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Gemfields suspends operations and auctions

2-4-2020

 

Gemfields has shut the majority of its businesses and is planning to cancel the coming tenders, the company foresees “the turmoil stemming from COVID-19 [will have] a significant impact on [our] operations, revenues and business during 2020, and possibly beyond”. Last year, 93 percent of its revenue was generated from its six gemstone auctions.

 

The miner has closed all mine, except its Kagem emerald mine in Zambia and exploration project in Madagascar has stopped. Its jewellery brand Fabergé’s directly operated retail operations in Britain and the United States, as well as boutiques operated by partners in Dubai and Ukraine, are closed.

 

It is highly possible that the emerald and ruby auctions originally slated for May and June 2020 will be postponed to the second half of 2020. Considering the widespread and ongoing travel restrictions, Gemfields said it was unable to say when it would be able to host its next auctions. “Once the travel restrictions are lifted, additional time will clearly be required before life and business returns to a relative ‘normal’,” Gemfields said.

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