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April 14 (Reuters) - Gemfields Plc's emerald andberyl production nearly tripled in the third quarter, driven byincreased average grades at its 75-percent-owned Kagem mine inZambia.
The miner said it produced 9.9 million carats of emerald andberyl in the quarter ended March 31, compared with 3.6 millioncarats a year earlier.
Average grades in the quarter rose 79 percent to 355 caratsper tonne.
Gemfields, which has been looking to shore up its preciousstones trading business, said it had started setting upinfrastructure and management in Sri Lanka for its sapphiremining joint venture.
Production of ruby and corundum from the Montepuez mine inMozambique rose slightly to about 1.4 million carats in thethird quarter from 1.1 million carats a year earlier, thecompany said.
Gemfields, which also owns the Faberge jewellery business,said the next auction of traded rough emerald, ruby and corundumis scheduled for this month in Jaipur, India. Another auction,for predominantly higher quality rubies, will be held inSingapore in June. (Reporting by Abhiram Nandakumar in Bengaluru; Editing byAnupama Dwivedi)
Gemfields Grou. (GEM)
