Tackling the Colored Gemstone Market’s Ethical, Financial, Sustainability Challenges

LONDON — Mining and sustainability are by definition contradictory concepts, Gemfields chief executive officer Sean Gilbertson is quick to admit, and the colored gemstone supplier is looking to reconcile the two as best it can. “A lot of companies are very quick these days to talk about sustainability and it has become something of a buzzword. But sustainability and mining are very complex issues. Mining is not sustainable, the two words side by side are an oxymoron because we are working with finite resources and as we mine, the resources get depleted,” said Gilbertson in an interview. In addition to sustainability, the colored gemstone market in particular has historically faced a number of overarching issues, including a lack of common standards when it comes to pricing and poor working conditions in mines. Gilbertson said his aim is to ensure that the company leaves an overall positive impact on the communities where its mines are located. To date, Gemfields, which specializes in emeralds and rubies, has generated $630 million in its facility in Zambia, 18 percent of which has gone back to the government in the form of taxes and dividends. In Mozambique, where revenues amounted to $520 million after five years, Gemfields paid

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