18th Nov 2022 09:26
Gemfields Group Ltd - London-headquartered gemstones supplier - Generates USD30.8 million in revenue after an emerald auction held from October 30 to this past Thursday. At an auction in May, the first one this year, Gemfields reported revenue of USD43.3 million.
The rough emeralds sold were extracted by Kagem Mining Ltd, which is 75% owned by Gemfields and 25% by the Industrial Development Corp of Zambia. Kagem's 2022 auction revenues have set a new annual record of USD149.4 million, beating USD92.3 million set last year.
"Our end-of-year emerald auction has delivered a pleasing and solid result despite a clear softening of both prices and sentiment when compared with the remarkable highs we enjoyed in May 2022," says Gemfields Managing Director Adrian Banks.
London current stock price: 17.02 pence, down 1.3% on Friday morning
12-month change: up 24%
Johannesburg current stock price: ZAR3.50
12-month change: up 23%
By Artwell Dlamini; [email protected]
Copyright 2022 Alliance News Limited. All Rights Reserved.
Related Shares:
Gemfields Grou.