Gemfields to add sapphires to its portfolio

London-based producer of coloured gemstones, Gemfields is looking to add sapphires to its existing portfolio of ruby, emerald and amethyst, apart from commencing auction of rub in India, according to a senior executive of its Indian subsidiary. As of now, the company auctions emeralds in Jaipur, India.

The regional marketing director –Asia of Gemfields India, Rupak Sen, said, “We are looking for acquisitions in Asia and Africa and have zeroed in on two countries in Asia, negotiations are on but we are unable to comment further.”
He told Deccan Herald on the sidelines of an event where the company unveiled its collection of emerald and ruby jewellery designed by 36 global designers, including Indians.

Sen said that India is the third important market for emeralds globally, after Middle East and the United States. “While the US grew 9 per cent in (calendar year) 2012, emerald sales have gone up 50 per cent over the last four years and poised to grow 25 per cent in the coming 10 years.”

Coloured gemstones comprising ruby, emerald, sapphire and amethyst account for about 7 per cent of $30 billion Indian jewellery market, he added.

While North and West India has many takers for emeralds with their counterparts in the South and East preferring rubies, the pattern is undergoing a slow change, Sen said.

Gemfields produces rough emeralds from Zambia, which is home to 90 per cent of global emerald deposits, and auctions it in Singapore and Jaipur; about 95 per cent of it is sent to Jaipur for cutting and polishing, of which about 40 per cent is sold in India through retail outlets. Auctions generally happen four times in a year wherein about 40 buyers participate.

On the controversy surrounding Zambian government insisting on auction of  emeralds in the country itself, Sen said that the company is working with the government to arrive at a possible solution. “We have already commenced auction of emerald in Lusaka (capital of Zambia) on Monday.”

On the various jewellery items displayed, one of them was a bell-shaped handbag valued at Rs 4 crore. An 18K yellow gold and silver handbag, it is embedded with Zambian emeralds 111.28 carats, Mozambican rubies 57.67 carats, Zambian amethysts 143 carats, pearls 9.60 carats and tourmalines 44.89 carats.

A creation of Mumbai-based designer Bina Goenka, it has already evinced interest among uber-rich Indians. “There is one from Mumbai and another from New Delhi who want to buy it. We will complete the showcasing next month (at Las Vegas) after which we will decide on the final price and buyer,” said Rupak Sen. Clearly, economic slowdown doesn't apply to some in India.