Gemfields PLC Update to December 2016 Emerald Auction (6023Q)
December 01 2016 - 2:00AM
UK Regulatory
TIDMGEM
RNS Number : 6023Q
Gemfields PLC
01 December 2016
Gemfields plc
("Gemfields" or the "Company")
Update to December 2016 Emerald Auction
1 December 2016
Gemfields plc (AIM: GEM) announces that its auction of
predominantly higher quality emeralds from the Kagem emerald mine
in Zambia, originally scheduled to take place in December 2016, has
been rescheduled until February 2017.
The auction of predominantly mixed quality rubies from the
Montepuez ruby deposit in Mozambique will proceed in Singapore in
December 2016 as originally planned.
Ian Harebottle, CEO of Gemfields, commented:
"The majority of our customers for rough emeralds hail from
India. As has been widely covered in the international media, the
new demonetisation programme will require an adjustment period to
allow industries and stakeholders to adapt to the new policies. For
this reason, we have decided to delay our forthcoming emerald
auction by approximately two months, until February 2017. This
decision has been well received, and appreciated, by our auction
participants.
"Our ruby auction will proceed as planned given that rubies have
a diversified customer base dominated by Thailand, Sri Lanka,
Myanmar and China. There is no change to our revenue guidance for
the 2016 financial year."
ENQUIRIES:
Gemfields jj.williams@gemfields.co.uk
+44 (0)20 7659
JJ Williams, Company Secretary 4965
Grant Thornton UK LLP
Nominated Adviser
Philip Secrett/Richard +44 (0)20 7383
Tonthat/Jamie Barklem 5100
J.P. Morgan Cazenove
Joint Broker
Jamie Riddell / James +44 (0)20 7742
Deal 4000
BMO Capital Markets Limited
Joint Broker
Jeff Couch/Neil Haycock/Tom +44 (0)20 7236
Rider/Jenny Wyllie 1010
Macquarie Capital (Europe)
Limited
Joint Broker
Raj Khatri/Nick Stamp/Guy +44 (0)20 3037
de Freitas 2000
Tavistock
Jos Simson/Emily Fenton/Barnaby +44 (0)20 7920
Hayward 3150
Notes to Editors:
Gemfields plc is a leading supplier of responsibly sourced
coloured gemstones and is quoted on the AIM market of the London
Stock Exchange (ticker: GEM).
Gemfields is the operator and 75 per cent. owner of both the
Kagem emerald mine in Zambia (believed to be the world's single
largest producing emerald mine) and the Montepuez ruby deposit in
Mozambique (one of the most significant recently discovered ruby
deposits in the world). In addition, Gemfields also holds a 50 per
cent. interest in the Kariba amethyst mine in Zambia, as well as
controlling interests in various other gemstone mining and
prospecting licenses in Zambia, Mozambique, Colombia, Ethiopia,
Madagascar and Sri Lanka.
Gemfields' outright ownership of the Fabergé brand - an iconic
and prestigious brand of exceptional heritage - enables Gemfields
to optimise positioning, perception and consumer awareness of
coloured gemstones, advancing the Group's "mine and market"
vision.
Gemfields has developed a proprietary grading system and a
pioneering auction and trading platform to provide a consistent
supply of quality coloured gemstones to the global downstream
markets. This is a key component of the Company's business model
which the Directors believe has played an important role in the
appropriate distribution and associated resurgence of the global
coloured gemstone sector.
www.gemfields.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
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