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LONDON (Alliance News) - Gemfields PLC Thursday said production fell in its fourth quarter, while lower revenue was seen at its wholly-owned jewellery firm Faberge Ltd.
The rare coloured-gemstones mining company said its emerald and beryl production fell 29% to 6.3 million carats for the three months ended June 30, compared with the previous year, with its grades falling to 271 carats per tonne from 322 carats per tonne previously.
The company said its annual gemstone production fell 33% to 20.2 million carats from 30.0 million carats, and the grade was 253 carats per tonne rather than 283 carats per tonne.
Gemfields said its May auction of traded rough emeralds brought in revenues of USD13.5 million at an average realised price of USD50 per carat.
The company said its next auction of mined emeralds and beryl is scheduled to conclude in Zambia on Friday.
Gemfields also said that bulk sampling of ruby and corundum during the quarter fell 82% to 200,000 carats extracted from 1.1 million carats.
The company said that while the number of ruby carats extracted was markedly lower than during the same quarter in the prior year, the quality of the material extracted during the quarter was significantly higher.
Gemfields added that its wholly-owned Faberge Ltd saw lower revenue but higher unit sales and robust margins derived from sales, and sales orders, agreed during the quarter when compared to the same quarter in the prior year.
Gemfields shares were down 1.6% to 48.35 pence on Thursday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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