London-listed Gemfields expects to swing to a net profit of $65-million for the year ended December 31, 2021, compared with a net loss of $93-million in the prior year.
With the company’s two key operating assets, the Montepuez ruby mine and the Kagem emerald mine, in Mozambique and Zambia, respectively, having delivered record-breaking auction results during 2021, Gemfields expects to post earnings a share of $0.04 for the year.
This compares with a loss a share of $0.07 for 2020.
Gemfields’ auction schedule in 2020 was severely hampered by the many restrictions put in place to mitigate against Covid-19 contagion, which led to the company finding new ways to host gemstone auctions.
Gemfields hosted smaller, multi-city and online-based auctions for high-quality emeralds and rubies throughout 2021.
Gemfields will release its full-year results on March 25.