Colorful Louis Comfort Tiffany Antique Jewelry Suite Fetches $161,000 at Bonhams

Photo credit: image courtesy of Bonhams

A rare antique jewelry suite of sapphire, demantoid garnet and enamel attributed to Louis Comfort Tiffany sold for $161,000 (including premium), soaring past its high estimate at Bonhams Fine Jewelry auction in New York.

The suite, created for Tiffany & Co., circa 1920, is led by a pendant centered by an oval, irregularly-domed cabochon sapphire. It sits within a scrolling frame suspending a flexible swag, accented by circular and oval-cut demantoid garnets and sapphires, highlighted by enamel floral sprays and suspended from a chain of floral links. It is completed by a box clasp set with circular-cut sapphires, pendant earrings en suite; chain and pendant earrings.

Photo credit: image courtesy of Bonhams

The top lot of the evening was an 8.45-carat Cartier diamond ring (pictured above). The rectangular step-cut diamond within a pierced and openwork pavé-set diamond surround sold for $293,000. 

Despite being the top lot, the diamond ring must have felt a bit lonely at the sale dominated by rare sapphires, emeralds and other colored gems. As a signed piece, it was among many that were in high demand at the December 8 sale, which realized $4.1 million. 

“More contemporary signed jewels continue to thrive in the auction environment,” said Susan Abeles, VP and director of the Jewelry at Bonhams North America, “The sale was dominated by colorful estate property which was well received by an international audience.”

Other highlights of the sale include:

Photo credit: image courtesy of Bonhams

* A 3.2-carat Kashmir sapphire and diamond ring that fetched $118,750, almost twice the high estimate.

Photo credit: image courtesy of Bonhams

* A sapphire and diamond brooch with a diamond weight of 6.85 carats, which realized $112,500, nine times the high estimate.  

Photo credit: image courtesy of Bonhams

* A Colombian emerald and diamond ring, featuring a large emerald cabochon weighing approximately 50 carats surrounded by diamonds. It achieved $106,250, over 3.5 times the high estimate.

* A late Art Deco ruby and diamond bracelet, circa 1935, with a total diamond weight of 14.00 carats, which sold for $106,250, well past its high estimate.

* Natural button pearl diamond ear studs, each over 10mm, realizing $45,000, close to 6.5 times its high estimate. 

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Gemfields Revenue and Profit Soar

Miners hold a rough emerald from the Kagem mine in Zambia.

Colored gemstone mining and marketing company, Gemfields, reported that revenue from sales increased 108 percent to $83.7 million, year-over-year, for the year ended June 20. Pre-tax profit for the same period increased 140 percent to $47.8 million.

“They certainly are great numbers,” said Ian Harebottle, CEO of the London (AIM)-listed company, which specializes in emeralds from the Kagem mine in Zambia.

Harebottle, speaking in a video from ProactiveInvestors, said the company spent the first six months of the year focusing on waste removal on the Kagem mine, the company's largest asset and one of the world's major sources of emeralds, in order to expand production at the mine. The last six months of the year was focused on emerald production.

“We had pleasing results but our decision to remove waste and look for long term is paying off,” he said.

The company also has been working hard in diversifying its product base. It owns a 75 percent stake in the Montepuez ruby mine in Mozambique. The company also owns the Kariba amethyst mine in Zambia that it plans to continue to invest in.

Alexandra Mor ring with Gemfields' emerald.

In addition to its mines, the company has been involved in an international advertising campaign focusing on Zambian emeralds and, last month, launched its emerald-focused campaign in the U.S. by having a number of jewelry designers make pieces with its Zambian emeralds.

The company’s cash balance nearly tripled to $36.7 million. Harebottle said that money will not be used for stock dividends but instead will be invested in the growth and diversification plans of the company.

“I believe right now if we could use it within the business, we’ll put it to much better use in terms of shareholder return,” he said.

Below is a video of Harebottle's interview with ProactiveInvestors:

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50-Carat Diamond to Lead Christie’s Upcoming Auction

Diamond ear pendants, 52.78 cts. and 50.31 cts. (117.04 cts total with surmounts). Estimate: $4.5 million - $6.5 million.

Christie’s first sale of the fall jewelry season will include three diamonds of more than 50 carats each and a rare double strand of large natural pearls.

The two-session sale on October 16 at Christie’s Rockefeller Center saleroom also includes signature jewels, rare gemstones and more statement diamonds among its 372 lots. It is expected to achieve more than $35 million.

The top colorless diamond in Christie’s New York Magnificent Jewels sale is a pear-shaped D-color flawless diamond of 50.52 carats with excellent polish and symmetry. The stone is mounted in platinum and may be worn suspended from a necklace with a 2.28 carat, circular-cut D-color diamond surmount. The estimate is available on request.

Among the colored diamond highlights is an oval-cut fancy intense yellow, internally flawless diamond of 68.35 carats with excellent polish and symmetry. It has an estimate of $2.2 - $3.2 million.

In addition, a pair of diamond ear pendants brings together a pear-shaped fancy yellow diamond of 52.78 carats and a pear-shaped white diamond of 50.31 carats surmounted by circular-cut fancy yellow and white diamonds Mounted in yellow and white gold, the pendants may be easily swapped or detached completely, giving the owner three options for how to wear them. Its estimate is $4.5 - $6.5 million.

The double strand natural pearl necklace is formed of 120 large-sized individual pearlsRanging in size from 6.50 mm to 12.25 mm in diameter, the pearls range in coloration from white to light cream, with subtle rosé and green overtones and superb luster. It is accented with a 3-carat, D color diamond clasp signed by Cartier. Its estimate is $2.8 – $3.5 million. The auction house said it is “one of the finest to come to auction at Christie’s in the last five years.”

The sale will 130 signed jewels by Buccellati, Bulgari, Cartier, Graff, Marina B., Oscar Heyman & Brothers, Tiffany & Co., Van Cleef & Arpels, David Webb, Harry Winston and Raymond Yard.

Among the highlights of iconic design is a “honeycomb” motif ruby and diamond bracelet by Van Cleef & Arpels. Crafted from hexagonal-cut rubies and diamonds, the gems are set using the firm’s trademark “mystery-set” technique which eliminates any visible prongs from the surface of the bracelet. Its estimate is $100,000 - $150,000)

The sale also includes a selection of jewels by Marina B, granddaughter of Sottiro Bulgari. The sale features a number of her designs accompanied by their original renderings, including a ruby and gold “Simona” bangle set with a shield-shaped fancy yellow diamond (estimate: $50,000 - $70,000), a “Georgina” ring featuring an oval-cut ruby of 10.54 carats (estimate: $200,000-300,000) and a pair of diamond, amethyst and pink tourmaline “MBC” ear pendants (estimate: $25,000-35,000).

One-of-a-kind creations by the Indian designer Viren Bhagat are among the most coveted of contemporary jewelry designs on the auction market today. As a special fundraising item within the sale, Christie’s offering a pair of “flower blossom” pearl and diamond ear clips by Bhagat (estimate: $30,000-50,000). The sale will benefit the Salaam Bombay Children’s Fund, a decade-old organization that works with disadvantaged children across India to empower them with opportunities and skills that enable them to make the right choices for their health, education and livelihood.

Others sale highlights include:

* Pear-shaped diamond ring of 10.05 carats, D color, internally flawless. Estimate: $1 million – 1.5 million.

* Pear-shaped fancy light pink diamond ring of 10.52 carats by Galt. Estimate: $900,000 – 1.1 million.

* Pair of pear-shaped diamond ear pendants of 6.94 carats and 6.79 carats. Estimate: $600,000 – $800,000.

* Colombian emerald and diamond ear pendants of 22.12 carats and 21.47 carats by Van Cleef & Arpels. Estimate: $600,000 – 800,000.

* Cushion-cut Burmese sapphire diamond ring of 32.31 carats. Estimate: $350,000 – $500,000.

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Fair Trade Gem Company Shows Turnaround, Profit

A Gemfields emerald

Mine-to-market gem company Gemfields PLC reported a maiden profit of nearly $2.6 million for the first half of 2010, ended June 30—a marked turnaround from the same period of 2009 in which the London-based company reported a loss of $201.4 million.

In another turnaround revenues from emerald sales for the period were $20 million, compared with $815,456 for the same period in 2009.

While Gemfields has shares in several mining sites, by far its primary source of revenue and its identity is attached to its ownership of the Kagem emerald mine in Zambia, Africa, quite possibly the largest emerald mine in the world. The company is using the mine (which it purchased in 2007) as the sole source of its emeralds. It also owns a cutting and polishing facility in Jaipur, India, opened in 2008. Next, it’s working on building an exclusive distribution network to purchase rough as well as cut and polished emeralds from the mine. It also wants to work with third party companies to create a certification system for its emeralds and create verifiable fair-trade practices. Finally, it wants to develop a marketing program to be used throughout the supply chain.

Miners show an emerald pulled from the Kagem mine.

Gemfields says this mine-to-market strategy allows it to guarantee the provenance of every gem.

“Natural, untreated gems are at the heart of the operation,” the company says on its Web site. “Our focus—reliable and ethically-produced Zambian emeralds—uphold fair-trade practices while remaining in accordance with the highest level of environmental, social and safety standards. This mission holds true for every gemstone in our portfolio.”

It’s quite an ambitious agenda and at least some of it had to be put on hold as the company struggled through the worldwide economic crisis. But now that it has posted a profit, will it be able fully fund its agenda?

“Considering the extent of the challenges that we have faced over the past year, the vast number of new projects and the strategic changes that we have implemented across all divisions within the Group, I am rather pleased with our results and what has been achieved,” said Ian Harebottle, CEO of Gemfields. “We are now well on our way to positioning Gemfields as a market leader within the premium colored gemstone sector.”

The company reported that its cash at hand is $2.6 million, compared with $6.9 million at the same time in 2009. The estimated value of its emerald stock is estimated at $16.5 million, compared with $17.7 million in 2009.

The average revenue per carat of rough emerald and beryl (also mined at the site) is at96 per carat after a July 2010 auction, which took in a total of $7.5 million.

The company was able to cut costs slightly at the Kagem mine to $1.06 million, from $1.6 million in 2009.

Among the company’s marketing and promotional activities for the period included World Land Trust’s “Emeralds for Elephants” campaign and the Indian International Jewellery Show’s “Jewellery Designer of the Year” awards.

Gemfields is owned by Pallinghurst Resources, a South African private equity company. Pallinghurst purchased the Fabergé brand in 2008 and gave Gemfields the exclusive rights to provide Fabergé with emeralds. The first jewelry line under this new structure launched in 2009 aimed at the ultra wealthy consumer, followed by a more accessible 2010 collection.

Graff Honors Paris With Two Statement Jewels For La Biennale

Royal Star of Paris

The Biennale des Antiquaires at the Grand Palais in Paris hosts some of the top high jewelers in the world who release special collections every two years just for this event. Graff Diamonds marks its return to the show by unveiling a new collection led by two statement jewels centered by standout diamonds and gems: the “Royal Star of Paris,” and “Le Collier Bleu de Reve.”

The Royal Star of Paris, a brooch (which also can be worn as a pendant) has two diamonds of at least 100 carats each: the “Graff Sunflower,” a 107.46-carat fancy yellow cushion cut diamond and the “Graff Perfection,” a 100-carat D flawless pear shape diamond drop.

“We create legendary stones with remarkable stories to tell, one such diamond is the Graff Perfection, Graff said. “Following many hours of painstaking work, we unleashed the true potential of an incredible 225 carat rough diamond, transforming it from perfection to ultra-perfection.”

Le Collier Bleu de Reve

Le Collier Bleu de Reve is set with a 10.47 carat fancy vivid blue internally flawless briolette diamond. The other key stone is a 4.22 carat untreated old-mine Colombian emerald. The central element of the jewel can be detached from the beaded diamond necklace and worn alone as a brooch.

“I truly believe that when you are searching for the perfect precious gemstone you should look for an emerald greener than green,” Graff said. “The emerald in this necklace really is greener than green and incredibly clear.”

The remaining pieces in the Biennale collection continue the theme of stone-led design; with brooches made of rare colored diamonds and gemstones, necklaces depicting natural motifs using gemstones, and designs with beaded tassels all complemented by bracelets and earrings.

All of the jewels, including the statement pieces, are hand-crafted at Graff’s London atelier.

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Gemstone Found in North Carolina Farm Produces 65-ct. Emerald

The Carolina Emperor, photo by Terry Ledford provided by the AP

A North Carolina farm has yielded an emerald that may be the biggest ever uncovered in North America, The Associated Press reports.

This Aug 17, 2009, photo provided by Terry Ledford shows the Carolina Emperor emerald prior to cutting, with a U.S. 25-cent coin in the foreground, photo provided by the AP.

The 65-carat emerald, nicknamed the Carolina Emperor, was cut from a gem pulled from a farm in the rural community of Hiddenite, about 60 miles northwest of Charlotte, the AP reports. Terry Ledford, 53, found the roughly 2-inch-square chunk rimmed with spots of iron a year ago on a 200-acre farm owned by business partner Renn Adams, 90, and his siblings. The rural community of Hiddenite is named for a paler stone that resembles emerald.

Photo by Christie's

Gemologist C.R. "Cap" Beesley, who reportedly examined the emerald, who reportedly examined the emerald, compared it to an emerald brooch once owned by Empress Catherine the Great of Russia (pictured left). The brooch, also approximately 65 cts., sold at auction in April for $1.65 million.

‘The Gem Hunter’ Provides Help to Afghan Gem Industry

American author and humanitarian Gary Bowersox, is in Kabul, Afghanistan, to assist the US government in revitalizing the Afghan gemstone industry while delivering help to Afghan children.  

Bowersox, also known as the “The Gem Hunter,” is leading a trip of 30 Afghan miners and dealers to travel to the Hong Kong Gem & Jewelry Fair (September 14-20).

The project is sponsored by the United States Agency for International Development (USAID), specifically its Afghanistan Small and Medium Enterprise Development (ASMED). It’s a joint effort with Development Alternatives, Inc. (DAI), a global consulting firm that provides social and economic development solutions. The full acronym for the effort is (Are you ready?): USAID/DAI/ASMED. Bowersox serves as the senior advisor for the gem industry.

Bowersox said most of the miners and dealers have never been outside Afghanistan, have no business background and only a few speak English. “It is a real challenge,” he said.

Bowersox, who lives in Hawaii, has spent the past year visiting the emerald mines in Panjshir Valley and the ruby mines at Jegdalek. In addition, he traveled to the schools in the mining areas as a representative of the Hawaii Kai Rotary International project to furnish school supplies for Afghan children and at the same time delivering eye glasses for the Kamehameha Lions Club. Bowersox is a member of both clubs.

“The poverty these poor children live in would shake anybody with any sense of dignity to their souls,” Bowersox said.

Bowersox said one of the best ways to help the people of Afghanistan is to purchase the country’s gems, which is a legally exported product. Opium is country’s largest illegal export. Among the gems found in Afghanistan are emeralds, tourmaline, spodumene, rubies and lapis lazuli—the country’s best-known gem.

Bowersox has been in the gem business for 40 years. His relationship with Afghanistan is long. In 1976, he received an exclusive license from the Ministry of Commerce of Afghanistan to import lapis-lazuli into the United States. In 1996, the Ministry of Mines and Industry in Kabul, Afghanistan appointed Bowersox as consultant to the ministry. However, continued fighting in Afghanistan has hindered many projects. In 2002, he was the subject in a documentary called The Gem Hunter in Afghanistan, which follows Bowersox from the Peshawar gem market over the high mountain passes of the Hindu Kush, and the steep mountain slopes to the Lapis and the Emerald mines of Afghanistan. He also authored the book about his experiences in Afghanistan called, The Gem Hunter.

Bowersox owns and operates GeoVision, Inc., in Hawaii, where he deals in gems and minerals from many parts of the world, including Afghanistan, Brazil, Burma, India, Kenya, Kazakistan, Kyrgistan, Madagascar, Pakistan, and Thailand.

Caption: Gary Bowersox (right) with the Afghan Minister of Mines H.E. Wahidullah Shahrani.

Gemfields Kagem Emerald Mine Showed Solid Annual Growth Despite Conflict With Zambian Government

Coomi 20K yellow gold with Gemfields’ Zambian emeralds, 120.34 carats and diamonds, 5.21 carats.

Production at the Gemfields Kagem emerald mine in Zambia increased 42 percent to 29.99 million carats for the 12-month period ended in June.

The average grade for the year increased 38 percent to 283 carats per ton, the company said Monday through the Proactive Investors website. Meanwhile, production costs fell 26 percent in the year.

Gemfields is a colored gemstone exploration, mining and marketing company. The Kagem mine is the London-listed company’s biggest asset and it provides nearly all of its revenue, even though it has interest in other colored gemstone mines. It owns a 75-percent share of the Kagem mine with the Zambian government owning the remaining 25 percent.

One of Gemfields other mines is the Montepuez ruby deposit in Mozambique. The company said it is on track to hold its first auction of rough rubies in the first quarter of 2014.

Gemfields also owns Fabergé, which it fully acquired in January. The company said the luxury jewelry brand achieved a record number of unit sales for the year.

A sale of lower quality emeralds in April netted $15.2 million, Gemfields said. Not included in the annual results was its latest auction of higher quality emeralds, held in the Zambian capital of Lusaka. This brought in revenues of $31.5 million, the second highest total ever for an auction of its kind.

The auction was originally scheduled in June in Singapore but pressure from the Zambian government to move the auction to Zambia caused the auction to be postponed until July, after the reporting period. Where to hold auctions has been a source of debate since April when the government of Zambia, Gemfields business partner, issued a directive for Gemfields to hold its auction within the country’s borders, citing capital flight.

Ian Harebottle, Gemfields CEO, said through Proactive Investors that communication between the two parties is now “much, much better” and more interactive.

However, Harebottle said the company continues “to seek guidance and to interact with the Government of Zambia.” Gemfields argues that it needs to sell Kagem emeralds at places that will likely get the most interest and the best price.

“While the two auctions held in Lusaka this year have certainly been successful, the key question, of course, remains what they would have generated had they been held abroad (where competing and undermining sources of supply, frequently illegal, are not readily available to our customers) and their potential impact on the long term growth of this sector,” he said.

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Gemfields Kagem Mine Posts Stong Gains

Miners at the Kagem emerald mine in Zambia. Photo credit: Gemfields

Mining company Gemfields has reported record annual production from its emerald mine in Zambia with a jump in grades per ton and a cut in production costs.

In an operational update for its fourth quarter and full year to June 2011, the company says annual production increased 90 percent to 33 million carats versus the previous year, as reported by the Proactiveinvestors financial news service. Gemfield's 75 percent owned Kagem mine in Zambia—the single largest emerald mine in the world. It is currently the company’s only operating emerald mine. The mine debt free, the company said.

Grade for the year came in at 478 carats per ton versus 286 in prior year, and per carat production costs were reduced by 41 percent to 43 cents per carat, according to the report. Rock handling costs for the year fell 25 percent to $3.70 per ton.

The final quarter of the year alone produced 10.8 million carats at a grade of 500 carats per ton and a unit cost of 32 cents per carat.

At its recent July auction of high quality rough emeralds, the company placed 1.07 million carats and successfully sold 740,000 carats to generate record sales of $31.6 million. Per carat prices at the July 2011 sale improved by 63 percent to 42.71 per carat, compared with its December 2010 auction.

So far, the company said it has completed seven auctions in the past two years, generating total revenue of $87.5 million.

Gemfields raises $7.5M in Emerald Auction

Gemfields said it achieved the highest auction revenues to date from its latest event in London, raising $7.5 million as prices per carat was up 83 percent from the previous auction of higher quality material held in November.

Gemfields is a mining, cutting and distribution company for emeralds specifically from the Kagem emerald mine. It is setting up a system to bring what it is defines as “ethically produced, conflict-free gemstones of certified provenance directly from mine to market on an integrated basis.” Under the plan, Gemfields will develop a structured and consistent supply chain for retailers. The company aims to become a “supplier of choice,” by offering emeralds that are natural and organic (meaning untreated or with treatments approved by international norms and fully disclosed). The emeralds being direct from a single source, along with other provisions in the sourcing and distribution of these emeralds, will guarantee that the gemstones are conflict free and mined in a socially and environmentally responsible manner. The entire supply chain from mine to market will be “completely traceable and certified,” the company said.

The auction, held July 19-23, saw 850,000 carats offered to 37 companies from India, Israel, Germany and the United States with 8000,000 million carats sold.

“We are pleased with the positive response we have received at the recent auction, giving a clear indication that demand for our emeralds is growing,” said Adrian Banks, Gemfields product director. “All indications are that the market for emeralds is likely to continue to grow at a considerable pace, supported by strong Asian and worldwide demand, and into the foreseeable future.”

Gemfields Emerald Auction in Zambia Raises $31.5 Million

Gemfields spokesperson Mila Kunis.

Maybe holding emerald auctions in Zambia isn’t such a bad idea. The ongoing tug of war between the Zambian government and colored gemstone mining and marketing company, Gemfields, over where to sell Zambian emeralds hasn’t dampened demand.

Gemfields’ most recent auction of higher quality rough emerald and beryl from the Kagem mine in Zambia resulted in revenues of $31.5 million, the second highest total to date for the company. The average price per carat reached $54, the highest unit value achieved at any auction and a 26 percent increase over the previous highest value achieved in July 2011. In addition, a 54-carat rough gem, offered as a single lot, set a new per carat record for prices achieved at a Gemfields auction.

A total of 40 companies were invited to the auction held July 15 - 19 in the Zambian capital city of Lusaka and 37 attended, with 36 attendees placing at least one bid, Gemfields said in a statement Tuesday. A total of 583,448 carats of emerald extracted from Kagem was placed on offer, with all lots being sold. The auction format is how Gemfields chooses to sell its Kagem emeralds, which account for nearly all of the company’s revenue.

The auction was held in Lusaka at the request of the Zambian Ministry of Mines, Energy and Water Development. The government first issued the directive in April, which appeared to be a surprise to Gemfields. Particularly since the two entities are business partners, with Zambia owns a 25 percent stake in the Kagem mine with Gemfields owning the remaining 25 percent.

The government in a statement said the directive is designed to promote transparency and accountability in the marketing of emeralds, stimulate local demand for emeralds, create more opportunities for small-scale miners to have access to colored gemstone markets, and increase tourism.

“Zambian gemstones have for a long time been sold on foreign markets, a situation that has contributed to capital flight and denied Zambians of the much needed benefits from the resource,” Yamfwa Mukanga, Zambia mining minister, said in the original statement.

This is the second auction of Kagem emeralds held in Lusaka. It was originally scheduled to be held in Singapore June 10-14, but was postponed and rescheduled to Lusaka due to government pressure.

Gemfields insists that it needs to sell Kagem emeralds at places that will likely get the most interest and the best price in order to compete with other emerald hubs, such as Colombia and Brazil. With the most recent sale showing such strong results the government seems to have the upper hand in this argument.

In a statement, Ian Harebottle, CEO of Gemfields, credited “favorable market conditions and particularly strong demand from our customers” for the strong results. “All indications show that demand for colored gemstones, and especially emeralds, will continue to increase at a steady pace over the coming year.”

Gemfields said its 13 auctions held since July 2009 have generated $207.3 million in aggregate revenues.

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Pressure From Zambia Forces Gemfields to Reschedule Emerald Auction

A Gemfields advertisement for its Kagem emeralds from a recent marketing campaign.

Gemfields has rescheduled its auction of emeralds from the Kagem mine in Zambia due to Zambian officials’ insistence that the company hold its auctions within the country’s borders.

The London-based colored gemstone exploration, mining and marketing company planned to auction higher grade rough emeralds in Singapore from June 10-14, but a change of policy on the part of the Zambian authorities caused the company to postpone the sale, it said through the Proactive Investors website on July 1. The auction will now take place July 15-19 in Lusaka, the capital city of Zambia.

The date change will affect Gemfields financial reporting for the fiscal year, which ended June 30. The delay means the company only completed two auctions during the fiscal year that generated $42 million in revenue, compared with four auctions held during the prior fiscal year that generated $77.9 million.

The directive was issued in April in the form of a written request by the Zambian Ministry of Mines, Energy and Water Development. Despite ongoing discussions, the country’s position apparently hasn’t changed. Even though Gemfields said Zambian officials have insisted there is no ban on overseas auctions.

The government of the Republic of Zambia owns 25 percent of the Kagem mine while Gemfields owns the remaining 75 percent. In addition, the two parties own a 50-50 stake in the Kariba amethyst mine, which will also be affected by the outside selling ban. However, nearly all of Gemfields income comes from the Kagem mine.

What’s at issue is the government’s belief that it isn’t receiving enough of the economic benefits from the mine.

“Zambian gemstones have for a long time been sold on foreign markets, a situation that has contributed to capital flight and denied Zambians of the much needed benefits from the resource,” Yamfwa Mukanga, Zambia mining minister, said in its written request issued in April.

For its part, Gemfields insists that it needs to sell Kagem emeralds at places that will likely get the most interest and the best price in order to compete with other emerald hubs, such as Colombia and Brazil.

Since 2007, Gemfields has been creating a mine-to-market initiative for its emeralds using the Kagem mine as a single, traceable source for its emeralds. In addition, it is working on a program to mine its emeralds in adherence to fair-trade practices and in accordance with environmental, social and safety standards. The distribution of its emeralds includes the Faberge luxury jewelry brand, which it owns. 

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Black and White and Green All Over, Ivanka Trump Jewelry Adds Color

The introduction of emeralds to the 'Lao Tong' brings color to a jewelry brand known for its black-and-white pieces.

LAS VEGAS — It had to happen sometime. The brand that is making its mark creating black and white jewelry inspired by early 20th Century design has added color to one of its newest collections, released during the JCK Luxury tradeshow.

Ivanka Trump Fine Jewelry introduced sparkling emeralds to its new “Lao Tong” collection, inspired by the movie “Snow Flower and the Secret Fan” produced by Ivanka’s friend Wendi Murdoch. The story depicts two seven year old girls matched as laotong, or “old sames,” bounding them together for eternity. “It’s like the Chinese BFF,” said Andrea Hansen, CEO of Ivanka Trump Fine Jewelry.

In the collection, classic fans were re-imagined with black onyx and white diamonds, black enamel, complimented by emeralds and set in 18k white gold. The collection ranges from $5,000 to $70,000. Some of the higher-end pieces are one-of-kind and others are limited edition.

“It was great to find a way to bring in color,” Hansen said in the Ivanka Trump exhibition space at the Mandalay Bay Convention Center.

The brand also introduced two other collections at the show: “Belle Epoque” and “Gilded Cage.”

Fans, such as these made of mother-of-pearl, are a recurring theme this year, such as these fan and bow earrings from the 'Belle Epoque' collection.

Meaning “beautiful era” in French, Belle Epoque draws inspiration from the era of the same name in late 19th century, early 20th century Paris, reflected in the jewelry designs of soft bows, mother-of-pearl fans, pave diamonds, and white-on-white color schemes. Pieces are set in 18k white gold and paired with precious stones such as mother-of-pearl and diamonds. Prices range from $2,600 to $16,500.

“The fan is a recurring theme in this year’s collection. It is a ladylike accessory in the period of our inspiration,” Hansen said. “You can think of women in the ‘40s and ‘50s with beautiful handheld fans and that’s where that flair comes from.” 

Black onyx wrapped in diamond pave threads from the Gilded Cage collection.

Gilded Cage is a play on words that takes its inspiration from the Gilded Age era, which was known for expansive growth in wealth and the use of jewelry as a status symbol. Bold gemstones such as white agate and black onyx cabochons are wrapped in 18k white or yellow gold strands with diamond pave. Wrapped gems were popular during the Las Vegas tradeshows this year. Prices range from $2,900 to $10,000.

“We do really well with this kind of classic cabochon ring, our number one ring in the collection is our cabochon ring from our Black and White collection and it’s always good to add new styles in a category that is so strong,” Hansen said.

Zambia Restriction on Gem Sales A Major Setback for Gemfields

Mila Kunis in a Gemfields ad.

The Zambia Ministry of Mines, Energy and Water Development issued a directive Friday stating that all auctioning of emeralds be held in Zambia, arguing that their sale in foreign markets contributes to capital flight. The timing of this order has dealt a major blow to the emerald ambitions of Gemfields, which operates what is believed to be the world’s largest emerald mine in Zambia.

The government in a statement said the directive is designed to promote transparency and accountability in the marketing of emeralds, stimulate local demand for emeralds, create more opportunities for small-scale miners to have access to colored gemstone markets, and increase tourism.

“Zambian gemstones have for a long time been sold on foreign markets, a situation that has contributed to capital flight and denied Zambians of the much needed benefits from the resource,” Yamfwa Mukanga, Zambia mining minister, said in the statement.

The move seemed to have come as a surprise to the London-listed company and the markets. Gemfields shares fell 16 percent Monday after the government announcement. In the past, Gemfields held its emerald auctions in other locations, including Singapore and in Jaipur, India. The next auction of its emeralds was already planned to be held in Zambia’s capital city of Lusaka from April 15 - 19.

The company is in partnership with the country of Zambia, which makes this seemingly sudden announcement more difficult to understand. Gemfields owns a 75 percent stake in the Kagem emerald mine with the government owning the remaining 25 percent. In addition, the two parties own a 50-50 stake in the Kariba amethyst mine, which will also be affected by the outside selling ban.

“Not allowing Gemfields to auction abroad is going to take us out of the competition with Brazil and Colombia, which holds 30 percent each of the world's supply of emeralds,” Dev Shetty, Gemfields COO, told Reuters.

The company that wants to do for emeralds what De Beers did for diamonds in the 20th Century recently had a string of marketing successes. It signed actress Mila Kunis as its ambassador; released an emerald-specific colored gemstone jewelry line made by independent jewelry designers ranging from Theo Fennell and Stephen Webster, Shaun Leane and Alexandra Mor; and finalized the acquisition of luxury jeweler Fabergé.

Since 2007, Gemfields has been creating a mine-to-market initiative for its emeralds using the Kagem mine as a single, traceable source for its emeralds. In addition, it is working on a program to mine its emeralds in adherence to fair-trade practices and in accordance with environmental, social and safety standards.

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Gemfields Becomes Debt-Free as Emerald Sales Shine

An increased demand for emeralds has resulted in a huge turnaround for Gemfields Plc. The emerald company reported that it earned $15.5 million for the six-month period ended December 31, 2010, compared with a $5.8 million loss for the same period of the prior year. Revenue from rough and finished emerald sales more than doubled year-over-year to $29 million for the period. The company also declared that it is debt free, with $15.5 million in cash available.

The London-based company’s primary businesses is the ownership and operation of the Kegem emerald mine in Zambia and a gemstone cutting and polishing facility in Jaipur, India.

The company reports that gemstone production in the first six months of the current financial year was 18.7 million carats, exceeding the entire prior year’s production of 17.4 million carats. In addition, per-carat prices for Kagem mine emeralds rose for the period as a result of the continuing increase in demand for consistently supplied ethical emeralds across all major markets.

The mine is producing 567 carats of emerald per ton, significantly above the average over the past years. In addition, the cost of mining emeralds fell by nearly half to 35 cents per carat.

The company is currently hosting an emerald auction in Jaipur, India, that will run until March 14.

“Gemfields has enjoyed an excellent six month period in which our output from the Kagem mine exceeded the entire prior year’s production,” said Ian Harebottle, Gemfields CEO. “In addition, we are seeing a significant increase in global demand for Gemfields’ ability to provide a consistent supply of well graded and ethically sourced emeralds, as is clearly demonstrated by the record sales of USD 19.6 million achieved at the December 2010 auction. Following the encouraging results reported at our previous year end, the group has continued to enjoy stronger margins, leaving us with a robust and debt free balance sheet. In line with our ongoing inventory and market building initiatives, we do not intend to host a further high grade auction in the coming half year, meaning that revenues during the second half will be derived ostensibly from the upcoming lower grade auction on 10-14 March 2011.”

Sotheby’s Sees Red in Upcoming Hong Kong Jewelry Auction

1.92-carat VS2 fancy red diamond ring.

China now has 115 billionaires, according to Forbes magazine, and it appears Sotheby’s is making every possible effort to attract these super-rich residents as well as other high-net-worth individuals from the Asian countries with its Magnificent Jewels and Jadeite Spring Sale 2011 in Hong Kong.

The international auction house is presenting a display of colored diamonds, colored gemstones, jadeite and luxury jewelry from several periods for its April 6 sale at the Hong Kong Convention and Exhibition Centre—promising that buyers will be seeing plenty of red. The sale will offer 329 lots, with an estimated value of more than $60 million. (All prices are in U.S. dollars and don’t include the buyer’s premium.).

“This auction provides a colorful variety for Asian and global collectors who have discerning taste for truly exceptional gems,” said Quek Chin Yeow, Sotheby’s deputy chairman and head of its jewelry department.

Despite all the color, the top two lots of this sale are expected to be for white diamonds. The first is a pair of D color internally flawless diamond pendent earrings totaling 36.48 cts. by Harry Winston (left), each suspending a pear-shaped diamond weighing over 14 cts., surmounted by an oval diamond weighing 4.01 cts., all D color and internally flawless (auction estimate $4.1 – 4.8 million).

This is followed by a 25.50-ct. brilliant-cut unmounted D-color flawless diamond (auction estimate $3.8 – 4.8 million) with excellent cut, polish and symmetry and Type IIa chemical purity (left). 

 

The third big item being offered is a jadeite bead necklace (Est. $3.8 – 4.5 million) comprising 53 graduated fine natural jadeite beads of luscious translucency, imperial emerald green color and great consistency. Measuring approximately 12.36 to 9.92 mm, the necklace is further adorned with a clasp set with rubies, sapphires and diamonds.

The Hong Kong auction is introducing what it calls the “Red Sale,” led by three stunners. The first is a 1.92-carat VS2 fancy red diamond ring (top picture). It is among the most unusual and rarest color in diamonds, Sotheby’s said. Few red diamonds exist in the world, most are of SI or below in clarity and rarely weigh more than 1 carat (auction estimate $2.5 – 3 million).

Next is a 27.67-ct. Burmese ruby and diamond ring from Bulgari (left). The auction house says its “pigeon’s blood” color “is the largest gem-quality unheated Burmese ruby from the legendary mines of Mogok, famous for producing the world’s best rubies to appear at auction in recent years.” Rubies exceeding 10 carats without thermal enhancement are extremely rare and are irreplaceable as the mines no longer produce rubies of such a significant size and quality (estimate $1.5 - 2.5 million).

Finally, there’s a Burmese ruby and diamond necklace, and pair of matching pendent earrings, totaling 29 rubies weighing 75.56 cts. (left), also from the Mogok mines (estimate $1.4 - 1.9 million).

The top colored diamond being offered is a 12.72-ct. pear-shaped internally flawless fancy pink diamond and diamond ring by Indian jewelry designer Nirav Modi (Est.$3.2 – 4 million). Also featured in the sale is a 25.26-ct. fancy vivid yellow diamond and diamond ring (Est. $1.7 - 2 million); and a 1.13-ct. fancy vivid yellowish green diamond ring (Est. $500,000 – 580,000).

Colored gemstone offerings are led by a 23.19-ct. Brazilian cat’s-eye alexandrite on a diamond ring (Est. $1.3 – 1.6 million). The color changes from reddish purple in incandescent light to bluish green in daylight (pictured left). This combined with a well-centered and pronounced chatoyancy (or cat’s-eye effect), makes the gem is extremely unusual and among the finest to exist in the current market in both quality and size, Sotheby’s said.


 
Other natural gemstones include a 29.20-ct. Burmese sapphire and diamond ring ($400,000 – 600,000) and a pair of 9.10 and 8.56-ct. Burmese sapphire and diamond earrings ($190,000 – 230,000), both natural, unheated and of noble “Royal Blue,” color, the most desirable in Burmese sapphires, Sotheby’s said. In addition, there’s a pair of 10.73 and 9.52-ct. Colombian emerald and diamond pendent earrings (pictured left) with natural untreated Colombian emeralds ($800,000 – 1 million).

Chinese and Chinese inspired jewelry designs include a 7.31-ct. cushion-shaped F-color diamond, amethyst and pink Sapphire ring, by renowned Hong Kong contemporary jewelry, Wallace Chan (Est. $85,000 - 120,000). Another highly sculptural piece is a diamond and gem-set “Azalea” solstice cuff by Cindy Chao (pictured left). Centering on a 7.02-ct. fancy light yellow diamond, the bangle is modeled as a blooming azalea and adorned with diamonds and gemstones of more than 30 colors, together weighing approximately 124 carats (Est. $150,000 – 190,000). There’s also the "endless-cut" diamond bangle by Nirav Modi (Est. $60,000 – 80,000), weighing approximately 16.80 cts. (pictured left) It features Modi’s signature diamond cutting and setting technique known as “Enigma setting.” It requires diamonds of a particular shape substantially different from ordinary diamond cuts. The result is an endless ring of brilliance, without beginning or end.

Classic period jewels include a Burmese ruby and diamond “Foliage” bracelet from Van Cleef & Arpels, circa 1959 (Est. $400,000 – 480,000), made of natural and unheated Burmese rubies weighing approximately 29.60 cts. and diamonds weighing about 20 cts., mounted on a lithe and graceful bracelet that curls naturally around the wearer’s wrist (left). There’s also a Kashmir sapphire and diamond clip brooch from Cartier London (Est. $50,000 – 60,000). The Art Deco creation centers on a 3.04-ct. hexagonal natural unheated Kashmir sapphire, surrounded by sapphires totaling approximately 7.50 cts. 

Then there’s a Jadeite “Huaigu” ruby and diamond necklace and pair of matching pendent earrings by American jewelry designer Carvin French, circa 1996. The Chinese-inspired suite comprises 33 highly translucent jadeite “huaigus”—one of the most iconic forms in traditional Chinese jewelry – each centering on a cabochon ruby. The necklace is accompanied by pendent earrings each set with two jadeite “huaigus” (Est. $490,000 – 640,000).

Finally, there’s a pair of Jadeite “8” and diamond pendent earrings (Est. $320,000 – 380,000), of vivid emerald green color and outstanding translucency. The number 8 is an auspicious symbol in traditional Chinese culture that bestows good fortune upon its wearer.