Zambia Gemstone Miner Reports USD 160.1 Million Year Revenue

zambia-emerald-gemstone

UK-based Gemfields plc, the world’s leading supplier of sourced colored gemstones, has reported the final audited results for the fiscal year ending on June 20, 2014, indicating a total revenue of USD 160.1 million.

This represents a significant increase from the USD 48.4 million in revenues reported during the previous year following three auctions in Lusaka of emerald and beryl from the Kagem mine that generated USD 84.4 million in revenue as well as auctions in Jaipur, India for rough emerald gems that had not been directly mined by the company, but stilll generated USD 22 million in revenue.

Although production of emerald and beryl at the company’s Kagem mine in Zambia fell by 32.7% to 20.2 million carats during the reported fiscal year, the CEO of Gemfields, Ian Harebottle, reaffirmed the company’s commitment to supporting the competitiveness of Zambia gemstones on the international market, given the consistent price increases in the company’s growing emerald business,

“The Kagem emerald mine in Zambia continues to be our cornerstone asset,” he said, “We are very grateful to our dedicated and hard-working team and remain tremendously excited about our expanding global portfolio of emeralds, rubies and sapphires.”

In June 2008, Gemfields acquired 75% of the Zambia Kagem mine, which is now a fully tax-paying entity and has distributed its first dividends to Gemfields’ investment partners.