Gemfields Group Ltd - London-headquartered gemstones producer - Posts a 23% drop in auction revenue to $242 million in 2023 from $316 million in 2022, an all-time record high. In an operational update, the company says the 2023 top-line growth was the second highest on record, despite withdrawn of its scheduled emerald auction for November. It scrapped the emerald auction for November due to lower quality and quantity of emerald production.

Gemfields says the Kagem emerald mine in Zambia experienced a general improvement in both the quality and quantity of premium emeralds recovered in recent months. Notes that strong auction revenues and pricing continue for both emeralds and rubies. Says it will hold commercial quality emerald auction in the first quarter, followed by a higher quality emerald auction and a mixed quality ruby auction in the second quarter. Gemfields owns 75% of Kagem mine and a 75% interest in Ruby Mining Ltda in Mozambique. It also controls luxury brand Faberge.

Current London stock price: 12.44 pence, up 1.6% on Monday morning

12-month change: down 27%

Johannesburg stock price: R 2.99, up 3.1%

12-month change: down 20%

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