This article first appeared in the GEMSWORLD 2024.

Gemfields’ continued success hinges upon a multipronged strategy spanning core operational pillars: Auctions, collaborations and corporate responsibility. The year 2023 marked glittering achievements in these respective categories, with the company eyeing sustained growth in 2024, fuelled by solid consumer demand and improving economic fundamentals.

Robust business

Gemfields’ auction arm performed strongly in 2023, thanks to steady sales. Its final auction of the year, which offered mixed-quality rough rubies from Mozambique, generated revenues of US$69.5 million, signalling the ongoing strength of the ruby market.

Held from November 20 to December 5, 2023, it featured rubies mined by Montepuez Ruby Mining Limitada (MRM). Gemfields has a 75 per cent stake in MRM while its Mozambican partner, Mwiriti Limitada, owns the other 25 per cent.

All 97 lots, or a total of 239,591 carats, sold at the auction, with an average realised per-carat price of US$290.02. This brings total revenues from MRM’s 21 auctions since June 2014 to US$1.05 billion.

Gemfields’ Managing Director of Product & Sales Adrian Banks said ruby prices at Gemfields auctions grew steadily in recent years. He added, “This auction has shown that demand and pricing for rough rubies is decidedly healthy. Gemfields’ total auction revenue for 2023 stands at US$242 million, the second highest in our history. This auction also takes Gemfields past the milestone of US$2 billion in cumulative emerald and ruby auction sales.”

Building alliances

Gemfields also partnered with several jewellers to further highlight the exceptional allure of Zambian emeralds and Mozambican rubies.

The Sandy Leong x Gemfields Serenity Collection, a collaboration with the New York-based jewellery designer and sustainability advocate, shines the spotlight on Zambian emeralds interspersed with pearls in stunning, asymmetrical jewellery pieces, while the House of Meraki x Gemfields J’aime Collection offers arresting designs with a focus on Zambian emeralds. Both collections were launched in 2022.

Meanwhile, the Line x Gemfields Songbird Collection, which reimagines emeralds and rubies in contemporary, Indian-inspired motifs; and IVY New York x Gemfields, featuring statement pieces showcasing the natural beauty and versatility of rubies and emeralds, were released in 2023.

Gemfields’ Marketing & Communications Director Emily Dungey explained, “Brand collaborations provide us with an opportunity to share guidance on buying coloured gemstones and styling them, which helps build consumer confidence. It is through these pillars of education and visibility that we grow desire for coloured gemstones and support our business objectives.”

Road to sustainability

According to Dungey, Gemfields effectively improved and polished its corporate responsibility programme in 2023.

“Our strategic approach has been updated and a structured framework implemented,” shared Dungey. “We completed several community projects in Zambia and Mozambique throughout the year. Meanwhile, our charitable arm, Gemfields Foundation, saw the inauguration of a solar-powered computer laboratory at Kapila primary school in Zambia, in addition to funding construction projects at two primary schools in Madagascar.”

Gleaming opportunities

Gemfields recorded strong financial performance from its rough ruby and emerald business in 2023. Moving forward, Dungey said vibrant consumer interest and growth in the coloured gemstone sector is likely to continue.

“Production of high-quality gems is never guaranteed and has not been as abundant through 2023 as previous years,” noted Dungey. “This is not a cause for concern, but a reminder that nature is no supermarket: Each gemstone found is a gift from the earth to be treasured. Emeralds are said to symbolise hope, growth and renewal, and it is with this mindset that we look to 2024.”