Gemfields’ revenues increase despite decline in production
AIM-LISTED precious stones miner Gemfields, which owns luxury brand Faberge, yesterday said that first-half revenues had already beaten the prior full-year figure, with three more auctions to be held before the end of June.
Revenue hit $59.9m (£36.7m), despite production falling in the second quarter from 21m tonnes of ore to 17m tonnes.
“Gemfields is pleased to report on another quarter of solid progress,” said chief executive Ian Harebottle. “With our first-half revenues comfortably exceeding our prior full year figure, we look forward to the two forthcoming emerald auctions and the first auction of rough rubies from Montepuez all to be held before the end of June.”
Faberge, which Gemfields acquired in 2012, saw revenue derived from sales during the key Christmas shopping month of December increase by 89 per cent year-on-year.