For the six months closing December 30, 2016, Gemfields’ revenues dropped 46 percent to $51 million, as per reports. It recorded a loss compared to a profit in the corresponding six months of the previous year, The company’s loss amounted to $13.6 million in the said six months of 2016 from a profit of $8.2 million in the corresponding six months of 2015, as per reports.

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.