12th Dec 2024 08:41
Gemfields Group Ltd - London-headquartered gemstones miner and marketer - Generates revenue of USD46.2 million at a mixed-quality rough ruby auction held between November 25 and Wednesday this week. This was down by about one-third from revenue of USD69.5 million reported around the same period in 2023. At a ruby auction in June 2024, USD68.7 million was recorded. Rubies were extracted by its 75%-held Montepuez Ruby Mining Ltda in Mozambique.
"Despite ongoing economic challenges in China and geopolitical turbulence worldwide, the results of this auction represent a positive outcome under the current market conditions," Adrian Banks, Gemfields' managing director of product & sales says, noting that these results reaffirm the stability of demand for the company's rubies.
Banks says mining operations in Mozambique remain unaffected by ongoing civil unrest following the contested election in October, but acknowledges that Mozambique poses a "number of material operating challenges".
Current London stock price: 7.94 pence
12-month change: down 40%
Current Johannesburg stock price: ZAR1.71
12-month change: down 43%
By Artwell Dlamini, Alliance News reporter
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