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  Gemfields revenue, reduced compared to the same period last year   In accordance with the JSE Listings Requirements, Gemfields advised that the Company is reasonably certain of its expected financial interim results for the six months ended 30 June 2024. Gemfields’ two key operating assets, Kagem Mining Limited and Montepuez Ruby Mining Limitada (MRM), generated revenues of USD 51.9 million and USD 68.7 million respectively in the six months to 30 June 2024 (2023 H1: Kagem – USD 64.6 million; MRM – USD 80.4 million).   At the occasion Sean Gilbertson, CEO of Gemfields, commented, “Further to our operational update for the six months to 30 June 2024, which was published on 26 July, we are pleased to provide this trading statement ahead of the release of our Interim Results on Friday 27 September 2024. As previously disclosed, the Group generated auction revenues during the period of USD 120.6 million, as well as USD 6.6 million from Fabergé, contributing to anoth...

Sapphire, corundum & ruby auction revenues of US$2.3mn Gemfields announces the results of an auction of predominantly commercial-quality sapphire, corundum and commercial-quality ruby held from 2 to 4 September 2024. Key takeaways are, 1: MRM Commercial-Quality Auction – September 2024, 2: Auction revenues of USD 2.3 million (2023’s MRM Commercial-Quality Auction: USD 1.5 million).  3: All of the 5.7 million carats (1,130 kilograms) offered in 10 lots were sold (100%), 4: Average sales price of USD 0.41 per carat.  Adrian Banks, Gemfields’ Managing Director of Product & Sales, commented, “We extend our gratitude to the auction participants who made this brief, three-day auction such an enjoyable event. The majority of the auction’s offering consisted of corundum and sapphire, which are considered by- products of MRM. Despite the commercial nature of these goods, the auction saw strong attendance and robust demand.                ...

Zambian shares experience on Future of the gemstone mining A high-level delegation of officials from Zambia visited Mozambique last week to share experiences on the future of the gemstone mining sector between the two nations, which are home to the world’s largest emerald and ruby mines respectively. The delegation, led by Ministry of Mines Permanent Secretary Paul Chanda, included senior representatives from the Zambia Revenue Authority, Mine Workers Union of Zambia (MUZ), National Union of Miners & Allied Workers (NUMAW) and Industrial Development Corporation (IDC), which owns 25 percent of Kagem Mining in a partnership with London-based Gemfields, which also operates Montepuez Ruby Mining (MRM) in the Cabo Delgado Province of Mozambique. The Zambian group, accompanied by Kagem chairman Dr Sixtus Mulenga and Gemfields and Kagem CEO Sean Gilbertson, travelled to Mozambique for the inauguration of MRM’s new US$15 million sort house by the Governor of the Cabo De...

Studies methods of detecting low-temperature heated rubies from Mozambique Since their discovery in early 2009, the ruby deposits near Montepuez in Mozambique have produced an impressive number of exceptional-quality stones, including iconic gems such as the Rhino Ruby (22.04 cts), the Scarlet Drop (15.95 cts) and the Eyes of the Dragon (a pair of rubies pair weighing 11.23 cts and 10.70 cts), all of which were analysed by the Swiss Gemmological Institute SSEF. But from the very beginning, there has been evidence in the market of lower-quality rubies from Mozambique that have been heated with or without a flux (borax), resulting in healed fissures with residue, and in some cases heavily-fractured material that has been lead-glass filled. In more recent years, an increasing number of fine quality rubies from Mozambique have come onto the market, after having undergone so-called "low-temperature heating" (below 1000 °C). Presumably, the aim of this treatment ...