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Gemfields’ 1H Revenue -9%, Profit Slumps 65%

Feb 22, 2016 10:00 AM   By Rapaport News
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RAPAPORT... Gemfields reported revenue dropped 9.1 percent year on year to $94 million in the first half that ended December 31. Profit after tax dived 65 percent to $8.2 million.

Emerald and beryl production from the Kagem mine in Zambia surged 30 percent to 15.7 million carats, Gemfields said in a statement February 22. Two rough auctions of the stones were held, one in August and September and one in November, selling $34.7 million and $19.2 million of gems, respectively. The August and September auction of higher-quality stones realized $58.42 per carat, while the lower-quality November sales achieved an average price of $4.32 per carat.

Production of ruby and corundum from the Montepuez mine in Mozambique, however, dived 67 percent to 2.1 million carats. One auction of the rough gems was held in December, with $28.8 million of stones sold at an average price of $317.92 per carat.

The three auctions “yielded aggregate revenues of $82.7 million – an excellent result in its own right, but even more so when compared to some of the challenges currently being experienced across the broader resource and luxury sectors,” Ian Harebottle, Gemfields’ chief executive officer, said.
Tags: beryl, corundum, emerald, Gemfields, gemstones, Kagem, mining, Montepuez, Mozambique, Rapaport News, ruby, zambia
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