Varvara Dmitrieva: The jewelry industry of Yakutia is distinguished by its creativity, unique cultural code and conservation of traditions

Varvara Dmitrieva, Associate Professor and Head of the Department of Precious Stones and Metals Processing Technologies of the North-Eastern Federal University, told Rough&Polished about the results of the Forum of jewelry Craftsmanship and the prospects...

16 april 2024

Valery Budny: There is no strategy and legislation in Russia enabling the full cycle processing of precious raw materials within the country

Valery Budny, Head of the Jewelry Russia program and CEO of the JUNWEX media holding, told Rough&Polished about the results of the meeting and pressing issues in the precious metals and precious stones (PMPS) and the jewelry sectors.

11 april 2024

Paul Zimnisky: Natural diamonds face the risk of eroding their appeal if constantly discounted

New York-based independent diamond and jewellery analyst and consultant Paul Zimnisky told Rough & Polished’s Mathew Nyaungwa in an exclusive interview that the industry should do away with discounts. He said the industry should treat natural diamonds...

01 april 2024

Edahn Golan: Lab-grown diamond prices to continue declining

In an exclusive interview with Rough&Polished's Mathew Nyaungwa, Edahn Golan, proprietor of the eponymous Edahn Golan Diamond Research and Data, predicted that the prices of lab-grown diamonds would continue to decline, especially at the retail and...

25 march 2024

ADPA’s Ellah Muchemwa: G7 restrictions to bring extra costs from diamond mining to retail

The African Diamond Producers Association (ADPA), which has openly registered its disdain for the G7’s rough diamond trade restrictions, is of the opinion that the move will bring extra costs on all stages, from mining to retail. ADPA executive...

18 march 2024

Gemfields' first-half net profit narrows to $18 mn

15 september 2023

Gemfields is anticipating a net profit after tax of $18.1 million for the six months ending 30 June 2023, compared to $56.7 million for the same period in the prior year.

During the first six months of the year, Gemfields' two primary operating assets, Kagem emerald mine in Zambia and Montepuez ruby mine (MRM) in Mozambique, accrued revenues of $64.6 million and $80.4 million, respectively.

Kagem's revenue for the six months ending on 30 June 2022 was $85.2 million, whereas that of MRM was $95.6 million.

The commercial-quality emerald and mixed-quality ruby auctions saw solid demand for coloured gemstones, while June's sale of higher-quality emeralds set a new record for any Kagem auction, according to Gemfields.

During the period under review, Fabergé's revenue decreased to $8.4 million from $9.5 million in the prior year due to a weaker luxury market.

Fabergé, a wholly-owned subsidiary of Gemfields, provides direct access to the end-consumer of coloured gemstones through directly operated boutiques and international wholesale partners.

In the meantime, Gemfields' review of its Sedibelo Resources stake resulted in a $13.3 million write-down to a $18.7 million fair value adjustment.

“The write-down of the asset reflects the reduced public market valuations for comparable platinum group metals companies and the reduced operating and financial results for Sedibelo over the period,” it said.

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished