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TanzaniteOne reports 76% increase in revenues
Inventory levels reduce by 16%
By: Diamond World News Service
Sep 28 2010 11:56AM
Reference: 5352  


At the end of six months on June 30 2010, TanzaniteOne recorded revenues worth $8.6 million, rising by 76 percent. Profits valued $700,000 as compared to loss worth $500,000 in the same period last year. Its sales included 855,847 carats of rough gemstones sold in Dubai for $6.91 million, during the second quarter.

While last year’s first half saw gross margins improve 40 percent of sales, in the comparable period this year it was 66 percent of sales.

The company’s tanzanite production increased 21 percent to 1.049 million carats. The company ended the first half this year with $11.1 million in assets, including $3.94 million worth of inventory and cash and receivables. The period saw inventory levels of both rough and polished tanzanite decreasing by 16 percent as compared to the same period last year, indicating a rise in sales.

The ban on export of tanzanite larger than 5 carats continues to loom over Tanzania. Following this, the company is in talks with the government to develop cutting operations in Tanzania. It aims to ‘maximize sales of lighter stones into new markets through the cutting and marketing joint ventures and to build high margin business from cut high grade tanzanite’, as reports add.

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