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
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.
Indriya unveils ‘Orizon’ at Lakmē Fashion Week X FDCI, in partnership with Amit Aggarwal
Ashth Prive’s New Udaya collection Turns the Geometry of Rani ki Vav into Radiant High Jewellery
Lukson Launches ‘Glitch Glam’ – A Bold New Collection Inspired by the Electric Energy of EDM Nights
IIJS Bharat Tritiya 2026 Wraps Up Triumphant 4th Edition, Connecting 15,000 Buyers with India’s Top Jewellery Manufacturers
Bhima Jewellery’s Theni Showroom Relaunched By Actress Aishwarya Lekshmi
India’s Next Decade in Jewellery Exports: Scale, Discipline & Global Positioning
-
ShowBuzz1 day agoIIJS Bharat Tritiya 2026 Wraps Up Triumphant 4th Edition, Connecting 15,000 Buyers with India’s Top Jewellery Manufacturers
-
GlamBuzz1 day agoBhima Jewellery’s Theni Showroom Relaunched By Actress Aishwarya Lekshmi
-
By Invitation1 day agoIndia’s Next Decade in Jewellery Exports: Scale, Discipline & Global Positioning
-
New Premises16 hours agoPNG Jewellers intensifies retail strength with launch of its New Store in Varanasi by Madhuri Dixit
JewelBuzz is Asia’s First Digital Jewellery Media & India’s No.1 B2B Jewellery Magazine, published by AM Media House. Since 2016, we’ve been the trusted source for jewellery news, market trends, trade insights, exhibitions, podcasts, and brand stories, connecting jewellers, retailers, and industry professionals worldwide.