The world’s largest emerald producer Gemfields Plc announced the resumption of production at the Kagem field in Zambia. The company plans to develop two production sites where premium gemstones will be mined by open-pit mining. This solution opens up new prospects for the market precious stones and the Zambian economy.
Late last year, Gemfields temporarily stopped work on Kagem due to declining demand for luxury goods and an influx of cheaper emeralds into the market. Instead of mining, the company focused on processing already accumulated reserves. However, now the situation has changed, and Gemfields is ready to return to active development of the field.
The Kagem mine is one of Gemfields’ most significant projects. The company owns a 75% stake in this deposit, as well as licenses to mine emeralds, rubies and sapphires in Mozambique. Additionally, in 2013, Gemfields acquired the iconic jewelry brand Fabergé, strengthening its position in the luxury industry.
The resumption of mining at Kagem could stabilize emerald prices and improve their quality. Gemfields is known for its high standards, so the company’s return to the market is good news for jewelers and collectors.
Gemfields’ decision to restart production in Zambia is an important step for the industry. This will not only support the country’s economy, but will also strengthen the position of premium emeralds in the global market.
Source: @nerzhavey
