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Gemfields Group Ltd - London-headquartered gemstones supplier - Generates $30.8 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 $43.3 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 $149.4 million, beating $92.3 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: R 3.50
12-month change: up 23%
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