

As with our previous editions, this update provides an overview of our latest developments — from production insights at the mines to market activity, recent milestones, and upcoming projects on the horizon.
Half of this year has gone by in the blink of an eye, and we find ourselves in May (well, June by the time you'll read these pages), the Emerald month—one of my personal favourite gemstones and months of the year!
During these past few months, the team at Gemfields has been working tirelessly to strive to maintain our promise of a stable supply of responsibly mined emeralds and rubies from our mines in Africa, which jewellery brands internationally have come to love more than ever! We have seen our gems on the red carpets of the world, and our customers reported positive feedback from the trade shows in Tucson, Hong Kong and, most recently, Geneva.
It is encouraging to see that, despite all that is happening in the world and some right caution when it comes to international trade and tariffs, the downstream part of our industry continues to drive forward with a strong desire for colourful beauty! We observe prices for top goods holding their heights, and with increased demand and limited availability, there isn’t much downturn on the horizon.
From our side, we are riding our rollercoaster of productionatbothmines,aswearegoingthrough adryspellwithlowoutput,especiallyinthehighest
quality. We all know very well that Mother Nature produces several different qualities of gemstones, so our challenge remains to find the right gems, those that during our auctions fetch the highest interest and make us all excited as if it’s the first time we’ve seen one!
On this, we are reassured by our history of published production data that up and down cycles in mining are absolutely normal, so our medium to long-term prospects remain bright for you!
Also, we are nearing completion of our second ruby processing plant (affectionately known as “PP2”), which is expected to triple processing capacity at MRM. Exploring new areas in our concessions is another strategy we are adopting to secure continuous production, and if you read on in the following pages, I am sharing some really interesting and promising insights. I also talk about a significant corporate responsibility project in the works that will support our auction customers in seamlessly supplying Gemfields gemstones to the international jewellery brands and, in the coffee break section, we share some friendly tips from our marketing team that we hope prove useful for your business… Please enjoy the read!
All the best,
elena.basaglia@gemfields.com
1 A LOOK BACK TO 2024... AND ONTO 2025 01-02
2 GEMFIELDS WORLD: KAGEM 03-06
3 GEMFIELDS WORLD: MRM 07-12
4 GEMFIELDS MARKETING 13-18
GEMSTONES 19-24
In 2024, as the competition intensified between natural and lab-grown diamonds, and many markets that had once been the driving force in the luxury sector showed concerning signs of volatility, the coloured gemstones sector continued to thrive.
Bruce Cleaver, Chair of Gemfields Group
This was largely due to a consumer shift towards personalisation, responsible sourcing, and aesthetic appeal of colour to the human eye.
Operationally, 2024 saw mixed performances for Gemfields. Production at the mines fell below expectations, particularly for the highest-grade and sought-after gemstones, but demand remained strong in certain categories. We observed record pricing for premium ruby and emerald at our auctions, but competitors' oversupply of lower-priced emeralds in H2 2024 materially weakened the emerald market.
In July, Gemfields Group appointed Bruce Cleaver, former De Beers chief executive, as chair and independent non-executive director, adding momentum to our ambition to scale as market leaders.
This ambition remains unchanged despite several transient challenges impacting cashflow at the same time. Significant strategic measures and risk-mitigating actions were implemented to ensure that the Group was enabled to navigate its transient challenges and be ready for a sparkling 2025, despite economic uncertainties and geopolitical tensions.
2025 started on a cautiously optimistic note, with our customers reporting positive demand for coloured gemstones during the initial trade shows of the year.
Scarcity of fine-quality gems is supporting the market, and there is no incentive for prices of cut and polished gems to move off their heights.
The auction plan for 2025 considers the realised production at MRM and the paused mining activities at Kagem, while aiming to ensure continuity for our customers who supply jewellery brands.
In February, we ran a mini-auction of emeralds that had remained unsold from the November 2024 auction. The lots received notably higher bids than when first offered, though market sentiment remained subdued.
A mini-auction featuring calibrated rubies from both primary and secondary deposits was successfully concluded in April and delivered a robust result. This auction is best described as a hybrid offering, featuring both primary and secondary rubies. Over 90% of the secondary material was under 0.2 grams (1 carat), presented across 13 lots and spanning a broad range of qualities. The primary rubies offered were of commercial quality, predominantly in smaller sizes. The event attracted strong attendance and demonstrated robust demand, serving as a timely affirmation of the ruby market's condition amidst tariff-related uncertainties in global markets.
Gemfields also conducted a commercial-quality emerald auction in Jaipur, which completed on the last day of April, marking a notable improvement on the commercial-quality auction held in September 2024. An increased number of bids and stronger prices across a broad quality range pointed to improved sentiment and demand since our experience in Q3 2024.
The next mixed-quality ruby auction is held in Bangkok in early June and will present an interesting selection of rubies from primary and secondary deposits in MRM.
Kagem Mining Limited operates the world’s single largest producing emerald mine, accounting for approximately 25% of global emerald production.
As announced in December 2024, open-pit mining at Kagem was temporarily suspended as part of a strategic cost-reduction initiative, prompted by a series of concurrent challenges. However, due to prior upgrades to the wash plant, operations continuedbyprocessingstockpiledemerald-richore.Likemanymining operations,Kagem maintains ore stockpiles to ensure consistent processing throughout the year, regardless of external conditions such as seasonal weather variations. This approach supports steady production and quality levels.
After a four-month pause, focused mining operations resumed in May 2025 at two key areas in the Chama pit. The objective is to extract premium emeralds for future high-quality auctions while minimising wastemining.ThisrestartfollowedastrongmarketresponsetoKagem’s April 2025 Commercial-Quality auction. A phased return to fullscale mining is planned, with future decisions dependent on evolving market conditions.
Upgrades to the Kagem processing plant have increased its production capacity by adding more belts and workstations with enhanced lighting. These improvements not only enabled the plant to process stockpiled ore during the mining suspension but also enhanced working conditions and the accuracy of emerald identification.
Emerald production in 2025, measured by carats recovered, has met the Company’s expectations. As anticipated, the proportion of premiumquality emeralds was lower than typical open-pit output due to the nature of stockpiled material. These stockpiles, sourced from various locations and periods, naturally vary in quality. Nonetheless, the recovered yields align with historical trends, and the team is satisfied with the results.
Kagem has also used this period to process historical backlogs, including off-cuts from auction preparation and fragments from automated recovery systems.
Kagem remains committed to the responsible stewardship of Zambia’s gemstone resources and aims to resume its regular auction schedule. The next high-quality emerald auction is planned for the second half of the year, with dates to be confirmed.
Montepuez Ruby Mining (“MRM”) is located on the Montepuez ruby deposit in northeast Mozambique within the Cabo Delgado province, with a licence area of 349 square kilometres.
MRM is believed to be the largest producing ruby mine in the world, supplying approximately 50% of the global supply of rubies.
The mining operations at MRM comprise several shallow open-cast pits split between three main operating areas: Mugloto Block, Maninge Nice Block, and Glass Block. Since the deposit is shallow and mostly alluvial, drilling and blasting are not required in the mining process.
Gemfields has built a strong reputation for the reliable and consistent supply of Mozambican rubies through its well-established auction platform which sees the full sales proceeds of each auction repatriated to Mozambique. Its structured and transparent sales system has ensured dependable access to a wide range of ruby qualities, allowing manufacturers, jewellers, and brands to plan their supply chains with confidence.
MRM is currently conducting mining activities across both its primary and secondary deposits, aiming to bring a diverse range of ruby hues and product variations to the market.
Production from the well-established Maninge Nice and Mugloto areas is now being complemented by output from another section of the mine that exhibits distinct characteristicsandhasnotpreviouslyfeaturedinmeaningful volumes at auction.
This new production zone lies within the Maninge Nice Block but differs in profile from earlier outputs in the same area. The rubies recovered here are mainly secondary, meaning they were transported through ancient riverbeds. This natural journey has enhanced the clarity of the larger gemstones, a process sometimes referred to as nature’s own “cobbing.”
Maninge Nice, where Gemfields began its initial mining operations, has become a well-recognised name in the trade. Its name translates to “very nice” in a local dialect, reflecting the beauty of the gems found there. The contribution of this section to total ruby recovery has risen from 6 percent in 2024 to 14 percent in 2025 (year-to-date).
For the mixed-quality ruby auction in June, MRM will feature a broader selection of secondary-type rubies from this previously underrepresented area. These gemstones are notable for their lower iron content, which contributes to a lighter tone and stronger fluorescence, offering customers an exciting opportunity to explore a wider spectrum of colours and shades in their gemstone selections.
Untapped Resources: Gemfields’ vast-scale licence areas provide the Group with considerable potential for further exploration. MRM has a vast 349km2 licence area (6x the size of Manhattan Island) with only a small percentage of the licence area mined to date. We are eager to see how this develops!
a
investmentinnewinfrastructure, demonstratingourstrongbelief inthepotentialofthissite
MRM is nearing completion of its second processing plant (PP2), which is expected by the end of this month (June). This USD 70 million investment is anticipated to significantly enhance the company's growth prospects and represent an exciting advancement for the ruby industry.
The new plant is expected to provide a broader array of ruby product offerings to the market. Additionally, MRM already has a significant stockpile of ruby ore, which can be effectively processed with the operation of the PP2.
The project remains on budget and on target to be operational across the second half of 2025, which has been no easy feat given the challenges –logistical and otherwise – that have arisen from political and civil unrest, and a weather event or two.
"Once fully operational, MRM’s second processing plant is expected to triple the processing rate and therefore add considerably to the mine’s ruby production (and revenues). The coloured gemstone market is expected to recover and continue its medium to long term upward trajectory. I am confident that there is an exciting growth phase for Gemfields (and the ruby industry) ahead”.
Sean Gilbertson,
CEO.
Having identified that consumers who are keen to buy Gemfields coloured gems need to know where they can buy them, we have prioritised jewellery brand partnerships, launching SIX new partners already this year! These collaborations show just how versatile coloured gemstones are, appealing to different tastes, styles and occasions – there’s something for everyone.
We kick-started the year by introducing Rachel Quinn, a brilliant artist and goldsmith based in Los Angeles, to launch the Crazy Love Collection, which features whimsical designs centred on the emotional rollercoaster associated with new love. Key pieces include the ‘rolls of the dice’ necklace, ‘question mark’ earrings and ‘lovesick’ necklace. The collection was adored by press, featuring in numerous international titles – most recently in a photoshoot by Town & Country magazine.
As the green shoots of spring began to break through, we joined forces with Mohar Fine Jewels, to launch the Emeralds in Full Bloom Collection, which draws inspiration from lush, verdant forests, celebrating the beauty of the natural world.
In March, Gemfields was delighted to partner with Goldsmiths, one of the UK’s leading names in luxury watches and fine jewellery, to present a timeless emerald capsule collection. The three-piece curation consists of a ring, earrings and necklace, and has been showcased online and in select stores with striking visual merchandising.
April saw the launch of Origins, an eight-piece capsule collection inspired by the landscape of Zambia and a celebration of Zambian emeralds. Los Angeles-based ĀZLEE takes its inspiration from ancient jewellery practices, Art Deco architecture and the natural world – with more than a hint of 1980s glamour. The collection was presented to press in New York.
Most recently, over the month of May, the PureJewels x Gemfields collection was inspired by the concept of introspection. Taking its name from the Hindi word “Zariya”, meaning a medium, source, or pathway, the collection lends itself equally to stacking for a modern look, or a single, elegant statement with a pleasing pop of green.
And last but not least, Natasha Collis’ organic, free-flowing designs took us to Ibiza! In two beautiful collections, Ludic and Dancing Duet, Zambian emeralds provide pops of green and sparkle, creating jewellery pieces that are lively, and full of fun.
Auction Partners
Hong Kong Show
To push coloured gemstones to the forefront of this key gifting moment, Gemfields ran a social campaign which showcased a selection of love-themed jewellery pieces, featuring Gemfields emerald and rubies, that can be purchased now from our jewellery brand partners.
Gemfields was delighted to team up with several Auction Partners for a series of high impact posters within the AsiaWorld Expo Station Concourse, driving traffic to the featured booths. We also shared a series of Facebook posts in the same creative aesthetic for both the Hong Kong show and GemGenève to help raise awareness of those presenting at the shows. We would be happy to provide similar support at other shows throughout the year!
With a history deeply rooted in eggs, Easter is Fabergé’s moment! We promoted Fabergé best-seller pendants that feature Gemfields emeralds and rubies, starring these in a digital marketing campaign that ran across our website, email footer and social channels.
Emerald is the birthstone for May, thereby known as “Emerald Month” and a key calendar moment for Gemfields! This year was no exception as we built on our efforts over the past three years. Throughout the month we aimed to support the industry with emerald-related content. A highlight was Transforming Nature’s Gem, a three-part film series documenting the process of an emerald from rough to cut, created in partnership with Tank Fine Gems. The films give a glimpse into the craft involved in this process, helping consumers to see what goes on behind the scenes and makes these green gems so special.
A
particularly stunning 36-carat ruby was recovered this April from our Mozambican ruby mine, Montepuez Ruby Mining (MRM).
This ruby will be presented at the June ruby auction in Bangkok. It was recovered from a secondary deposit located within the MRM concession. Production from this area typically exhibits pinkish and more open hues when compared to the secondary-type rubies that have been auctioned over the past eleven years, much of which was recovered from the Mugloto area. Additionally, the lower iron content in the surrounding geological formations contributes to a stronger fluorescence in the rubies from this area.
The 36ct ruby displays an attractive open colour, virtually no inclusions, and fluorescence that makes it stand out as a unique find. The estimated recovery is projected to be well into the double-digit range, and its natural form hints at the potential to be cut into a beautifully proportioned gem, certain to capture the hearts of collectors and connoisseurs.
We can't wait to see what fantastic new journey this gem will embark on!
36-carat ruby!
Earlier this year, Chopard unveiled the Insofu collection, an extraordinary 15-piece high-jewellery collection inspired by the Insofu rough emerald.
Recovered in 2010, Insofu (meaning elephant in Bemba, the local language) is one of the incredible finds unearthed from the Kagem emerald mine in Zambia. In its rough state, it weighed an astonishing 6,225 carats and showcased remarkable colour and clarity within its single crystal formation.
Chopard has taken a modern approach in the jewellery industry by creating a collection from a single rough gemstone, “a process filled with both promise and uncertainty”. They ensured traceability throughout the cutting process and the transformation of the rough into cut and polished gemstones. The rough piece was infused with DNA tracers by Provenance Proof, allowing the resulting cut gems to retain the same paternity credentials in their structure for years to come.
Ultimately, the Insofu gem produced an impressive 850 carats of exquisite emeralds, which Caroline Scheufele, artistic director and co-president of Chopard, skilfully combined with a variety of diamonds, pink sapphires, and lustrous pearls, resulting in a harmonious blend of colours and textures.
This fabulous jewellery collection signifies a new chapter in the history of this gem, one in which ethics and aesthetics are harmoniously intertwined, reflecting a commitment to responsible sourcing and exquisite craftsmanship.
Watch from the High Jewellery Insofu Collection
Here we are on the last leg of Goliath’s journey around the globe (for now!).
During the past 18 months, Goliath has been the central focus of gemmological exhibitions worldwide, travelling with Van Cleef and Arpels’ L’École to Dubai then Shanghai.
Goliath, in its full glory, made of 33kg of intertwined emerald crystals in their schist host rock, is now housed in a special display in the Vault of the Natural History Museum (NHM) in London, where it shares the space with other rare and culturally important specimens from the mineral world.
Robin Hansen, Senior Curator, Gems and Minerals at the NHM, says "We are thrilled to have Goliath on display at the Natural History Museum, London for the next two years. Housed in our newly refurbished Vault Gallery, Goliath is nestled alongside other outstanding natural treasures from the Mineral and Gem collections. This impressive specimen helps to tell the story of how these beautiful gem minerals form in the Earth, inspiring our visitors about the natural world, and supporting the NHM’s mission to create advocates for the planet.”
This is your best opportunity to see this magical wonder in person!
Look at the scale!
Wim Vertriest
Manager, Field Gemology, GIA wvertrie@gia.edu
GIA has been serving the gem industry for over 90 years. During this time, the Institute has focused on supporting the gem and jewelry industry and ensuring the public’s trust.
Over the decades, GIA has addressed questions and uncertainties in the gem trade by providing solutions and services based on scientific research. These questions have changed a lot over time, covering topics like gem identification, treatment detection and country of origin determination.
GIA offers many services for colored gems like rubies and emeralds, often updating them based on the latest research and the industry’s interests and needs.
One of the most recent changes that GIA has made in its services is the identification of filler material in emeralds.
The global emerald trade has concerns about the composition of the filler in emerald, which is why GIA embarked on a research project to support a service that identifies them.
GIA scientists in Carlsbad, New York and Bangkok analyzed hundreds of emeralds that were clarity-enhanced with known substances to develop a set of criteria to identify those substances.
The new filler identification service differentiates between two types of fillers that are typically used to clarity-enhance emeralds. Based on the FTIR spectroscopy and appearance under the microscope, GIA makes the following distinction:
•Filler Type: A (may include oil, wax and/or natural resin)
These refer to materials that are naturally occurring or have a natural equivalent. Examples are baby oil, cedarwood oil, paraffin and Canada balsam
•Filler Type: B (artificial resin)
These harder materials are often specifically designed to stabilize and clarity-enhance gems. Examples include Palma, Epoxy fillers, Permasafe and Opticon
Apart from the filler identification, GIA also evaluates how much filler is present in the emerald. This refers to the amount of fractures that are filled and how big their impact on the appearance of the stone is.
As a member of the Laboratory Manual Harmonization Committee (LMHC), GIA uses the same terminology as the other members to describe the amount of filler in emeralds.
•Treatment: None
This is an extremely rare comment that is reserved for emeralds that do not have any fractures, as such they cannot be clarity enhanced.
•Treatment: No indication of clarity enhancement
This comment is reserved for stones where the fractures are not filled with any clarity enhancing material.
•Treatment: Clarity enhanced (F1-2-3)
This comment is added to stones that have undergone clarity enhancement to improve its appearance. This also gives an indication to how much the filler has impacted the appearance of the emerald.
oF1-Minor, F2-Moderate, F3-Significant
Apart from treatment detection, GIA also has put tremendous effort and resources into countryof-origin determination of emeralds. GIA’s field gemology teams have visited all major emerald producing areas in the world. Over the last decade, we have visited the major deposits in Afghanistan, Pakistan, Brazil, Colombia, Russia, Ethiopia and Zambia, to collect material for scientific research. We also analyzed material from other reliable sources to make sure that we have the ability to identify even the more obscure locales.
This well-founded and robust set of data allows us the ability to potentially determine the country of origin on any emerald that is submitted to the laboratory. This service relies on a combination of inclusion studies, spectroscopy and advanced chemical analysis.
Through all these services, origin determination + filler identification + treatment detection, GIA aims to better serve the needs of the entire industry including gem miners, manufacturers, wholesalers and final consumers.
forum at MRM
With customers rightly demanding greater levels of transparency throughout the supply chain, Gemfields is keen to demonstrate the efforts it takes towards responsible practices. We are committed to providing our auction customers with the information needed in order to seamlessly supply Gemfields gemstones to jewellery brands, now and into the future. Alignment with IRMA is helping us raise the bar and deliver against this commitment by becoming the first coloured gemstone miner to commit to a public audit against this comprehensive mining standard.
In previous newsletters, we have discussed the Initiative for Responsible Mining Assurance (IRMA), which Gemfields has been aligning with since 2023. Our goal in this endeavor is to maintain our status as the preferred supplier of colored gemstones while strengthening our mining operations, local relationships, and protecting our company from financial, legal, and reputational risks.
As regulations increase regarding responsibly sourcing gemstones and precious metals, companies face greater scrutiny to ensure that their supply chains do not pose risks to human rights and the environment. Retailers are especially keen on sourcing from miners that adhere to best practices, making IRMA an important standard for our Auction Partners and their customers.
We chose to align with IRMA over other standards, such as the Responsible Jewellery Council (RJC), because IRMA offers a more comprehensive approach to the challenges facing mining operations and promotes stronger engagement with local communities. By achieving IRMA verification, we aim to enhance our management practices and positive social impact.
Leading luxury brands are significantly interested in our work with IRMA, especially given the upcoming EU regulations. These companies see IRMA's potential as a valuable tool for due diligence and regulatory compliance.
The verification process entails a two-stage audit, consisting of remote and in-person assessments, incorporating feedback from a wide range of stakeholders, including staff, government officials, and community members. The results will be publicly available, with final preparations occurring in 2025 and audits expected to conclude in the second half of 2026.
We look forward to sharing updates as this journey progresses.
Sophie Ebbetts, Head of Marketing
When building marketing collaborations, focus on shared values and aligned objectives. It is not just about reaching new audiences but also aligning with partners that have a shared direction and desired outcome. This alignment fosters authenticity, creating experiences that genuinely resonate with the audience - like Gemfields VOID exhibition, which drew upon a shared fascination of the world within each gemstone, and a desire to appreciate these small, unseen natural forms on a large scale.
In marketing, authenticity is everything. Consumers today crave transparency and meaningful connections with brands. Make the most of this by ensuring your messaging aligns with your values and resonates with your audience on a deeper level. Build trust by showcasing your commitment to things that matter to them, like responsible practices or craftsmanship. The more genuine your approach, the stronger the bond you’ll enjoy.
Creative is more than just a picture, it is means to tell your brand story. When choosing creative, it is key to first consider the story you want to tell. A visual can convey an emotion, thought and message, so be sure to align your creative with the marketing strategy and consider the audience you are targeting. Ensure your visual content reflects the tone, message, and aesthetics of the brand. And don’t be afraid to have fun with it!
Effective brand marketing is aided by consistency and alignment to core values. Ensure your brand’s message, visuals and tone of voice are uniform across every touchpoint with your audience – from your digital platforms tophysicalexperiences.Consistentbrandinghelpsbuildrecognition,trust, and loyalty. When your audience encounters your brand and experiences the same tone, message, and aesthetics, it reinforces the identity you want to project. Consistency is key!
OrlandoBeetge,DigitalMarketingManager
A checklist for your social media approach:
1.Consistency is key when building a strong, recognisable social media presence;
2.Set clear and achievable goals, and reflect on performance regularly;
3.Get to know and understand your audience so you can tailor to them;
4.It is not only about posting regularly but also about creating a visual identity and sharing a message;
5.Aim for content that encourages engagement, is easily shareable and promotes the growth of your community;
6.Alignment to your brand values is crucial for your approach to be meaningful!
Orlando Beetge, Digital Marketing Manager
Newsletters offer an unrivalled opportunity to foster stronger relationships with followers and nurture a sense of community. Start with attention-grabbing subject lines for higher open rates. Including content that provides useful information, actionable advice or unique insights will have readers coming back for more. Try not to give away too much over email though - instead draw interested readers to your website with clear call-to-action links (CTA’s) so that they can explore further. Images will bring your story tolife,andacleanlayoutavoidsovercrowding,soyour most important elements can be seen. Remember that most users view digital content on a mobile, so choose a design that works across different devices.
Emily Dungey, Marketing and Communications Director
Emily MarketingDungey, andCommunications Director
As with all things in life, deciding what you want to do before you do it does help! In marketing – assuming your aim is to sell someone a product or service – this means being clear on who you want to speak to, and what you would like the outcome of that interaction to be. Put yourself in their shoes (taking off your own first!) and ask:
1.What makes your product interesting, different, valuable, special, desirable? Then think critically: why would your audience care about that?
2.What is unique about your company, your brand, and again… objectively, does it matter to your audience? If not, focus elsewhere!
3.What does your audience need to help them feel confident to buy? To learn more about it, see third-party credentials, be reassured of your aftersales, your shipping, your returns process, your responsible practices?
Then say it! Clearly and simply, in a place where your audience is receptive to hearing it and being selective with the amount of info you share in one go. Pop your audience’s shoes on again: what channels do they see and what frame of mind are they in when they do? You don’t pay attention to the same things you see at a conference as you do on instagram. So reflect this! Be fun, or be informative; but never be dull. Try not to lose sight of your desired outcome: include a call to action (eg how to buy!). And remember to align your plan and action, or you’ll be heading off somewhere else instead!