Gemfields Group Ltd - London-headquartered gemstones miner and marketer - Generates revenues of $10.8 million after emerald auction held during August and September, down 58% from $25.5 million in the same period last year. In March, emerald revenue was $17.1 million. Average price was $4.47 per carat at the latest auction. The rough emeralds sold were extracted by Kagem emerald mine in Zambia, which is 75% owned by Gemfields and 25% by the Industrial Development Corp of Zambia.
‘The luxury-good, diamond and gemstone markets are experiencing distinct headwinds as conflicts, elections, economic uncertainty in China and broader economic turbulence take their toll,’ says Adrian Banks, Gemfields’ managing director of product & sales. Banks says overall result is weaker than expected, exacerbated in part by a competing emerald producer scheduling their own auction to finish in early September.
He expects market conditions to improve for emerald sale scheduled for November.
Current London stock price: 11.75 pence, up 1.1% on Monday morning
12-month change: down 11%
Current Johannesburg stock price: R 2.61, down 5.8%
12-month change: down 18%
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