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Gemfields Ramps Up Ruby Output

Aug 1, 2016 10:28 AM   By Rapaport News
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RAPAPORT... Gemfields’ rough ruby and corundum production exceeded the company’s guidance in the past fiscal year as output from its Montepuez mine in Mozambique jumped 23 percent.

Production of 10.3 million carats in the 12 months to June 30 was above the miner’s forecast of 8 million carats and came alongside a 68-percent surge in the volume of “higher-quality” rubies recovered. The news comes as the miner recently finalized $65 million of financing facilities to fund a further increase in annual rough ruby output to approximately 20 million carats per year. Sales of ruby and corundum at two auctions in December and June totaled $73.1 million.

Meanwhile, emerald and beryl production from the Kagem mine in Zambia fell to 30 million carats from 30.1 million carats a year ago. Sales of the rough stones fetched $101.3 million at four auctions during the fiscal year.

Sales orders of Fabergé, Gemfields’ jewelry brand, jumped 14 percent by value in the fourth quarter that ended June 30, but were down 10 percent for the full fiscal year.

“Demand for our products and the way in which they are presented continue to rise, achievable prices are on the increase and costs are well contained while the level of work and output has increased significantly,” said Ian Harebottle, Gemfields’ chief executive officer.

The trend was “against a backdrop of market uncertainty in a number of jurisdictions,” Harebottle added.
Tags: beryl, corundum, emerald, Fabergé, Gemfields, Ian Harebottle, Kagem, Montepuez, Mozambique, Rapaport News, ruby, zambia
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