Nosiphiwo Mzamo: South Africa’s State Diamond Trader to buy diamonds from other African countries

South Africa’s State Diamond Trader (SDT) is set to buy diamonds from other African countries starting with Botswana. SDT’s chief executive Nosiphiwo Mzamo told Rough & Polished’s Mathew Nyaungwa at the country’s inaugural diamond show, which...

10 february 2025

Edahn Golan: Halo effect from lab-grown diamonds driving high demand for large, 2-carat natural stones in the U.S.

Edahn Golan, owner of the eponymous Edahn Golan Diamond Research and Data, told Rough & Polished's Mathew Nyaungwa in an exclusive interview that their research found a halo effect from lab-grown diamonds. He said the trend among lab-grown diamond...

27 january 2025

Paul Zimnisky: We will see a modest recovery in natural diamond demand and prices in 2025

According to Paul Zimnisky, an independent diamond and jewellery analyst and consultant based in the New York metro area, the natural diamond industry will see a modest recovery in demand and prices this year. Zimnisky said a moderate recovery would...

13 january 2025

African Diamond Council makes traceability its top priority, wants KP to embrace Authentia.io

The African Diamond Council (ADC) has made traceability its foremost priority and has been contributing to a traceability solution called Authentia.io for the last three and a half years, which is now ready to globally satisfy the traceability...

16 december 2024

Gaetano Cavalieri: CIBJO leading the jewelry industry on critical issues

One of the gem and jewellery industry’s most well-known and respected personalities, Dr. Gaetano Cavalieri, has been the president of the World Jewellery Confederation (CIBJO), for the past 23 years. CIBJO is the oldest international organisation...

09 december 2024

Gemfields achieves second-highest revenues in the company’s history

25 march 2024

Gemfields’ two key operating assets, the Kagem emerald mine in Zambia and the Montepuez ruby mine in Mozambique (MRM), generated revenues of $89.9 million and $151.4 million respectively in 2023. The company owns 75% in both mines.

Kagem earned $148.6 million, while MRM earned $166.7 million in revenues in 2022.

While the total auction revenues in 2023 declined when compared with 2022, it was the second highest in the group’s history and indicated that the demand for coloured gemstones remains strong, despite having one lower-quality emerald auction in the year.

Meanwhile, a review of Gemfields’ 6.54% shareholding in Sedibelo Resources, the South African platinum group metals (PGM) mining company, has resulted in a fair value write-down of $28 million to $4 million.

The write-down of the asset reflects the reduced public market valuations for comparable PGM companies and the reduced operating and financial results for Sedibelo over the period.

Sedibelo is non-core to the Gemfields business.

Gemfields said it is reasonably certain that, after taking this write-down into account, its net loss after tax will be $2.8 million for the year ended December 31, 2023.

“The loss is driven primarily by the Sedibelo unrealised non-cash write-down and the withdrawn higher-quality emerald auction, the production of which will be offered for sale in 2024, and is not a reflection on the overall strength of the Gemfields business,” it said.

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