16th Sep 2024 08:22
Gemfields Group Ltd - London-headquartered gemstones miner and marketer - Generates revenues of USD10.8 million after emerald auction held during August and September, down 58% from USD25.5 million in the same period last year. In March, emerald revenue was USD17.1 million. Average price was USD4.47 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: ZAR2.61, down 5.8%
12-month change: down 18%
By Artwell Dlamini, Alliance News reporter
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