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Gemfields sells $262m despite lower production

Gemfields, , reported near-record revenues of $262m for FY2023, despite lowered production of both emeralds and rubies, and the cancellation of an emerald auction.

Revenue from Kagem, the Zambian emerald mine fell 40 per cent to $89.9m. Earnings at the Montepuez ruby mine, in Mozambique, fell 9 per cent $151.4m. Gemfields holds a 75 per cent stake in both mines. Kagem is believed to be the world's single largest producing emerald mine.

Overall revenue was down from a record $341m in FY2022. Gemfields blamed the cancellation of a higher-quality emerald auction scheduled for November 2023 - one of six every year - as well as a reduction in the number of carats sold.

The company said it raised a total of more than $2bn from its ruby and emerald auctions since it was founded in 2005."Strong revenues are being challenged by ongoing inflationary pressures," the company said in its Annual Report 2023.

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