TIDMGEM
RNS Number : 3589M
Gemfields Group Limited
13 September 2023
Incorporated in Guernsey. Guernsey registration Number:
47656.
South African external company registration number
2009/012636/10
Share code on JSE:GML / AIM:GEM
ISIN: GG00BG0KTL52 | LEI: 21380017GAVXTCYS5R31
("Gemfields" or the "Company")
Gemfields Auction Update
LONDON, 13 SEPTEMBER 2023
Gemfields provides an update regarding its gemstone auction
schedule for the remainder of 2023.
a. Gemfields completed an auction of commercial and low-quality
ruby from the Montepuez ruby mine on 13 September 2023 and the
results are set out below.
b. An auction of commercial quality emeralds from the Kagem
emerald mine is presently underway and Gemfields expects to
announce the results on Monday 18 September 2023.
c. The auction of higher quality emeralds from the Kagem emerald
mine, scheduled for November 2023, will no longer take place.
Gemfields has taken this decision as a result of the generally
lower quality and quantity of emerald production at Kagem in recent
months and which would result in a suboptimal auction offering to
Gemfields' emerald auction clients. The available production will
therefore be carried forward into Gemfields' 2024 auction
programme.
d. The auction of mixed quality rubies from Montepuez remains scheduled for December 2023.
The arising 2023 auction summary is tabulated below:
2023 Auction Total year-to-date Auctions currently Total Auctions
Summary No. of auctions auction revenue underway or for 2023
by Mine completed (USD million) remaining in
year-to-date 2023
in 2023
2
Mar 2023:
Kagem CQ 1
Emerald Jun 2023:
Mine HQ 64.9 Sep 2023: CQ 3
------------------- ------------------- ------------------- ---------------
2
Jun 2023:
MQ 1
Montepuez Sep 2023:
Ruby Mine CQ&LQ 81.9 Dec 2023: MQ 3
------------------- ------------------- ------------------- ---------------
Key: HQ = higher quality, CQ = commercial quality, MQ = mixed
quality, LQ = lower quality
Montepuez Commercial-Quality Auction (September 2023)
Gemfields held an auction of commercial and low-quality ruby
from 11 to 13 September 2023.
-- Auction revenues of USD 1.47 million
-- 100% of the 869,862 carats (174kg) offered in 8 lots were sold
-- Average sales price of USD 1.70 per carat
The gemstones were extracted by Montepuez Ruby Mining Limitada
in Mozambique, which is 75% owned by Gemfields and 25% by Mwiriti
Limitada). The proceeds of this auction will be fully repatriated
to MRM in Mozambique, with all royalties due to the Government of
the Republic of Mozambique being paid on the full sales prices
achieved at the auction.
Adrian Banks, Gemfields' Managing Director of Product &
Sales, commented:
"The results from today's auction of commercial and lower
quality ruby highlight again that the market remains very healthy.
We now eagerly await the results of the auction of commercial
quality emeralds presently underway. As a result of generally lower
quality and quantity of production experienced at the Kagem emerald
mine in recent months, we are of course disappointed to withdraw
our auction of higher quality emeralds scheduled for November 2023.
Emeralds are a natural product and the variability in quality and
quantity of production is a characteristic feature of coloured
gemstone deposits. We have seen such periods in the past and always
wish to ensure that we only proceed with an auction where we can
table an industry leading offering for our clients."
AIM nominated advisor name change
The Company announces that its nominated adviser and broker
finnCap Ltd, has changed its name to Cavendish Capital Markets
Limited.
-ENDS-
Further information on Gemfields Group Limited can be found
at:
GEMFIELDSGROUP.COM
To join our investor mailing list, contact us on:
ir@gemfields.com
For any press enquiries please contact us on:
gemfields@camarco.co.uk
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) no. 596/2014 which
forms part of domestic UK law pursuant to the European Union
(withdrawal) act 2018 ("MAR").
ENQUIRIES
GEMFIELDS Sean Gilbertson / David Lovett / Ian
Hughes
ir@gemfields.com
T: +44(0) 20 7518 3400
SPONSOR (JSE) Investec Bank Limited
-------------------------------------
NOMINATED ADVISER Cavendish Capital Markets Limited
(AIM) & JOINT BROKER Christopher Raggett / Tim Redfern
/ Edward Whiley
T: +44(0) 20 7220 0500
-------------------------------------
JOINT BROKER Liberum
Scott Mathieson / Kane Collings
T: +44(0) 20 3100 2222
-------------------------------------
FINANCIAL PR/ IR Camarco
Gordon Poole / Emily Hall
T: +44(0) 20 3757 4980
-------------------------------------
ADDITIONAL INFORMATION ON GEMFIELDS
Gemfields is a world-leading responsible miner and marketer of
coloured gemstones. Gemfields is the operator and 75% owner of both
the Kagem emerald mine in Zambia (believed to be the world's single
largest producing emerald mine) and the Montepuez ruby mine in
Mozambique (one of the most significant recently discovered ruby
deposits in the world). In addition, Gemfields also holds
controlling interests in various other gemstone mining and
prospecting licences in Zambia, Mozambique, Ethiopia and
Madagascar.
Gemfields' outright ownership of Fabergé - an iconic and
prestigious brand of exceptional heritage - enables Gemfields to
optimise positioning, perception and consumer awareness of coloured
gemstones through Fabergé designs, advancing the wider 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 coloured gemstones to downstream markets, a key component
of Gemfields' business model that has played an important role in
the growth of the global coloured gemstone sector.
GEMFIELDS
GEMFIELDS.COM | INVESTORS | FOUNDATION
INSTAGRAM | FACEBOOK | TWITTER | YOUTUBE
FABERGÉ
FABERGÉ.COM | INSTAGRAM | FACEBOOK | TWITTER | YOUTUBE
KAGEM MINING LINKEDIN
MONTEPUEZ RUBY MINING LINKEDIN
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCSFLFIDEDSEFU
(END) Dow Jones Newswires
September 13, 2023 11:30 ET (15:30 GMT)
Gemfields (LSE:GEM)
Historical Stock Chart
From Apr 2024 to May 2024
Gemfields (LSE:GEM)
Historical Stock Chart
From May 2023 to May 2024
