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Kagem to recommence focused open-pit mining

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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.

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International News

Geopolitical Ceasefire and Fed Signals Shape Gold and Silver Outlook AUGMONT BULLION REPORT

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  • Safe-Haven Dynamics – Gold is consolidating around $4750 and Silver around $78, recouping some losses from the previous session after President Trump’s unilateral announcement extending the ceasefire with Iran. However, a second round of peace talks has broken down. It remains unclear whether Iran or U.S. ally Israel will formally accept the extended ceasefire, which entered its third week, introducing continued uncertainty into safe-haven demand.
  • Geopolitical Developments – Trump indicated further military action would be paused pending a new Iranian proposal and the completion of negotiations. Separately, Vice President JD Vance scrapped a scheduled visit to Islamabad after Iran conveyed through Pakistan its refusal to participate in the proposed talks. Iran additionally maintained that the Strait of Hormuz would remain closed as long as the U.S. Navy continues intercepting vessels in the region, sustaining a key supply-chain risk factor.
  • Macro-economic Signals – Precious metal price action continues to be driven primarily by ceasefire-related headlines and broader liquidity conditions. The ceasefire extension has led markets to interpret the situation as a partial de-escalation, reducing immediate crisis premiums. Additional downward pressure on metals emerged from the Senate confirmation hearing of Federal Reserve Chair nominee Kevin Warsh, whose commitment to institutional independence signaled a potentially hawkish policy posture going forward. 

Technical Triggers

  • Gold is trading in the range of $4650 (~ Rs 151,500) and $4850 (~Rs 155,000) over the past few days. Either a breakout or breakdown will give a 3-4% directional move.
  • Silver is trading in the range of $76 (~ Rs 242,500) and $81 (~Rs 257,000) over the past few days. Either a breakout or breakdown from this band will give a 3-4% price swing.

Support and Resistance

International Gold Support Level
International Gold Resistance Level 
Domestic Gold Support Level
Domestic Gold Resistance Level
: $4600/oz
: $5000/oz
: Rs 153,000/10 gm
: Rs 160,000/10 gm
International Silver Support Level
International Silver Resistance Level 
Domestic Silver Support Level
Domestic Silver Resistance Level
: $75/oz
: $82/oz
: Rs 240,000/kg
: Rs 260,000/kg
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