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Gemfields Boosted by Rising Emerald Demand
Sep 26, 2016 10:59 AM
By Rapaport News
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RAPAPORT... Gemfields’ revenue and profit surged in the past fiscal
year, driven by record prices and successful marketing campaigns to raise
demand for the colored gemstones.
Sales jumped 13 percent to $193.1 million and profit after
tax soared 90 percent to $23.5 million, the miner of emeralds and rubies
reported.
The company achieved record auction results for rough ruby
and corundum and record rough prices for emerald and beryl, Gemfields chairman
Graham Mascall said. Amid higher demand, Gemfields kept production at the Kagem
emerald mine in Zambia flat at 30 million carats, while ruby output from the
Montepuez mine in Mozambique leapt 23 percent to 10.3 million carats.
“Gemfields’ marketing efforts to date have seen the company
build the profile and recognition of Zambian emeralds as equals amongst the
best that the world has on offer,” Mascall said. "Traditionally rivaled by
those of Colombian origin, Zambian emeralds are now well recognized for their
own unique qualities and perceived to be just as desirable."
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Tags:
beryl, colored gemstones, corundum, emerald, Gemfields, gemstones, Graham Mascall, Kagem, Montepuez, Mozambique, Rapaport News, zambia
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