Gemfields’ revenues up 14% in H2 of 2010 calendar year

The six months closing 31 December 2010, helped Gemfields become debt free, earn a massive surge in revenues and generate profits from a loss in the corresponding period of 2009. Revenues of both polished and rough emeralds together surged 140 percent to $29 million, while profit amounted to $15.5 million ( loss of $5.8 million in corresponding period of 2009). The company was able to repay its bank loans and leases. Cash position stood at $15.5 million ($7.6 million in the six months of 2009).

Also it achieved a grade of 527 carats per tonne (average of last five years was a grade of 351 carats per tone), and unit production costs valued around 35 cents per carat from the historic average of 64 cents per carat.

Production: The output at the company’s Kagem mine was 18.7 million carats, higher than 17.4 million carats achieved in the entire 2009. Per-carat prices achieved was higher, backed by rising demand.

The company achieved record sales of $19.6 million at its December 2010 auction. Its forthcoming rough Zambian emeralds and beryl auction is slated in Jaipur between March 10-14, 2011.