Gemfields Boosts Emerald, Ruby Output

lower quality rough emerald and berylLusaka: Gemfields said its 75 percent-owned Kagem Mining subsidiary, in Zambia, produced 5.8-million carats of emerald and beryl during the second quarter of the 2015 financial year, up from 3.9-million carats produced in the December 2013 quarter.

The company’s 75 percent-owned Montepuez Ruby Mining subsidiary, in Mozambique, also produced 3.4-million carats of ruby and corundum during the quarter under consideration, compared with the 2.3-million carats recorded in the prior quarter.

“With a clear focus on increasing the scale of operations across all divisions, including product design and brand positioning at Fabergé, as well as exploration and mining activity at both Kagem and Montepuez, quarterly gemstone production was up by more than 40 percent compared to the same quarter last year, providing Gemfields with another robust production quarter,” said chief executive Ian Harebottle in a statement.

It said a November 2014 auction of “higher-quality” rough emerald and beryl had earned it revenue of $34.9-million.

The company also raked in $43.3-million during the December 2014 auction of “higher-quality” rubies. “The results of the two auctions held during the quarter – one of emeralds and one of rubies – demonstrated the ongoing firmness in global demand for coloured gemstones and associated jewellery,” said Harebottle.

“We remain upbeat about the growth and development of our sector and look forward to the results of our two forthcoming auctions and the various luxury events scheduled to take place over the next few months.”