Kagem is 75% owned by Gemfields and 25% owned by the Government of the Republic of Zambia via the Industrial Development Corporation of Zambia (IDC).
The decision marks a strategic shift following the temporary suspension of mining activities at Kagem from 1 January 2025. The suspension was part of broader cost-cutting efforts and allowed the company to concentrate on processing existing ore stockpiles using its upgraded processing plant.
While production in early 2025 has aligned with expectations in terms of overall carat volume, it has yielded a lower proportion of high-quality emeralds compared to what is typically extracted through direct open-pit mining. Encouraged by recent auction results — particularly the strong performance in the commercial-quality auction held on 30 April 2025 — management has opted to restart mining at two key locations within the Chama pit. The programme is designed to maximise premium emerald recovery with minimal waste extraction.
The company noted that the recommencement of full-scale mining will be evaluated continuously in response to evolving market conditions.
Kagem, believed to be the world’s largest emerald-producing mine, is a cornerstone of Gemfields’ broader portfolio, which also includes the Montepuez ruby mine in Mozambique and the historic Fabergé brand. Gemfields has built a reputation as a global leader in responsible coloured gemstone mining and marketing, supported by its proprietary grading system and pioneering auction platform.
