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Gemfields’ Revenue Falls 46 Percent
The colored gemstone miner said the decline was due largely to the postponement of December’s higher quality rough emerald auction.
Gemfields said output at its Kagem emerald mine was down 32 percent to 10.7 million carats in the fiscal half-year ended Dec. 31. Pictured here is the Chama pit at Kagem.
London--The delay of an auction led to both a revenue decrease and a net loss for Gemfields in the first half of its fiscal year ended Dec. 31.
The colored gemstone miner reported that revenue for the first half of the fiscal year was down 46 percent, declining from $94 million last year to $51 million this year.
The company said the decrease was due in large part to its postponement of a higher quality rough emerald auction originally scheduled for December 2016. The sale was pushed to this month to give Gemfields’ Indian customers time to adjust to the country’s demonetization program.
As a result, the company held only two gemstone auctions in the six-month period: one commercial quality rough emerald and beryl auction, and one mixed quality rough ruby and corundum auction.
This compares with three auctions in the prior-year period: one higher quality rough emerald and beryl sale, one commercial quality rough emerald and beryl sale, and one mixed to higher quality rough ruby and corundum auction.
The emerald and beryl auction held during the half-year period took place in September in Jaipur, India, generating revenues of $10.7 million.
The ruby sale took place in December in Singapore and achieved total revenues of $30.5 million.
In terms of Gemfields’ two biggest projects--the Kagem emerald mine in Zambia and the Montepuez ruby site in Mozambique--production was varied.
At Kagem, output was down from 15.7 million carats in the prior-year period to 10.7 million carats in 2016, while average grade declined from 254 carats per ton last year to 166 carats per ton this year. Gemfields said the difference in both was attributable to the “varied nature of the mineralization and a lower grade zone mined in the current period.”
Due to the low first-half production, Gemfields said it is dropping its expectations for Kagem’s production from 30-35 million carats to 25-30 million carats.
At Montepuez, meanwhile, output more than doubled, increasing from 2.1 million carats in 2015 to 5.6 million carats in the half-year period, with the grade also nearly doubling from 15 carats per ton to 29 carats per ton this year.
Gemfields said in its results that while the “positive impact” of the efforts to grow and expand the downstream emerald market are visible, it is likely to take a few more years for the ruby market to have access to similar levels of
working capital and global distribution, meaning flexibility is needed to determine auction schedules for rough rubies and corundum.
The next sale of mixed quality material from the site is expected to take place in June in Singapore.
Fabergé, which is owned by Gemfields, also reported a strong half-year period, with sales orders agreed (those the brand has confirmed with customers) up 41 percent year-over-year while sales transactions rose 53 percent and the average selling price per piece for the brand increased 30 percent.
Revenue from realized sales reached $6.8 million, down from $7.2 million last year.
Gemfields also has a number of projects in the works, including the Coscuez emerald project in Colombia, which currently is undergoing exploration, mine planning and administrative activities; an exploratory drilling program at an emerald site at the Dogogo-South block in Ethiopia, which was completed in December; in Mozambique, preliminary drilling at the Megaruma ruby license area and conversion of an additional exploration license to a mining license in the fall; and the sapphire project in Sri Lanka, the long term plans for which currently are under review due to operational challenges and other factors.
CEO Ian Harebottle also spoke positively about the direction of the gemstone market in the future, noting that the auction results for the higher quality emeralds demonstrates the strong pricing levels and firm demand, despite the brief period of uncertainty with the demonetization program in India.
In terms of market updates, Gemfields said that demand for Mozambican rubies continues to grow across key markets and categories, and many Gemfields customers who attended the Tucson gems shows noted strong sales orders and a more positive business sentiment in the United States.
Harebottle added, “The clear shift in both consumer trends and the increased urgency with which so many of the world’s leading luxury brands are beginning to embrace colored gemstones remain extremely encouraging and provides for a continued long-term positive outlook for the sector. This is clearly evidenced by the increased number of retail brands that are now looking to collaborate with Gemfields.”
The next sale of mixed quality material from the site is expected to take place in June in Singapore.
Fabergé, which is owned by Gemfields, also reported a strong half-year period, with sales orders agreed (those the brand has confirmed with customers) up 41 percent year-over-year while sales transactions rose 53 percent and the average selling price per piece for the brand increased 30 percent.
Revenue from realized sales reached $6.8 million, down from $7.2 million last year.
Gemfields also has a number of projects in the works, including the Coscuez emerald project in Colombia, which currently is undergoing exploration, mine planning and administrative activities; an exploratory drilling program at an emerald site at the Dogogo-South block in Ethiopia, which was completed in December; in Mozambique, preliminary drilling at the Megaruma ruby license area and conversion of an additional exploration license to a mining license in the fall; and the sapphire project in Sri Lanka, the long term plans for which currently are under review due to operational challenges and other factors.
CEO Ian Harebottle also spoke positively about the direction of the gemstone market in the future, noting that the auction results for the higher quality emeralds demonstrates the strong pricing levels and firm demand, despite the brief period of uncertainty with the demonetization program in India.
In terms of market updates, Gemfields said that demand for Mozambican rubies continues to grow across key markets and categories, and many Gemfields customers who attended the Tucson gems shows noted strong sales orders and a more positive business sentiment in the United States.
Harebottle added, “The clear shift in both consumer trends and the increased urgency with which so many of the world’s leading luxury brands are beginning to embrace colored gemstones remain extremely encouraging and provides for a continued long-term positive outlook for the sector. This is clearly evidenced by the increased number of retail brands that are now looking to collaborate with Gemfields.”
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