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Gemfields Production of Emerald +3%, Ruby Flat in 3Q

Nov 14, 2014 7:44 AM   By Jeff Miller
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RAPAPORT... Gemfields' production fell 3.1 percent year on year to 6.3 million carats of emerald and beryl in the third quarter that ended on September 30.  Meanwhile, production of ruby and corundum was flat at 2.9 million carats. 

Gemfields held an emerald auction in August, which realized $15.5 million for 11.58 million carats of predominately lower-quality goods.

The mining firm's Faberge brand recorded a sales improvement of 50 percent, while operating costs fell 26 percent, although Gemfields didn't provide hard totals in its market update. 

Ian Harebottle, the CEO of Gemfields, said, “Gemfields enjoyed a solid quarter of gemstone production, notwithstanding lower grades, than those in the same quarter last year. Market conditions remain upbeat with ongoing enthusiasm from the trade, retailers and consumers for responsibly supplied colored gemstones. We’ve been pleased to see new world records -- on a per carat basis -- achieved by both sapphires and rubies at recent auctions held by Sotheby’s in Hong Kong and Geneva.”

Gemfields operates the Kagem emerald mine in Zambia and the Montepuez ruby mine in Mozambique. 
 
Tags: emeralds, Gemfields, Jeff Miller, Kagem, mining
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