Advanced Search

Gemfields' Production -36% to 21M Carats

Aug 22, 2012 7:04 AM   By Jeff Miller
Comment Comment Email Email Print Print Facebook Facebook Twitter Twitter Share Share

RAPAPORT... Gemfields plc reported production of emerald and beryl for the fiscal year that ended on June 30 fell 36 percent year on year to 21.1 million carats. Operating costs rose approximately 12 percent year on year to $15.7 million. Gemfields recorded $36.7 million in cash on hand and outstanding debt of $2.9 million at the close of its fiscal year.

The gemstone mining company concluded that despite a slightly reduced demand for lower-quality goods at its Jaipur auction in June,  demand for ethical emeralds continues to remain firm across all major markets.gemfields

In a report to investors, Gemfields confirmed that illegal mining activity continues within the boundaries of its Kagem mining license in Zambia, however, it continues to work with the government to alleviate this risk. Additionally, Gemfields said its Montepuez ruby mine in Mozambique is on track to commence bulk sampling in the coming quarter.

Ian Harebottle, the chief executive of Gemfields, said, ''On the back of solid demand for Gemfields’ products, pleasing stock levels and healthy cash balances, our decision to focus primarily on mine development and waste mining during the past year is, I believe, well justified.

''Despite some early minor delays and slightly lower than anticipated full year production volume, the past few quarters have continued to deliver improving production, a trend that is likely to continue in the near term. This, together with the progress that has been achieve at our Mozambican ruby mine, provides management with the confidence that the coming year will continue to underpin Gemfields’ ambitious growth plans,'' he said.

Gemfields' next high-quality rough emerald auction is scheduled to take place in Singapore between October 29 and November 3.

Tags: emeralds, Gemfields, gemstones, Jeff Miller, zambia
Similar Articles
GemfieldsNirav Modi Crisis Hits Gemfields
May 27, 2018
Proceeds slumped at Gemfields’ May auction of higher-quality rough emeralds as the Nirav Modi fraud case hurt
Gemfields 150 121417Gemfields Owner Reduces Staff, Salaries
Dec 14, 2017
Colored-gemstone producer Gemfields is taking measures to reduce debt and revive profit growth, following its acquisition
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First
© Copyright 1978-2018 by Martin Rapaport. All rights reserved. Index®, RapNet®, Rapaport®, PriceGrid™, Diamonds.Net™, and JNS®; are TradeMarks of Martin Rapaport.
While the information presented is from sources we believe reliable, we do not guarantee the accuracy or validity of any information presented by Rapaport or the views expressed by users of our internet service.