Gemfields PLC
Gemfields is one of the world´s leading coloured gemstone companies. With a strong focus on Zambian emeralds, Gemfields mines, processes and markets both rough and polished gemstones internationally. Gemfields prides itself on its unique ability to bring ethically produced, conflict-free gemstones of certified provenance directly from mine to market on an integrated basis.
. In order to support and influence the entire channel from mine to market, Gemfields is in the process of setting up state-of-the-art Cutting and Polishing facilities with cutting-edge technologies and will offer consumers vast quantities of emeralds in calibrated sizes, high precision and special cuts and large collections of Suites, Pairs, matching earring sets. We will also venture into co-branding projects with large, reputed retailers, most notably the company has acquired a worldwide exclusive 15 year licence to use the Fabergé brand name for coloured Gemstones
Gemfields achieves record sales at rough emerald and beryl auction in Jaipur
Gemfields (AIM: GEM) has held its first rough emerald and beryl auction of 2010 in Jaipur, India, from 11-15 March, selling 89% of material by value for US$7.2 million and setting what the company said was a world record in terms of the volume for Zambian emerald and beryl on offer by weight, at 5.78 tonnes of material on offer.
This was the company’s largest auction in terms of weight sold and sales realized, while the number of participating companies at 25 was greater than that of the previous two auctions in London in July 2009 and in Johannesburg in November 2009, which were attended by 23 and 19 companies respectively.
A total 28.9 million carats of principally lower quality rough emeralds and beryl were offered in 56 separate lots, of which 49 were sold with 8 bids per lot on average. The share of lots sold amounted to 78.9% by weight and 89% by value at US$7.2 million, or US$0.31/carat. Lots sold at the Jaipur auction ranged from approximately US$0.03/carat to US$38/carat.
The company said that the robust customer participation and product demand highlighted a strengthening emerald market.
“Gemfields is pleased to have delivered a successful auction at the start of the Indian IPL cricket season, demonstrating that the emerald pipeline from Zambia through to the end consumer is showing a steady increase in demand. Jaipur marked our first low grade auction and the improvement in market sentiment was palpable. We were particularly pleased to further cement our relationships with our various customers, laying the path for Zambian emeralds to take the lead in the supply of ethical gemstones of guaranteed provenance,” said chief executive of Gemfields Ian Harebottle.
Gemfields expects to hold its next auction with high grade material offered in June or July 2010 in London.
The company reported revenues of US$12 million for the six months ended 31 December 2009 compared to just US$0.34 million in H1 2008 after the two auctions in July and November raised the company US$11.5 million.
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Other Gemfields PLC news
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18/05/10 Rox Limited boosts stake in Gemfields to 63.4%
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28/04/10 Gemfields encouraged by emerald and beryl auction revenues, boosts cash balance
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23/04/10 Gemfields to launch jewellery collection at Selfridges in aid of World Land Trust's Indian elephant
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09/04/10 Gemfields new CFO Devidas Shetty promoted to board
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25/03/10 Gemfields notes major shareholder transactions
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10/03/10 Gemfields H1 revenues hike 35x after two successful emerald auctions
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08/03/10 Morgan Freeman wears Gemfields' Nelson Mandela themed emerald bangle on Oscar Day
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22/02/10 Gemfields discovers exceptional 6,225 carat ‘insofu’ emerald at Kagem Mine, Zambia
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18/02/10 Gemfields says its first underground emerald production may transform Zambian mining industry
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28/01/10 Gemfields produces mined grade gemstones in Q2 and sees encouraging signs in all key markets
