

Just as in our first encounter, I aim to provide valuable updates from our mines and the market, covering production, marketing efforts, projects completed and those in the pipeline.
I appreciate that opinions are personal and you may have different views to the ones I share here! If you have comments, questions or suggestions for future editions, please contact me, as I would love to hear from you. My details are below.
What a year 2024 has been! A year of national elections, from east to west, funky economies and unsettled world dynamics – newspaper titles narrating how even the strongest luxury groups can feel the pressure in the current circumstances, and the hammer of auctioneers striking softer prices of jewels at auction.
Nevertheless, the team at Gemfields has been working hard to support the industry by remaining true to our core values:
Our commitment to transparency means that we aim to operate with openness and honesty. We mine and sell our rough gemstones through auctions exclusively for vetted customers. Our prices are determined by the market, and we are not afraid to withhold products if minimums are not met, maintaining pricing discipline to ensure fair dealings in the downstream business.
As for legitimacy, we consistently set high standards that are routinely monitored by third parties, independent auditors and jewellery brands, as well as working towards verification and accreditation from industryleading organisations, such as IRMA, demonstrating our dedication to operating with integrity and reliability.
Additionally, our grading system remains the most reliable in the sector. This provides our customers with the confidence to tailor their procurement strategies to align with their business and market identities.
Gemfields hosted several industry stakeholders at our Kagem emerald mine this year, with attendees telling me that they had ascertained a far greater understanding of how much work goes into extracting every little gem we are so blessed to find! It is only if you experience it in person that you can really appreciate it, as no “ore-to-product ratio” will ever convey the magic!
Please read on for more updates, including a special anniversary and a heartfelt donation…
All the best,
Head of Partnerships & Product – Downstream
Have
elena.basaglia@gemfields.com
In the first half of the year, the emerald and ruby markets remained strong, though softer than the heightened performances we saw in recent years.
Gemfields conducted two emerald auctions (one of commercial quality in March and one of higher quality in May) followed by a mixed-quality ruby auction in June. Despite slightly weaker sentiment from some customers, all three auctions delivered robust results, with the emerald auctions achieving USD 52 million and the ruby auction achieving USD 69 million.
In April 2024, Gemfields announced updated figures for the ‘G-Factor for Natural Resources’ for its two key mining subsidiaries (the Kagem emerald mine in Zambia and the Montepuez ruby mine in Mozambique).
The ‘G-Factor for Natural Resources’ is a measure that promotes greater transparency regarding the level of natural resource wealth shared with the governments of host countries, whether from the mining, oil, gas, timber or fishing sectors.
To the end of 2023, Kagem has paid the Zambian government USD 195.1 million in taxes, royalties and dividends since Gemfields acquired 75% of Kagem in 2008. This represents 19 percent of its total revenue, which was USD 1,008.9 million in the period under review.
To the end of 2023, MRM has paid the Mozambican government USD 257.4 million in taxes and dividends since Gemfields acquired 75% of MRM in 2012. This represents 24 percent of its total revenue, which was USD 1,055.2 million in the period under review.
In July this year, Gemfields Group has appointed former De Beers chief executive Bruce Cleaver as chair and independent non-executive director.
Bruce Cleaver, Chair of Gemfields Group
In the corresponding media statement, Cleaver stated that “Gemfields is a unique and extraordinary business, one that has taken a fragmented and fairly informal industry to considerable sophistication as the first consistent supplier of significant quantities of coloured gemstones in a responsible and transparent manner.”
Operationally, Gemfields continues to develop its two world-class mines, the Kagem emerald mine in Zambia and the MRM ruby mine in Mozambique.
Kagem is already starting to benefit from recent processing plant improvements. Progress on MRM’s new processing plant, which will triple throughput capacity, continues to be on budget and on track for its planned completion by the end of H1 2025.
Although the luxury goods market is navigating turbulent times, and dealers report price resistance in specific product categories, we noted that the market value of cut and polished emeralds and rubies at this year’s Hong Kong show remained in line with the prices seen during the prior year’s show. Consumers’ interest in sustainability and traceability is continuing to be key, particularly in redesigning supply chain setups for more transparency and agility.
As we know, the gem and jewellery industry is inherently resilient and unfazed by a little volatility, so we look forward to renewed energy in 2025 and beyond!
Kagem Mining Limited (“Kagem”), believed to be the world’s single largest producing emerald mine, accounts for approximately 25% of global emerald production.
The mining operations at Kagem comprise three principal open-cast pits. The largest and deepest, Chama, has produced the majority of Kagem’s emeralds to date. Chibolele and Fibolele are considerable in size but less developed. Production at Fibolele restarted in early 2024, alongside the continuation of production at Chama and Chibolele. Blasting and waste removal occur to expose the emerald-bearing zones. The emerald-bearing zones are then checked by hand to recover the largest and most valuable emeralds, which are then transferred to the sorting house for sorting and grading. The remaining ore is put through the processing plant to recover further gemstones.
Interesting fact: From the 19.6 million carats of production in 2024, Chama pit contributed 14.5 million carats, Chibolele pit contributed 4.1 million carats and Fibolele contributed 1.0 million carats.
In recent months, Kagem has successfully recovered notable quantities of emeralds from the renowned Chama and F10 Junction areas, as well as from Fwaya-Fwaya.
During July and August, impressive hexagonal crystal-shaped emeralds were extracted, indicating higher potential yields. This production is particularly noteworthy as it features considerably less schist than is typically encountered, showcasing bluish-green hues with medium saturation.
The luxury-good, diamond and gemstone markets continue to face headwinds as conflict, elections, economic uncertainty in China and broader economic turbulence take their toll.
The result from the September commercialquality auction was notably weaker than expected, exacerbated in part by a competing emerald producer scheduling their own auction to finish in early September 2024, in the middle of ours, and selling 100% of the auction offing at what customers reported as low prices.
Gemfields remains committed to acting responsibly by withholding auction lots when fair
market prices are not achieved, as is demonstrated by the lots we withdrew from our auction which comprised both considerable volume and value.
Though volumes are modestly lower in comparison to historical auctions of similar quality, the November higher-quality auction presents a wide range of qualities to satisfy customer preferences and demands. Even with a recent softening in market sentiment, the HQ November auction is expected to create excitement with several schedules containing a selection of fine-quality emerald rough, likely to produce exquisite nooil cut gemstones. Consequently, the auction represents a remarkable opportunity to acquire some of the finest emeralds available!
Interesting fact: 40% of total emerald production at Kagem comes into the sort house directly from the pit and 60% originates from material that goes through the processing plant.
Kagem has received several safety awards in recent weeks.
At the 8th National Conference on Occupational Health, Safety, and Environment (HSE) held in Livingstone, Kagem was officially recognised as Zambia’s safest mining company by the Zambia Chamber of Mines, receiving an award titled “Best Mine in Safety”.
And prior to this, Kagem received the Permanent Secretary’s Safety Award from the Ministry of Mines and Minerals Development, having achieved a record number of Lost-Time-Injury-free shifts.
This November 2024, Gemfields and Kagem are excited to celebrate our 50th emerald auction!
We want to take a moment to thank you, our wonderful auction customers, many of whom have been with us since the beginning. You’ve witnessed our energetic spirit and our passion for innovating the coloured gemstone industry, helping to bring stability to what was once a fragmented market.
Over these 50 emerald auctions, your enthusiasm for our emeralds has truly shone brightly at auctions held in London, Zambia, India, Singapore, and, most recently, Bangkok. Your insights and feedback have been a constant source of inspiration for us, and we cherish every conversation that has pushed us to keep improving.
A huge shout-out also goes to Adrian Banks for his incredible contributions and leadership throughout this journey! Here’s to the next 50 emerald auctions together!
50 Kagem and Gemfields emerald auctions
MRM is believed to be one of the most significant, recently discovered, ruby deposits in the world.
The mining operations at MRM comprise several shallow open-cast pits split between three main operating areas: the Mugloto Block, the Maninge Nice Block and the Glass Block. Since it is overall a shallow deposit, drilling and blasting are not required in the mining process.
Interesting fact: The 2023-2024 rainy season (November to April) was significantly more intense than in recent years, hindering the ability of MRM’s mining machinery to work efficiently. Considerable additional work was required to negotiate the wet soils and take ruby-bearing ore out of the pits, or access ore in MRM’s stockpiles.
At MRM, the team is continuing to exploit the veteran Mugloto deposit whilst simultaneously preparing for the new processing plant, scheduled to come into operation in 2025.
Maputo International fair FACIM Stand 2024
The auction of commercial-quality ruby, corundum, and sapphire held in September 2024 was well received, with 100% of the auction offering being sold. Despite the commercial nature of these goods, the auction saw strong attendance and robust demand. The significant volumes of the lower-priced rough sold will support the cutting factories in both Chanthaburi, Thailand and Jaipur, India.
This year, the Mugloto area has yielded modest quantities of secondary rubies when compared to previous auctions. However, the quality of the rubies produced remains consistent with the high standards that customers have come to know and appreciate from Gemfields. Consequently, the auction will offer a sufficient selection for those who are looking to replenish their inventory of rough gems and complete orders although larger size, fine-quality rubies are exceptionally rare and continue to be highly coveted as the "king of gems."
Interesting fact: The second processing plant is set to triple MRM’s processing capacity from the existing 200 tonnes per hour to 600 tonnes per hour, allowing MRM to process its sizeable stockpile, bring to market additional size and colour variations of rubies and to potentially expand into additional mining areas.
MRM was recently honoured as the second-largest exporter in Mozambique's mining sector in the 2023 financial year.
The award was presented in a public ceremony, held as part of the 59th Edition of the Maputo International Fair: FACIM 2024, which is organised by the Ministry of Industry and Trade.
This marks the second consecutive year the government has recognised MRM as one of the largest exporters in the mining sector, rewarding the company for its transparency and integrity. The company has been recognised as the number one taxpayer in Cabo Delgado province every year from 2014 through 2022, with no official determinations in respect of Cabo Delgado’s taxpayers in 2020.
Building on from our efforts in 2022 and 2023, ruby month is a key moment for Gemfields, and throughout the month we supported the industry with a ruby advertising campaign featuring beautiful inclusion imagery from Lotus Gemology. The visuals highlight the natural beauty of rubies, and aim to help consumers see what makes these red gems so special. The campaign ran across print media, outof-home, and social channels.
Fabergé x Gemfields, Malaika Egg
The latest exquisite egg objet from Fabergé features rubies responsibly mined by Gemfields at Montepuez ruby mine in Mozambique, with proceeds from its sale benefitting the Gemfields Foundation. Named with a Swahili word that means ‘angel’, as Swahili is one of the languages spoken in Mozambique, the Malaika Egg is a love letter to Mozambican rubies and bears all the hallmarks of the fine craftsmanship for which Fabergé – the world’s most iconic artist jeweller – is renowned.
OCTOBER - NOVEMBER
Gemfields launches a new jewellery brand partner, Eshli, and an emerald capsule collection with US brand, Kimberly McDonald, in the second half of 2024, aiming to increase visibility of coloured gemstones and highlighting the versatility of coloured gemstones from red carpet to every day. The pieces will be shown at multiple press days in the period in order to garner press coverage.
Gemfields put together a comprehensive guide to coloured gems for consumers, which provides guidance when choosing to buy, or simply enjoy a gemstone in all its glory. Colour, Clarity, Cut, Carat, Certified report, Confidence and Character –together, they are the 7Cs – the essentials to help guide coloured gemstone appreciation.
Gemfields joined hands once again with the Guild Institute of Gemology, the first and only international gemmological institute in China, to host the gala ceremony of the third Aurora Awards International Gem and Jewelry Competition at the International Business Centre in Shenzhen, China. The event brought together representatives from across the global jewellery industry, creating a celebration of gemstone artistry and creative design.
OCTOBER, INTERNATIONAL
Gemfields has made it its mission to educate consumers on coloured gemstones, empowering them to feel confident to buy, style and care for their very own piece of treasure. Following on from the successful ‘How To Buy’ and ‘How To Style’ guides, Gemfields has now compiled tips for ‘How To Care’ for coloured gemstones, and amplified these through press and owned channels, such as the company website.
OCTOBER – DECEMBER, INTERNATIONAL
Given the prevalence of gifting in the final months of the year, Gemfields has worked with a number of jewellery brand partners to create new jewellery pieces, and is now actively promoting these in press and social channels. The campaign includes a wide variety of gem-adorned pieces by Eshli, Francis de Lara, Nilufer Fine Jewellery, Margery Hirschey, Ruth Tomlinson, Sandy Leong Jewelry, Shachee Fine Jewellery and Shruti Sushma, spanning multiple markets and demonstrating the suitability of coloured gems for that special someone.
Goliath, our gentle giant, has embarked on an extraordinary journey around the globe to enlighten consumers about the intricate process of emerald formation and the stunning allure of these natural wonders.
A specimen of Goliath's remarkable size and exquisite formation is truly rare. This is precisely why Van Cleef and Arpels’ L’ÉCOLE exhibited Goliath in both its Dubai and Shanghai campuses this year, where it continued its mission to inspire awe and appreciation for emerald crystals. The exhibition in Shanghai, which run from May to October 2024, welcomed over 80,000 visitors, and it has been one of the most successful exhibitions ever presented by L’ÉCOLE worldwide.
Now Goliath will make its way to another world-renowned museum. This iconic institution houses a treasure trove of unique artifacts from its expansive collection of over 80 million objects, representing an astonishing 4.5 billion years of Earth's history – can you guess where Goliath is off to next?
look at the scale!
“Garden of Emeralds” Exhibition
24th May - 6th October
lighting conditions: a necessary step in improving gemstone colour assessments
Dr. Laurent E. Cartier FGA
Head of Special Initiatives, SSEF
Lecturer, University of Lausanne (CH)
Affiliated Associate Professor, University of Delaware (USA)
The fascination for coloured gemstones is very much linked to their colour. Gemstones cover a huge spectrum of different hues and saturations. Zambian emeralds and Mozambique rubies are some of the most fantastic examples that nature has to offer.
For centuries, the trade has relied on natural daylight to carry out colour assessments of gemstones. Yet, it is a challenge to rely on fluctuating natural conditions that differ based on the time of day and the geographic location of the observer. Artificial lighting solutions have been introduced over the past few decades, but these come with persistent issues: instability in colour temperature, flickering, UV, undefined background colour and degrading filters, all of which can compromise the consistency of gemstone colour assessments.
As a gem lab, we noticed that the available artificial lighting solutions available on the market were not satisfactory. SSEF thus collaborated with physicists from the University of Basel and developed a sophisticated LED-based lighting system that aims to provide a more standardized basis for colour assessments of gemstones. At its core, this system addresses the critical need for uniform and constant lighting conditions, an imperative given the profound influence of light quality and light temperature on how gemstones are perceived. As most readers of this newsletter will be aware, colour variations in gemstones—such as a ruby’s hue—can be significantly altered depending on subtle shifts in lighting conditions.
The new system’s underlying strength lies in its advanced LED technology, with a Colour Rendering Index (CRI) of 98.4%, far surpassing CRIs of around 75% for conventional incandescent and fluorescent light sources. CRI describes the ability of a light source to faithfully reproduce the colour of an object when compared to a standard light source. Moreover, the system incorporates a specialised glass diffusor, engineered to reduce unwanted reflections that have traditionally complicated colour assessments. Unlike conventional plastic diffusors that degrade over time, the glass variant selected remains stable, preserving accuracy over the long term.
The LED system boasts a near-continuous spectrum across visible wavelengths, mirroring the natural daylight spectrum essential for accurate colour perception. It
consumes less energy, lasts up to 100,000 hours, and provides instant illumination, thereby meeting for example ISO 24016 standards for diamond grading. The inner part of the box is in normalized neutral Munsel gray to ensure a homogenous background.
The system offers multiple light temperatures. The 6000K illumination is provided with a normalized light intensity of 2'200 lux at 20 cm from the source (following the ISO standard 24016 for diamond grading). The second colour temperature (4500K) is commonly used for gemstone colour assessments (e.g. rubies, sapphires, emeralds) with a third temperature (3000 K) specifically useful when seeking to evaluate colour shifts or colour change (e.g. alexandrite-effect) of a gemstone.
As small differences in colour can have an important impact on gemstone prices, this advanced lighting system represents a significant step forward. It will not remove all inconsistencies in colour assessments (as these also depend on the eye of each observer, master sets used to compare colours and other factors) between labs or between traders. However, the first step in achieving greater standardisation and harmonisation of gemstone colour assessments is by providing a light box that offers accurate lighting conditions with known characteristics and indices. The SSEF Aurora Light Box is available for sale to labs and gem traders alike.
For more information visit: www.ssef-instruments.ch
In 2023, Gemfields committed to aligning its operations with IRMA; a world-leading responsible mining standard. Throughout 2024, our team at MRM have been working hard to embed the content of this standard into our dayto-day work.
Aligning with IRMA has helped us to develop more integrated approaches towards human rights and environmental protection. Community engagement has sat at the heart of these efforts, with over 1,000 representatives interviewed over the last year to ensure that MRM is more attuned to the needs of individual villages; collaborating on more relevant joint projects and more proactively sharing information on a wide range of themes, from water use to regional security.
Due to the complexity of this work, we have amended our timeframes to better align our operations with stakeholder needs. The external audit is now being planned for early 2025, with results available later in the year. During October, our Gemfields standards experts have been in Mozambique to conduct a final “internal audit” to close any remaining gaps against the IRMA Standard. We continue the work to build MRM as the world’s most responsible ruby mine
LET’S ALL WORK TOGETHER TO REACH IRMA STANDARDS AND MAKE MRM THE WORLD’S MOST RESPONSIBLE RUBY MINE LOOK OUT FOR UPDATES COMING
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Who are our ‘chapter’ leads?
We ALL have a role to play Each ‘chapter’ is led by one of our team, here’s who they are:
• Environmental & Social Impact Assessment
• Emergency Preparedness
• Financing Reclamations
• Legal Compliance
• Community Engagement
Community Support
• Human Rights Due Diligence
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• Security Arrangements
• Revenue Transparency
• Fair Labour
• We’llkeepyouupdatedeverystepoftheway IRMAstandsforInitiativeforResponsibleMiningAssuranceIRMAisagloballyrecognisedresponsibleminingstandard
•minesReachingIRMAstandardswilldemonstratethatMRM responsiblyandisaleadingcompanyinoursector
•performAthird-partycompanywillauditMRMtoseehowwe againstIRMAstandards
• Our rstmilestonewillbetoreachIRMA50,whichmeansreachingover50%ofavailablepointsacrossall‘chapters’
The Gemfields Foundation, established in 2019 as a UK Registered Charity, is the charitable arm of Gemfields Group, through which donors can contribute funding to directly support community and conservation projects in Africa, boosting the scale and scope of the work continuously carried out by Gemfields since 2009.
The Gemfields Foundation, established in 2019 as a UK Registered Charity, is the charitable arm of Gemfields Group, through which donors can contribute funding to directly support community and conservation projects in Africa, boosting the scale and scope of the work continuously carried out by Gemfields since 2009.
This year, the Gemfields Foundation received a generous donation from Gemdiam and Napra Gems. During his visit to the Kagem mine in April, Arun Jain toured the primary schools of Kapila and Chapula, both of which have received support from Kagem. He expressed a heartfelt desire to provide the children with new sports facilities, igniting community spirit and personal development in these remote areas.
Kagem’s corporate responsibility team is now collaborating with the schools and contractors to bring this vision to life. The project will be inaugurated in 2025, featuring a recognition plaque honouring the donor's generous support and a community game that will unite the children!
More information can be found at gemfieldsfoundation.org
Children at Kapila school, Zambia
Geology explanation of Chama pit, Kagem
Overlooking Chibolele pit, Kagem
Gemstones are like an open book: as minerals, they educate us about the Earth's story and its history of upheaval, having witnessed terrestrial activities at every stage of the planet's evolution; as talismans, they whisper tales of war, wealth and wisdom. Gems speak to us about the cultures that treasured them, the faraway lands visited by adventurers and even our ancestors, who had their own perception of these goods
Gems also explain the interaction of light and matter since the formation of the Earth 4.6 billion years ago. I like to think Mother Nature adorned the skies with rainbows and the earth with gems to bring colour into our lives: one invites us to look up and dream, the other to dig deep and discover.
Rubies, one of nature’s rarities, have captivated humans since the dawn of civilisation (even if an ancient Indian legend says that God created rubies first, and men to possess them after). Their distinctive red colour, caused by the presence of chromium in their chemical makeup, has long been associated with intense emotions, evoking contrasting or complementary feelings of love and danger.
the ground when the original host rock erodes. This is the case in Mozambique – the land of baobab, rubies and sunsets.
“A rose by any other name would smell as sweet”, as they say, and, therefore, the geographical origin of a gemstone shouldn’t influence opinions of its beauty or quality. The virtues of rubies are best evaluated mainly on their colour and proportions, two complementary features that bring out its pulsating heart.
‘‘A ruby will flirt with your eyes, changing hues depending on the angle at which it is viewed.’’
Rubies are closely related to sapphires, and share the family name ‘corundum’. A differentiating feature is colour: a ruby will only be red to a given intensity, or extent. When the red hue transitions close to pink, a seller and a buyer may disagree on the identity of that gem, as the value fluctuates with its colour variations.
A scientist will tell you that rubies are collision stones formed in the depths of mountains and created by continental tectonic plates riding over each other. Embedded in their host rock, they will rise to the surface as a result of erosion and other tectonic movements. Marble host rock is characteristic of Mogok mines, the historical source of rubies, hard to access and hidden away in the middle of upper Burma.
A ruby’s natural hardness means that gems swept away by prehistoric rivers can also be found in secondary deposits or concentrated in layers a few metres beneath
A ruby will flirt with your eyes, changing hues depending on the angle at which it is viewed. It is a dichroic gemstone, so beneath its fiery red body colour, you can often observe a hint of orange or purple. Internally, most natural rubies carry a geodiversity of microscopic crystals, an aesthetic asset, and a miniature world known only to its bearer. Its cut and proportions will help you to appreciate the full extent of a gemstone’s character. Ruby cutting is the pursuit of perfection aimed at amplifying the dance of light within the gem. For the same reason, darker rubies, or those with too many inclusions, can be treated to improve what Mother Nature hasn’t had time to perfect.
Further down the supply chain, passionate collectors track the world record prices attained by rubies under the hammer of international auction houses, achieving values that shine in striking contrast to the monochrome flair of diamonds. Then, whether kept in secret safes for years, set to adorn a piece of art, or to shine on an engagement ring, rubies will hold their iconic status as the epitome of luxury. Their incomparable, yet discreet, journey makes them, to us, unique objects of pure emotion.
Gemfields Zambian emeralds and Mozambican rubies are prominently featured in the new Fabergé x Beetlejuice Beetlejuice jewellery collection, designed in partnership with Tim Burton and Colleen Atwood!
Fabergé x Beetlejuice
Beetlejuice Sandworm Spiral Wrap Ring
Gemfields Zambian emeralds and Mozambican rubies are prominently featured in the new Fabergé x Beetlejuice Beetlejuice jewellery collection, designed in partnership with Tim Burton and Colleen Atwood!
Fabergé is proud to have collaborated with Warner Bros. Discovery Global Consumer Products to introduce the Fabergé x Beetlejuice Beetlejuice® fine jewellery collection. This new collection pays homage to “Beetlejuice Beetlejuice,” the visually singular and long-awaited sequel to Tim Burton’s award-winning film “Beetlejuice” (1988).
An ensemble of creative minds came together to create a collection that encapsulates colour and craftsmanship, which is set to capture the imagination of a new audience. Fabergé’s Creative Director, Josina von dem Bussche-Kessell, and Head of Design, Liisa Tallgren collaborated with Tim Burton and Colleen Atwood to bring to life the eccentric universe of this collection, which marries the Fabergé and Beetlejuice worlds in an enchanting way.
“Beetlejuice Beetlejuice” was released in theatres and IMAX internationally on 4 September 2024, and is available to stream now. Discover the collection: gemfields.com/collaborations