Gemfields has reported operational gains in the half-year to end-June, driven by better output at its Kagem emerald and Montepuez ruby mines, and said it had made progress in reviewing strategic options for Fabergé, its luxury brand.
In a statement released on Thursday, the company — a leading miner and marketer of coloured gemstones — said it recorded total auction revenue of $60m, “achieved during a period of ongoing market uncertainty”.
Gemfields ended June with net debt of $59.6m, helped by a $30m rights issue completed during the month.
Operationally, the company reported progress at its main mining sites, with the Montepuez ruby mining operation in Mozambique approaching completion of its second processing plant. First ruby production is expected in August, with full output planned by September. The expansion aims to increase ruby production over the medium term.
Fabergé, the luxury brand owned by Gemfields, is part of the company’s “mine and market” strategy. Using its experience in jewellery design, Fabergé supports Gemfields’ efforts to position and promote coloured gemstones.
The company said it had made progress in its strategic review of Fabergé and described the process as a “key priority”. Further updates would be provided as the review continued.
The company is expected to release a financial update on September 26.
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