Sourcing of rough in India through online tender system helpful amid COVID situation

Dinesh Navadiya, the Regional Chairman (Gujarat Region) of The Gems & Jewellery Export Promotion Council (GJEPC) of India has been appointed the President of The Southern Gujarat Chamber of Commerce & Industry (SGCCI). He is also...

30 november 2020

Cultivating demand for natural diamonds

CIBJO, the international jewellery confederation, hosted a webinar last month on cultivating demand for natural diamonds. CIBJO had been holding a series of webinars on the impact of the COVID-19 pandemic. The webinar examined ways to cultivate demand...

23 november 2020

Deljanin and Simic: We do not think laboratory diamonds are threat to natural diamonds

Gem and jewelry industry experts Branko Deljanin and Dusan Simic have completed the 3rd edition of their best-selling book, Laboratory-Grown Diamonds - Information guide to HPHT and CVD-grown diamonds. Deljanin and Simic are diamond researchers with...

16 november 2020

Kapu Gems: Limited diamond manufacturing increases demand

After completing the commerce degree B. Com, Kalpesh D. Vaghani ventured into the family business. His understanding of the market, diamond intricacies and the global standards technology utilization helped him create a niche for himself. An entrepreneur...

02 november 2020

Chris Del Gatto: “We provide capital to smart companies”

Chris Del Gatto, CEO & Co-Founder of DELGATTO Diamond Finance Fund L.P., a New York-based non-bank lender to the diamond and jewelry industry, started his career as a diamond cutter when he was just 17. In his early 20’s, Chris went on to co-found...

26 october 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