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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."
Tags: beryl, colored gemstones, corundum, emerald, Gemfields, gemstones, Graham Mascall, Kagem, Montepuez, Mozambique, Rapaport News, zambia
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