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Gemfields Emerald Production Slumps

Feb 14, 2017 2:43 AM   By Rapaport News
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RAPAPORT...
Gemfields said production of emerald and beryl dropped 43 percent in the final three months of last year as the company mined a lower-grade zone of its Kagem deposit in Zambia.

Output fell to 4.7 million carats in the second quarter of fiscal 2017 that ended December 31, the miner reported. Similarly, production of ruby and corundum at the company’s Montepuez mine in Mozambique dived 31 percent to 1.1 million carats, also due to a lower grade of ore.

Meanwhile, Gemfields said sales orders of its Fabergé retail brand jumped 95 percent during the quarter, while the average selling price climbed up 12 percent.

In the first half of the current fiscal year, production of emerald and beryl slid 32 percent to 10.7 million carats. Output of ruby and corundum more than doubled to 5.6 million carats from 2.1 million carats a year ago.
Tags: beryl, colored gemstones, corundum, emerald, Gemfields, gemstones, Kagem, mining, Montepuez, Mozambique, Rapaport News, ruby, zambia
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