Gemfields, which operates the Kagem emerald mine in Zambia and the Montepuez ruby mine in Mozambique mentioned half yr revenues rose from $15,000 to $97,236.
“We’re delighted to announce our return to robust operational and monetary efficiency after the covid-induced horrors of 2020,” chief govt Sean Gilbertson mentioned within the assertion.
He attributed the constructive outcomes to the onerous work put in by its workers. “With the mines again in full-swing, a much-improved money place and the step-change in market demand we’ve witnessed in our latest auctions, we’re palpably excited in regards to the the rest of 2021.”
Final month, the corporate posted an all-time record revenue for commercial-quality emeralds bought at auctions of $23.1 million.
Manganese and iron-ore firm Assore elevated final week its stake in Gemfields to 12.74%. At R3.20 (about 22𝇍) a share, Assore paid about R289-million ($20m) for its extra holding, taking its complete funding within the gem miner to about R477-million ($32.4m).
Eyes on Asia
Gemfields has stepped up efforts to market its emeralds and rubies in China after a report highlighted the “large potential” for ethically sourced gems in that market.
High diamond miners are already directing efforts within the similar course. The Pure Diamond Council (NDC), which teams the world’s seven main producers, launched in Might its first promoting marketing campaign concentrating on the Asian and US markets.
NDC additionally inked a deal with China’s top jewellery retailer Chow Tai Fook to spice up demand for mined rocks.