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Category: Emeralds

Gemfields swings to profit after reopening mines 1 Gemstones Emeralds Mining in Zambia 

Gemfields swings to profit after reopening mines

Janet
Precious gemstones miner Gemfields (LON: GEM) (JSE: GML) has swung to a first-half net profit after it reopened mines and demand for its emeralds and rubies surged.  The company, which returned to the London Stock Exchange’s market for juniors last year, posted a $23.8 million net profit, which compares to a loss of $56.7 million in the same period last year as revenue increased 548% to $97.2 million.  Gemfields, which operates the Kagem emerald mine in Zambia and the Montepuez ruby mine in Mozambique said half year revenues rose from $15,000 to $97,236.  ‘WE ARE DELIGHTED TO ANNOUNCE OUR RETURN TO STRONG OPERATIONAL AND FINANCIAL PERFORMANCE AFTER THE COVID-INDUCED HORRORS OF 2020″ “We are… Read More Here
Gemfields reaches record revenue at emerald auction 2 Emeralds International Mining in Zambia 

Gemfields reaches record revenue at emerald auction

Janet
Shares in Gemfields (LON: GEM) (JSE: GML) jumped as much as 6% in London after the precious coloured gemstones miner posted a $23.1 million auction revenue – an all-time record for commercial-quality emerald sold at auctions.  The sales event, held from July 28 to August 11, saw 49 companies place bids, Gemfields said. From the 32 lots offered, 31 (or 97%) of them were sold at a record average price of $6.61 per carat.  Gemfields’ previous emerald auction took place in February 2020, with 2.9 million carats generating revenue of $11.5 million at an average price of $4.01 a carat.  The company, which returned to the London Stock Exchange’s market for juniors last year,… Read More Here
Gemfields shares spike tied to non disclosable, sensitive information 3 Emeralds International Mining in Zambia 

Gemfields shares spike tied to non disclosable, sensitive information

Janet
Shares in precious gemstones miner Gemfields (LON: GEM) (JSE: GML) jumped almost 10% in early trading in London for unclear reasons, which the company described later as “non disclosable unpublished price-sensitive information”.  The company, which returned to the London Stock Exchange’s market for juniors last year, revealed it expects to announce sales of $95 million for the first half of 2021, up 533% from the same period in 2020. Gemfield’s revenues fell 83% to $15 million last year, due to impact of the pandemic on the diamonds and gemstones market. THE EMERALDS AND RUBIES MINER SAID IT… Read More Here
Kagem Emerald Auction Results 4 Emeralds Mining in Zambia 

Kagem Emerald Auction Results

Janet
Gemfields, which operates the Kagem emerald mine in Lufwanyama, has announced the results of an emerald auction comprising a series of five sequential mini-auctions held between 15 March and 17 April 2021). The proceeds of this auction will be fully repatriated to Kagem in Zambia, with all royalties due to the Government of the Republic of Zambia being paid on the full sales prices achieved at the auction. Operations at Kagem, which remained suspended for a year till March 2021as a result of the Covid-19 pandemic, are expected to ramp… Read More Here
Zambian emeralds take centre stage in fund-raising jewellery collection 5 Emeralds Mining in Zambia 

Zambian emeralds take centre stage in fund-raising jewellery collection

Janet
Emeralds responsibly sourced from the Kagem mine in Lufwanyama will form the centrepiece of a new fine jewellery collection that will raise funds for the Gemfields Foundation, Gemfields’ charitable arm that supports community and conservation projects in Africa. On the heels of her 10th anniversary and the start of a new year, renowned US-based designer Sandy Leong is renewing her commitment to sustainability by collaborating with world-leading gemstone supplier Gemfields on the release of Sol, a new collection rooted in the brand’s values and featuring responsibly sourced emeralds, 18 karat… Read More Here
Gemfields warns of full-year loss 6 Gemstones Emeralds Mining in Zambia 

Gemfields warns of full-year loss

Janet
Gemstone miner Gemfields expects to report a net loss of $93.2-million, or R1.54-billion, for the year ended December 31, 2020, compared with a net profit of $39.1-million, or R565-million, reported for the 2019 financial year. The company’s 2020 auction schedule was severely impacted by the many travel, quarantine and congregating restrictions put in place to mitigate Covid-19 contagion. The pandemic has meant that no traditional Gemfields auctions have been held since February 2020, when $11.4-million was realised from the sale of commercial-quality emeralds in Lusaka, Zambia. Gemfields subsequently conducted a… Read More Here
Responsibly-sourced emeralds take centre stage in fund raising collection 7 Emeralds Mining in Zambia 

Responsibly-sourced emeralds take centre stage in fund raising collection

Janet
Responsibly-sourced emeralds from the Kagem mine in Lufwanyama will create the centerpiece of a new fine jewellery collection that will raise funds for the Gemfields Foundation – the charitable arm of Gemfields that supports community and conservation projects in Africa. On the heels of her 10-year anniversary and the start of a new year, renowned US-based designer Sandy Leong is renewing her commitment to sustainability by partnering with world-leading gemstone supplier Gemfields on the release of Sol, a new collection rooted in the brand’s values by featuring responsibly sourced emeralds,… Read More Here
Kagem to Reopen Principal Operations 8 Emeralds Mining in Zambia New Mining Projects 

Kagem to Reopen Principal Operations

Janet
Having faced a significant detrimental impact stemming from the pandemic over the past year, Kagem Mining will reopen principal operations at its Lufwanyama emerald mine in a phased manner, beginning in the second week of March 2021. The reopening process will commence with the wash plant production area followed by the mining operations and is expected to complete by the second week of April 2021. This follows a suspension of all but critical operations since 30 March 2020, during which time Kagem employees (excluding those on critical operations) were placed… Read More Here
emerald Gemstones Emeralds Mining in Zambia 

Gemfields warns of bleak second-half

arnbethnic
Gemstone miner Gemfields has warned of bleak conditions for the remainder of this year, as the spread of Covid-19 continues to impact on the group.   “Conditions remain very challenging for Gemfields and for the wider gemstone sector. The effect of travel restrictions, quarantine periods and prohibitions on large gatherings, combined with rising Covid-19 infection rates in our African host nations and in India − our key market for rough emeralds – mean that conditions presently look bleaker rather than better for the remainder of 2020. “There remains considerable uncertainty as… Read More Here

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