During the said period of 2016, Gemfields held two auctions which were affected by its decision to give its customers the space and time to adjust to the Indian demonetisation plan. The company held three auctions in the six months ending December 2015. The deferred auction of predominantly higher quality rough emerald was held in mid-February, 2017, with revenues worth $22.3 million.
Gemfields noted the primary reason of its drop in revenues to be the deferring of the auction and a moderated product mix placed on offer at the last ruby auction, reports add.
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