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RAPAPORT...
Gemfields completed its acquisition of Faberge this week. Emerald production from the mining company's Kagem mine reached 14.5 million carats in the six months that ended on December 31, up from 8.8 million carats one year earlier. The grade per tonne also improved in the fourth quarter to 288 carats, up from 222 carats per tonne on year ago. Unit production costs for fell to 66 cents from 87 cents in 2011. Gemfields ended the first half with $27.9 million in cash and outstanding debt of $7.9 million. Ian Harebottle, the CEO of Gemfields, said, ''Gemfields is very pleased to report another healthy quarter. Gemstone carats produced increased 69 percent compared to the same quarter last year and, for the half year, we are 65 percent ahead of where we were last year. When combined with the robust auction results in November, our emerald business remains a solid platform and continues to support our ongoing growth. Development of the significant Montepuez ruby mine in Mozambique is progressing well, and we look forward to integrating Fabergé into the Gemfields family and we intend to update the market on the progress made as part of our interim results, which are expected in March 2013.''  In other news, Damas unveiled its new Spring Collection to capture the essence of the coming season with playful and colorful designs, crafted in 18-karat yellow gold, semi-precious stones and diamonds. The Spring Collection includes a selection of necklaces, bracelets, panjas and anklets that use round and pear shaped semi-precious stones in a rainbow of colors, including peridot, amethyst, blue topaz, tourmoline and citrine. All of the pieces are highlighted with round brilliant diamonds. ''Customers really connect with The Spring Collection, as it is designed as a tribute to the young and playful spirit of the contemporary woman, who can accomplish her dreams and yet remain young at heart. The new collection is for women who never stop dreaming; the colors and designs are a reflection of a carefree and joyful life experience. We are introducing beautiful new designs and new displays to celebrate this launch,'' said Anan Fakhreddin, the CEO of Damas.
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