14th Sep 2020 08:51
(Alliance News) - Gemfields Group Ltd on Monday said restrictions to combat the global Covid-19 crisis have left it stranded as it cannot host any auctions and therefore cannot generate "meaningful" revenue.
The London-based supplier of responsibly sourced coloured gemstones said it expects to report a loss per share of 4.0 US cents for the six months ended 30 June 2020 compared to earnings per share of 1.0 cent the year prior.
Gemfields said that its auction schedule was severely hurt by the many travel restrictions and quarantines put in place to combat the global pandemic. Only one auction has been held in 2020, yielding USD11.5 million.
Gemfields said it is unable to provide guidance as to when it might next be able to host gemstone auctions or generate meaningful revenue from gemstone sales.
Gemfields shares were up 3.0% in London early Monday at 5.92 pence, while they were untraded in Johannesburg at ZAR1.26.
By Greg Roxburgh; [email protected]
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