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Gemfields auction revenues reach second-highest record in 2023
10:38 CAT | 31 Jan 2024
File photo: Gemfields
- Gemfields Group generated strong auction revenues and pricing for both emeralds and rubies from its 75%-owned Kagem emerald mine, its 75%-owned Montepuez ruby mine and from its brand Fabergé.
Gemfields Group Ltd – London-headquartered gemstones producer – posts a 23% drop in auction revenue to USD242 million in 2023 from USD316 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In an operational update, the company says the 2023 top-line growth was the second highest on record, despite withdrawn of its scheduled emerald auction for November.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 further announced that it has passed the milestone of USD 2 billion in cumulative emerald and ruby auction sales since its first auction in 2009, with more than USD 400 million in taxes being paid to the governments of Mozambique and Zambia
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.
Source: Alliance News / Gemfields
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