Gemfields has announced its financial results for the fiscal year ending June 30, 2010, which closed on a good note, leaving the company optimistic in achieving its goal as a being a market leader within the premium colored gemstone sector.

Revenues in the said 12 months valued $19.91 million rising from $815,456 in the corresponding previous year. Profit amounted to $2.58 million, showing improvement over the $201.4 million worth of loss incurred the precious year.

Production of emerald and beryl slipped from 28 million carats last year to 17.4 million carats in the said fiscal year. Emerald inventory valued $16.5 million. Operating costs were curbed by 20 percent at the Kagem emerald mine. The company ended the period with $2.9 million worth of cash on hand.