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Africa|Construction|Design|Gemfields|Mining|Service|System|Gemstones|Products|Rubies
Africa|Construction|Design|Gemfields|Mining|Service|System|Gemstones|Products|Rubies
africa|construction|design|gemfields|mining|service|system|gemstones|products|rubies

Emeralds, rubies continuing to give Southern Africa exceptional gemstone hues

Gemstones from Zambia and Mozambique.

Gemfields CEO Sean Gilbertson.

3rd October 2023

By: Martin Creamer

Creamer Media Editor

     

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JOHANNESBURG (miningweekly.com) – The emerald green of Zambia and the ruby red of Mozambique are continuing to give exceptional gemstone hues to Southern Africa, Mining Weekly can today report.

Zambian emeralds, which are among the oldest on earth, were created by contact between beryllium, chromium and vanadium more than 500-million years ago. It is the chromium and the vanadium that give the precious stones their bright green hue.

In addition, rich ruby deposits discovered in Mozambique continue to be a good source of employment for Mozambican nationals.

Kagem’s emerald mine in Lufwanyama, which is owned 75% by the London- and Johannesburg-listed Gemfields, operates in partnership with the Zambian government, while the Montepuez ruby mine in Cabo Delgado, which is also 75% Gemfields owned, has Mwriti Limitada as the 25% Mozambican partner.

Since July 2009, Kagem has generated total cumulative auction sales revenue of $920-million, and since June 2014, Montepuez has generated total cumulative auction sales revenue of $898-million.

A second processing plant under construction at Montepuez is scheduled to become operational during the first half of 2025, which will enable Gemfields, headed by CEO Sean Gilbertson, to bring new ruby products to market and explore more of its licence area.

Showcasing the emeralds and rubies mined is Fabergé, the iconic jewellery firm which incorporates gemstones from Gemfields’ mines into its creations. The House of Fabergé was founded in 1842 in Saint Petersburg, Russia.

Outright ownership of Fabergé enables Gemfields to optimise positioning, perception and consumer awareness of coloured gemstones through artistic design.

Interestingly, a proprietary grading system and pioneering auction platform have been established to provide a consistent supply of coloured gemstones to downstream markets.

Gemfields revenue of $154-million in the six months ended June 30 was down on the R193-million a year earlier and latest news from the London and Johannesburg stock exchanges is that Gemfields has purchased 233 308 of its own ordinary shares of $0.00001 each at a price of R3.10 a share, for holding as treasury shares ahead of being periodically cancelled.

Following this purchase, the total number of ordinary shares held in treasury by the company is 8 370 432, with the total number of ordinary shares in issue totalling 1 221 918 104, including treasury shares. Therefore, the number of ordinary shares that carry the right to one vote number 1 213 547 672, the company stated on Johannesburg’s Stock Exchange News Service.

Edited by Creamer Media Reporter

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