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https://www.barrons.com/articles/good-company-how-gemfields-responsible-mining-benefits-local-communities-01663870303
Gemfields Group CEO Sean Gilbertson saw an opportunity to reshape the colored gem industry when he joined the company’s board in 2008.
At the time, “the colored gem sector was fragmented, unregulated, operating at a small scale, and delivering unreliable supply,” he says.
Since then, Gemfields Group, which owns gemstone supplier Gemfields and Faberge, has increased its scale and used responsible mining and a transparent auction system to offer a consistent supply of rubies and emeralds.
Gilbertson, 50, says Gemfields’ goal is to operate in a way that most benefits the countries where the company mines.
It creates projects to improve health, education, and career opportunities in local communities, in addition to supporting conservation efforts to protect Africa’s wildlife and biodiversity.
”We believe that colored gemstones should be mined and marketed by championing three key values: transparency, legitimacy, and integrity,” he says. “Responsible sourcing lies at the heart of our business.”
Gemfields owns Faberge, which sells jewelry pieces encrusted with Gemfields stones, and partners with high-end jewelry and watch designers like Sandy Leong and Backes & Strauss.
Gemfields supplies rough, colored gemstones—mostly rubies and emeralds from its mines in Mozambique and Zambia, respectively—and sells them as one-offs or in lots to auction partners (typically, gem cutters, suppliers, and dealers) in auctions. The company introduced a grading system in 2009 through which it sorts gems, creating consistency within auction lots and helping buyers and jewelry brands find the best gems for their needs.
Gemfields’ rubies and emeralds can be found in collaborations with jewelry designers. Gemfields’ own Faberge is celebrating its 180th anniversary with the Colors of Love Rose Gold Diamond & Ruby “180” Fluted Egg Pendant, with a Gemfields ruby, and the Limited-Edition Rose Gold & Ruby Mini Fluted “180” Egg Objet.
Francis de Lara’s Safari Sunset Bloom ring recreates a safari sunset protea with Gemfields rubies and a Gemfield amethyst, in addition to a diamond and opal; 50% of profits go toward anti-poaching efforts through a Gemfields partnership with conservation charity Space for Giants.
Shachee Fine Jewelry Perfect Peonies Earrings feature 5.95 carats of octagonal Gemfields emeralds along with micromosaic flowers set in rose gold, inspired by Japanese Hokusai art.
A Butterfly Cuff from the Bina Goenka x Gemfields collaboration portrays a red butterfly alighting on greenery, with 251 Gemfields emeralds totaling more than 158 carats and eight Gemfields rubies totaling more than 8 carats, in addition to diamonds, sapphires, ambers, and coral.
Gemfields collaboration pieces have a wide price range, depending on the type and size of the stones used.
The opulent Valani Atelier Meredith Emerald Bracelet, made with more than 14 carats of emeralds and 3.85 carats of diamonds, costs US$195,000.
The one-of-a-kind Phoebe Necklace by Margery Hirschey, featuring a 7.3 carat Gemfields emerald, is priced at US$17,000.
Sandy Leong’s Pearl and Pear Emerald Twist Ring, made with recycled yellow gold, a Gemfields emerald, and freshwater pearl, costs £13,600 (US$16,417). The Large Ruby Pendant by AYA, featuring a single 1.08 carat Gemfields ruby, is priced at £1,950.
Gemfields starts working with local authorities before starting full-scale mining operations to ensure transparency and collaboration, with the aim to align its approach to the United Nations Sustainable Development Goals.
Last year, Gemfields launched the “G-Factor for Natural Resources,” a new measure promoting greater transparency surrounding the percentage of a country’s natural resource wealth shared with the host government. Gemfields published its full figures, encouraging other mining companies to do the same. The company also engages with local communities, establishing schools, health clinics, and farming cooperatives.
Gemfields uses responsible practices to offset the impact of its operations, including back-filling open-pit mines, collecting seeds of indigenous plants and trees from the topsoil, and creating a seed bank for replanting vegetation in order to return the land to its original state. The company avoids chemicals that are hazardous to health, uses solar power for residential blocks, and recycles water from its wash plants.
Gemfields also partners with conservation organizations to help protect animals in Africa.
Currently, Gemfields supplies two of “The Big Three” colored gemstones: rubies, emeralds, and sapphires. Gilbertson says he Gemfields is “determined” to find suitable sapphire opportunities and acquire a sapphire license in Africa to round out its ruby and emerald operations.
Gemfields Group CEO Sean Gilbertson saw an opportunity to reshape the colored gem industry when he joined the company’s board in 2008.
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