Rocky ground in a field of gemstones
Shock resurrection of emerald export levy in Zambia and tension in Mozambique make life difficult for Gemfields
Grizzly by name, grisly by nature. Senegalese-owned family business Grizzly Mining flooded the Zambian emerald market to such an extent last year that it forced South Africa’s Gemfields Group to call off its sales for the first six months of 2025.
Consequently, Gemfields’ Kagem mine is suspended until at least July. Meanwhile, hundreds of employees have been put on forced leave. Having employees sit at home on 100% basic pay is still better than shouldering mine cash costs that emerald prices can’t support, says Sean Gilbertson, CEO of Gemfields Group. But he tells the FM the situation could get worse. ..
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