Gemfields PLC (LON:GEM) has said an auction of higher quality emeralds from its Kagem mine in Zambia, due to take place this month, has been pushed back to February.
The delay is to allow and adjustment period for the predominantly Indian customer base following Prime Minister Narendra Modi's snap demonetisation programme.
The withdrawal of 500 and 1,000 rupee notes was designed to clamp down on the flourishing black market economy, but has plunged the India into chaos.
The decision to put back the sale has been “well received, and appreciated” by the participants, said Gemfields chief executive Ian Harebottle.
An auction of mixed quality rubies, from the Montepuez deposit in Mozambique, will proceed as planned later this month.
There is no change to revenue forecasts for the year, the company said.