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Production at Gemfields’ Kagem mine down slightly
Precious gemstone miner Gemfields reported Friday that production of emerald and beryl at its Kagem mine in Zambia hit 6.3 million carats in its third quarter, down from 6.5 million in the prior-year period.
London--Precious gemstone miner Gemfields reported Friday that production of emerald and beryl at its Kagem mine in Zambia hit 6.3 million carats in its third quarter, down from 6.5 million in the prior-year period.
Total operating costs at Kagem were $10.3 million, up from the $7.1 million reported last year. The mine produced an average grade of 214 carats per ton, versus 302 carats per ton in the year prior.
The third quarter results included an August auction of predominantly lower-quality rough emerald and beryl in Lusaka, Zambia, which totaled $15.5 million. It was 96 percent sold by weight and 88 percent sold by value, resulting in an overall average of $1.34 per carat.
Gemfields also is currently holding an auction of predominantly higher-quality emerald and beryl from Kagem in Lusaka that will conclude Monday, an auction that was delayed from its original date in late October after the death of Zambian President Michael Sata.
Production at the company’s Montepuez ruby mine in Mozambique was flat at 2.9 million carats, with an average grade of 41 carats per ton, down from the 118 carats per ton in the year-earlier period.
Total operating costs at Montepuez rose from $1.8 million last year to $4.3 million in 2014. Its next auction of rough ruby and corundum is slated to take place in Singapore in December.
Gemfields also reported that Fabergé saw the value of sales orders agreed during the quarter increase by 50 percent compared with the year prior. In addition, the brand’s operating costs for the quarter were 26 percent lower than the third quarter 2013.
Fabergé is continuing to expand its jewelry and watch collections, including the introduction of a new category, objets. Related product launches are expected during the second half of the 2015 fiscal year.
Also notable in the company’s third quarter activities was Gemfields’ entry into a joint venture with East West Gem Investments to begin sapphire mining via three Sri Lankan subsidiaries, which will be 75 percent owned by Gemfields and 25 percent owned by East West.
“We’ve been pleased to see new world records on a per-carat basis achieved by both sapphires and rubies at recent auctions held by Sotheby’s in Hong Kong and Geneva respectively,” said Gemfields CEO Ian Harebottle. “In particular, the sale of an 8.62-carat Burmese ruby (at Sotheby’s Geneva) has raised the world record for rubies at
auction by 81 percent to $997,727 per carat. It is against this market backdrop that we look forward to our second auction of rough ruby and corundum, which will be held in Singapore next month.”
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