Consumers attracted to diamond jewelry more than ever

Ali Pastorini is the co-owner of Del Lima Jewelry and President of Mujeres Brillantes, an association which brings together more than 1,000 women working in the gold and diamond trading sector, mainly from Latin America, as well as from Turkey, Spain...

21 september 2020

WDC actively supports initiatives from mine to retail; and also strives for support for the artisanal and small-scale miners - Edward Asscher, President, World Diamond Council

A member of one of the diamond industry and Amsterdam’s most well-known families, Edward Asscher was elected President of the World Diamond Council in June 2020 for a two-year term. Asscher is serving a second time as WDC President, having led the organization...

14 september 2020

Diamonds are one of the few things that have held human fascination in every nook and cranny of the world across time

Dr Usha R. Balakrishnan, a preeminent historian of Indian jewellery based in Mumbai, is Chief Curator of the World Diamond Museum. Being the author and co-author of several volumes of Diamonds Across Time, a new book and an important venture launched...

11 september 2020

Botswana Diamonds to bulk sample KX36 kimberlite, sees commercial potential

Botswana Diamonds recently acquired Petra Diamonds’ exploration assets in Botswana for $300000. The assets that were owned by Petra through its wholly-owned Sekaka Diamonds Exploration, include the KX36 project, a 3.5 hectare kimberlite that was a new...

07 september 2020

Indian diamond industry looks for recovery options

Webinars being the order of the day due to COVID-19 crisis, the Gem & Jewellery Export Promotion Council (GJEPC) of India organized a virtual meeting under its UNCUT 2020 Webinar series on 17 August 2020, inviting all stakeholders to discuss...

31 august 2020

Gemfields suffers heavy H1 loss as Covid-19 disrupts auctions

15 september 2020
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Image credit: Gemfields



Gemfields says it is reasonably certain that its net loss after tax will be $56.7 million for the six months ending 30 June 2020 compared to a net profit after tax of $12.4 million, a year earlier.
The coloured gemstones miner said in a trading statement that loss per share is expected to be 4 cents for the first half of the year compared to earnings per share of 1 cent for the comparative period. 
Gemfields' 2020 auction schedule was severely impacted by travel, quarantine and congregating restrictions put in place to mitigate COVID-19 contagion. 
The company has so far conducted a single auction as a result of the COVID-19 pandemic.
The auction yielded $11.5 million from the sale of commercial quality emeralds in February 2020. Auctions originally scheduled for May, June and August were cancelled. 
“Gemfields remains unable to provide reliable guidance as to when it might next be able to host gemstone auctions or generate meaningful revenue from gemstone sales,” it said.
Gemfields is the operator and 75% owner of both the Kagem emerald mine in Zambia and the Montepuez ruby mine in Mozambique.
In addition, Gemfields also holds controlling interests in various other gemstone mining and prospecting licenses in Zambia, Mozambique, Ethiopia and Madagascar.

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