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...

Yesterday

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 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