Gemfields Mozambican Ruby Matching Pair

GEMFIELDS’ REVENUE DOWN 46% TO $51 MILLION IN H1

Gemfields has reported its revenue for the six months ended December 30, 2016, showing a 46% drop to $51 million, compared to the $94 million for the same period the previous year. According to Gem Konnect, the colored diamond miner reported a loss of $13.6 million for the same period, compared to a profit of $8.2 million year-on-year.

 

The main reason for the drop, according to Gemfields, “was the deferral of the higher quality rough emerald auction originally scheduled to take place in December 2016 to February 2017 and a moderated product mix placed on offer at the last ruby auction”.

 

Only two auctions were held during the period, while the previous period had three auctions. In addition, the auctions “were impacted by Gemfields’ decision to allow some of its customers to adjust to the Indian demonetisation” plan. Gemfields held the deferred auction of “predominantly higher quality rough emerald” in mid-February, 2017, raking in $22.3 million.

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