Work hard and you will find success

Eduard Utkin, Director General of the “Jewellers’ Guild of Russia” Association, expert of the RF Chamber of Commerce and Industry’s Committee on Precious Metals and Precious Stones, told R&P about implementing the SIIS PMPS (State Integrated Information...

Yesterday

GOLDNET.MARKET - “We want and are working to provide business with the opportunity to develop a lot of activity areas”

Today, almost all jewellery companies have their own wholesale websites, online stores, and social media pages. But a year ago, GOLDNET.MARKET, the first jewellery wholesale marketplace appeared in Russia, a new effective tool for the jewellery market...

20 september 2021

Platinum’s rare nature gives it additional value and appeal

Huw Daniel is the CEO of Platinum Guild International, overseeing market development activities in China, Japan, India and the USA, on behalf of the platinum producers of South Africa. Before taking up this role in 2015, Huw ran PGI USA for 12 years...

13 september 2021

Marco Carniello: We want to continue to be the engine boosting the jewellery industry

Italian Exhibition Group (IEG) is a leader in Italy in the organisation of trade fairs and one of the main operators in the trade fair and conference sector at European level, with structures in Rimini and Vicenza, as well as further sites in...

06 september 2021

There is a significant need for smart and technological financial solutions in the diamond industry

MDPS, the Israeli start-up Fintech company from the Mazalit Group is gearing up to enter the diamond industry soon. Zeev Maimon, the CEO of MDPS is also the Founder / CEO of MAZALIT, a B2B payment platform designed and dedicated to the global diamond...

30 august 2021

Gemfields rakes in $18.6mln from latest Kagem emerald auction

26 august 2019

news_01102018_gemfields.pngGemfields’ 75%-owned Kagem Mining has raked in $18.6 million from 3.92 million carats of emerald sold in Lusaka, Zambia at an overall average value of $4.75 per carat.
The auction saw 37% of the 10.68 million carats offered being sold.
Gemfields’ 33 auctions of emeralds and beryl mined at Kagem since July 2009 have generated $608 million in total revenues. 
“We are pleased that the green shoots of recovery in the emerald sector first observed at our May 2019 emerald auction in Singapore have continued to grow…in Lusaka,” said Gemfields managing director of product and sales, Adrian Banks.
“The Indian market, which is particularly important when it comes to commercial quality emeralds and which has been navigating challenging conditions for some time, appears to have turned the corner and we hope will continue to go from strength to strength.”
 Meanwhile, Banks said Kagem’s biggest impediment remains the 15% Zambian export duty imposed on emeralds since 1 January 2019. 
“When combined with the pre-existing 6% mineral royalty tax, Zambian emerald exporters must now pay an effective 21% turnover tax on their revenues,” he said.
“The financial impact is being acutely felt by incumbent producers like Kagem, severely inhibiting money available for capital investment in growth and handing the tactical advantage to other emerald-producing countries like Brazil and Colombia, neither of which have any export duty on emeralds.”

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