Part 1: KPCSC gives insight into illegal diamond mining, trading in Africa

Although the diamond watchdog Kimberley Process (KP) prides itself for significantly reducing the flow of conflict goods since its establishment in 2003, the Kimberley Process Civil Society Coalition (KPCSC) alleged that illegal diamond...

Yesterday

The jewelry industry in Russia needs to be upgraded in a serious way

Dina Nasyrova is a vice-president of the International Jewelry Exhibition-Congress J-1 recently hosted by the Atrium of Gostiny Dvor in Moscow. As a partner and the Muse of the famous jeweler Ilgiz Fazulzyanov, she actively participated in the preparation...

11 october 2021

Smiling Rocks, a philanthropic business model, inspires companies to work for betterment of the world

Zulu Ghevriya, the CEO and Co-Founder of Smiling Rocks, Founder of Vedantti Jewellery and Managing Director of Prism Group has been in the diamond and jewellery industry for over 20 years. Zulu started his business, Prism Group, as a natural diamond...

04 october 2021

Work hard and you will find success

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27 september 2021

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

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