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
Gold moves up on softer dollar and safe-haven demand; Silver, platinum reach three-week highs
Gold edged higher today, supported by a softer dollar and safe-haven demand. Key events include US-Iran nuclear talks in Geneva and upcoming US jobless claims data. Silver, platinum, and palladium reached three-week highs on Wednesday amid geopolitical tensions and tariff uncertainty.
Spot gold rose 0.5% to $5,195.99 per ounce early Thursday after reaching a three-week high on Tuesday, while US April gold futures dipped 0.2% to $5,213.50. Silver, platinum, and palladium hit three-week peaks on Wednesday, driven by safe-haven buying; platinum reached around $2,307 per ounce, and palladium $1,828, amid supply concerns and tariff risks. Analysts noted re-pricing due to policy uncertainty and a subdued US dollar.
A softer US dollar boosted non-yielding metals like gold. Geopolitical risks from US-Iran nuclear talks in Geneva, focused on uranium enrichment, heightened safe-haven demand, with increased US military presence adding tension. Uncertainty over US tariff policies under President Trump, following court rulings and potential hikes to 15%, fueled volatility across precious metals.
Precious metals face upside from ongoing tariff fog and Middle East tensions, though stronger US data could cap gains. Investors eye jobless claims for Fed rate clues amid elevated prices: gold up 77% yearly, platinum 135%. Indian jewellery markets, sensitive to global trends, may see volatility in silver at Rs.285/gram.
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