Stefan Bernstein explains how the EU/Greenland critical raw materials partnership benefits GreenRoc. Watch the full video here.

Less Ads, More Data, More Tools Register for FREE
Stefan Bernstein explains how the EU/Greenland critical raw materials partnership benefits GreenRoc
Stefan Bernstein explains how the EU/Greenland critical raw materials partnership benefits GreenRocView Video
Utilico Insights - Jacqueline Broers assesses why Vietnam could be the darling of Asia for investors
Utilico Insights - Jacqueline Broers assesses why Vietnam could be the darling of Asia for investorsView Video

Latest Share Chat

Gemfields Emerald Auction Gets USD12 Million Despite Virus Hurt

Mon, 24th Feb 2020 08:57

(Alliance News) - Gemstones miner Gemfields Group Ltd on Monday said a February emerald auction in Zambia secured USD11.5 million in revenue, but added that the result was "dampened" by falling consumer demand due to the coronavirus outbreak.

The USD11.5 million represents a 6.5% increase from the USD10.8 million in auction revenue secured in February 2019.

Gemfields' Managing Director of Product & Sales Adiran Banks said: "The results of our first auction of 2020 are in line with prior auctions of commercial quality emeralds and demonstrate a stable underlying market. It was however evident that the fallout of COVID-19 - the coronavirus - dampened what might otherwise have been a buoyant result.

"Firstly, the uncertainty surrounding Chinese consumer demand in the wake of COVID-19 has understandably created negative sentiment in the mid-stream market. Secondly, a handful of our key auction customers did not travel to Lusaka as a result of the increased risk associated with COVD-19 and thirdly, the Hong Kong market - important for both gemstones and jewellery - has had to endure multiple successive misfortunes."

Gemfiels sold 2.9 million carats, having offered 4.5 million. In an auction last February, it sold 2.5 million carats, and offered 4.2 million.

Carats were sold at an average of USD4.01 each.

Gemfields shares were 2.6% lower at 10.42 pence each in London on Monday morning. They were 2.4% lower at ZAR2.00 each in Johannesburg.

By Eric Cunha; ericcunha@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

Related Shares

More News
25 Mar 2024 08:18

Gemfields annual profit tumbles after scrapping auction, write-down

(Alliance News) - Gemfields Group Ltd reported on Monday it had slashed its dividend after profit dived due to a write-down on its platinum group meta...

22 Mar 2024 16:35

Gemfields set to swing to loss in 2023

(Sharecast News) - Coloured gemstone specialist Gemfields said in a trading update on Friday that its two primary operating assets, Kagem and MRM, con...

22 Mar 2024 15:16

UK earnings, trading statements calendar - next 7 days

22 Mar 2024 08:32

Gemfields expects to swing to annual loss on write-down, lower output

(Alliance News) - Gemfields Group Ltd warned on Friday it expects to swing to an annual loss after a platinum group metals write-down and the withdraw...

29 Jan 2024 10:03

IN BRIEF: Gemfields auction revenue slumps 23% in 2023 after record

Gemfields Group Ltd - London-headquartered gemstones producer - Posts a 23% drop in auction revenue to USD242 million in 2023 from USD316 million in 2...

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.