 9.2% growth is attributed to a positive base effect. February 2025 was an exceptionally weak month for the industry, with exports down 8.2% at that time. Consequently, the year-on-year comparison for 2026 appears more favorable because the starting point (February 2025) was so low.
2. Tariff Volatility in the U.S.
The U.S. market has become increasingly unpredictable. Watch brands and retailers have been oscillating between building up stocks to beat potential tariff hikes and pulling back during periods of trade policy shifts. This has created a “seesaw” effect in monthly export data.
3. Material and Price Segment Trends
Growth was not uniform across all categories. High-end timepieces continue to lead the charge:
- Precious Metal & Bimetallic Watches: These segments saw the strongest value increases, with bimetallic watches (gold/steel) surging by 38.4%.
- Price Tiers: Growth was most pronounced in watches with an export price between CHF 500 and CHF 3,000.
Swiss watch industry sees export values up 9.2% yoy in Feb 2026, USA, Japan, France drive growth
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