Gemfields has recovered a huge 11,685-carat (2.3kg) emerald – the biggest from its Kagem mine, Zambia, and possibly the biggest in the world.
The gemstone, called Imboo (the ‘buffalo’ in the local Bemba and Lamba dialects), eclipses the 7,525-carat Chipembele (the ‘rhino’), which was recovered at Kagem in July 2021, and which was recognized by Guinness World Records in April 2022 as the largest uncut emerald crystal recovered from a mine.
In January 2025, Almighty Gems in Coimbatore, India, displayed what it described as a record-breaking single emerald stone weighing 53,750 carats. But it has yet to be officially verified by an independent authority.
The newly-recovered Imboo emerald is being offered for sale at the Gemfields auction in Bangkok which runs until 11 September.
Jackson Mtonga, grading manager at the Kagem sort house, said: “In my 30 years at Kagem, I’ve rarely seen such a remarkable formation of large, high-quality crystals. This is a true masterpiece carved by nature’s hand.”
Imboo was discovered at Kagem’s Chama pit on 3 August by geologist Dharanidhar Seth, and Justin Banda, a veteran chiseller.
A 275-year-old carved emerald necklace from the Mughal Empire sold for $6.2m, more than double its high estimate, at Christie’s New York.
It is made of five Colombian emeralds, with a combined weight of 1,178.50 carats (8.3oz/235g) on gold and magenta cords.
Three are carved hexagonal – the largest is 470 carat and inscribed “Ahmad Shah Durr-i Durran” (Pearl of Pearls) – and two are carved pear-shaped.
The necklace once belonged to Nader Shah, one of the most powerful rulers in Iranian history, and one-time owner of the Koh-i-Noor diamond.
He seized the necklace after capturing Delhi in 1739 and taking control of the royal treasury of the Mughal Empire, which ruled much of the Indian subcontinent from 1526 to 1857.
The necklace carried a pre-sale estimate of $2m to $3m.
Gemfields, the world’s largest colored gemstone miner has reported a $100.8m loss for 2024 – and announced a $30m a rights issue to help secure its future.
It suspended mining at its Kagem emerald mine in Zambia for up to six months last December. It was also forced to temporarily close its Montepuez ruby mine, in Mozambique due to civil unrest.
The UK-based miner made a comparatively small loss of $2.8m in 2023, but says market conditions in 2024 were “more challenging than we could have anticipated”.
In its latest trading update Gemfields blamed the oversupply of emeralds by a Zambian competitor, lower-than-expected production of premium rubies at Montepuez and a weak gemstone market, especially in China.
“While our planning of Gemfields’ growth programme did not envisage the requirement of additional funds from shareholders, the scope and scale of the difficulties we have encountered contemporaneously has unfortunately necessitated a change in approach,” said CEO Sean Gilbertson.
The company will be seeking shareholder approval for a fully committed and underwritten rights issue of 556m new shares to raise approximately $30m.
Total revenue for 2024 was $213m, down 19 per cent, due to disrupted market for emeralds in H2 2024 and lower production of premium rubies.
Gemfields said construction of a second ruby processing plant in Montepuez was on track. At Kagem the only produced are by processing the pre-mined stockpile.
Chopard has unveiled a high jewelry collection crafted from one of the world’s largest emeralds.
The Swiss jeweler bought the 6,225-carat monster (1.22kg) from Gemfields in 2018 for an undisclosed sum.
The rough emerald, named Insofu -“elephant” in the local Bemba language – has since yielded 850 carats of gem quality emeralds, the first of which now feature in a 15-piece ensemble of necklaces, chokers, rings, earrings, a bracelet, and a watch.
Among the highlights of the Insofu collection are an elephant-shaped pendant with 50 carats of emeralds, and diamonds forming tusks, which can also be worn as a brooch; a Great Gatsby-inspired 4-in-1 necklace featuring a 15.53-carat octagonal emerald and a diamond choker with a 2.50-carat square-cut emerald.
Insofu was recovered by London-based Gemfields at its Kagem mine, in Zambia.
At the time Gemfields CEO Ian Harebottle said: “This is a unique find. The Insofu displays wonderful color and good translucency. Its sheer size, rich color and fine protective biotite shell makes it difficult to see deep into the gem.
“However, all indications suggest that the core of the emerald is competent and that it should yield a number of cut gems of significant size.”
Gemfields is reeling from the shock imposition of a 15 per cent export duty on the emeralds it mines in Zambia.
The duty on precious gemstones was originally introduced at the start of 2019, but was suspended a year later after protests. It was re-introduced, without warning, on 1 January 2025.
The re-introduction is a further blow for Gemfields, which announced last month that it would have to halt operations at the Kagem mine for up to six months as part of a package of cost-cutting measures.
In a statement the UK-based miner said there had been no notice or prior consultation about re-introducing the duty, and said it was calling on the Zambian government to reverse its position.
“This 15 per cent export duty now applies on top of the existing 6 per cent mineral royalty tax and meaning that Kagem faces an effective tax on revenues of 21 per cent (in addition to corporation tax of 30 per cent),” it said.
Brazil and Colombia, also major emerald producers, impose lesser tax burdens, it noted.
“Brazil’s aggregate tax on revenues is 2 per cent (in the form of mineral royalty) and Colombia’s aggregate tax on revenues is 2.5 per cent (being a 1.5 per cent mineral royalty and a 1 per cent national emerald fund contribution) in addition to corporation taxes of 34 per cent and 33 per cent respectively.”
Nita Ambani was a vision of opulence, literally studded in diamonds! Yes, you read that right. The grooms mother is renowned for her extravagant taste in jewels, showcasing an array of rubies, emeralds, and sapphires. But her love for these gems doesn’t stop at just necklaces; she seamlessly integrates them into her hair and clothing as well. On Sunday, the Ambani family hosted a grand reception to continue the celebrations of Anant Ambani and Radhika Merchant’s wedding, which kicked off with a spectacular ceremony on Friday, July 12. The Mumbai event was a glittering affair, with family members like Mukesh, Nita, Akash, and Isha Ambani in attendance, alongside a host of Bollywood and international celebrities.
Nita Ambani never fails to make a fashion statement, and her latest appearance at the reception was nothing short of spectacular. With her saree adorned in exquisite jewels and draped with unparalleled elegance, she once again proved her status as a fashion icon.
