Ex-De Beers CEO Takes Charge at Gemfields

Bruce Cleaver, former CEO at De Beers Group, has been appointed chair and independent non-executive director of Gemfields, the UK-based emerald and ruby miner.

He said the company, founded in 2005, was bringing sophistication to a fragmented and informal colored gemstone industry, much as De Beers did more than a century ago for diamonds.

Cleaver, 59, (pictured) served as De Beers CEO from 2016 until his resignation in February 2023, during which time the company launched its Lightbox range of lab growns and extended its diamond mining agreement with the Botswana government for a further 10 years.

“The parallels with De Beers’ origins and how consistent and reliable supply can deliver remarkable industry growth and positive contributions to communities, are clear to all,” he said.

“The coloured gemstone market has long transcended the arrival of their lab-grown counterparts, with lab-grown rubies having been around for more than 120 years.”

Gemfields operates the Kagem emerald mine and Montepuez, the world’s largest ruby mine, in Mozambique. It holds a 75 per cent stake in both.

Construction of a new processing plant at Montepuez, which will triple its throughput capacity, is due to complete in the first half of 2025.”

Gemfields reported near-record revenues of $262m for FY2023.

Cleaver will replace Martin Tolcher as chair, and Lumkile Mondi who was lead independent non-executive director, effective 1 July.

Source: Idex