Gemfields
Gemfields is one of the world´s leading coloured gemstone companies. With a strong focus on Zambian emeralds, Gemfields mines, processes and markets both rough and polished gemstones internationally. Gemfields prides itself on its unique ability to bring ethically produced, conflict-free gemstones of certified provenance directly from mine to market on an integrated basis.
. In order to support and influence the entire channel from mine to market, Gemfields is in the process of setting up state-of-the-art Cutting and Polishing facilities with cutting-edge technologies and will offer consumers vast quantities of emeralds in calibrated sizes, high precision and special cuts and large collections of Suites, Pairs, matching earring sets. We will also venture into co-branding projects with large, reputed retailers, most notably the company has acquired a worldwide exclusive 15 year licence to use the Fabergé brand name for coloured Gemstones
Gemfields Resources shares hit by profit warning, scaling down of key Kagem mine
Gemfields Resources PLC warned that is performance in the current year will be significantly lower than forecast during 2008 and is expecting to make a loss for the period to end-June 2009.
It also plans to scale down operations at its key production asset, the Kagem emerald mine in Zambia, all in response to deteriorating markets for diamonds and other gemstones. The shares took a hammering on the news, trading nearly 30 percent lower in early deals.
In its statement, Gemfields said until the prospects for a recovery in the gemstone market become clearer, it will minimise all non-essential capital, project development and exploration expenditure.
Gemfields presently has US$16 million in cash and estimates the value of current inventory, comprising both rough and polished emeralds, at US$18 million.
“Gemfields has to date not made significant sales of either rough or polished stones, having favoured a policy of building sufficient inventory to provide customers with a reliable and consistent source of supply. The sale of polished stones will commence officially in Q2 2009, with some rough sales expected during Q1 2009,” the company said.
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Other Gemfields articles
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05/08/09 Gemfields completes first auction of emeralds, fetching US$5.9 million
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17/02/09 Gemfields Resources: New Look, Strategy and CEO
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23/01/09 Diamonds and Coloured Gemstones: Challenging short term, brighter long term prospects
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09/10/08 Gemfields: reinvigorated and on the prowl
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02/02/07 Gemfield Resources aims to Consolidate Zambia's Emerald Sector
Other Gemfields news
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28/01/10 Gemfields produces mined grade gemstones in Q2 and sees encouraging signs in all key markets
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31/12/09 Gemfields appoints new CFO
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17/12/09 Hedge fund QVT increases interest in Gemfields to 11.73%
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09/12/09 Gemfields bags US$5.6 million in second gemstone auction, achieves higher sales value
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07/12/09 Gemfields posts first revenues from emerald sales in FY 2009, cuts operating costs
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27/10/09 Gemfields says stakeholder response for upcoming emerald auction ‘very positive’; all July auction proceeds received
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24/09/09 Hedge fund sponsor QVT Financial raises Gemfields stake to 7.87 pct
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08/07/09 Gemfields ends talks over possible offer by Rox
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05/06/09 Gemfields confirms Rox approach for company at 8p/share cash
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05/05/09 Gemfields names Adrian Banks product director
