Image credit: Gemfields
The miner suspended much of its mining and processing activity from March last year due to the COVID-19 restrictions and impacts.
Gemfields' 75%-owned Montepuez ruby mine, in Mozambique, produced 1.2 million carats last year compared with 2.2 million carats in 2019.
The company raked in $22.4-million from Kagem emerald auctions in 2020 compared to $200-million generated in 2019.
No ruby auctions were conducted.
It said the stones sold through its luxury brand Fabergé fell to 1, 686 in 2020 from 2, 324 pieces sold the previous year.
Gemfields had cash and cash equivalents on hand of $43.9-million as of December 31.
The company had a net debt of $12.6 million, but this excludes the outstanding balance of auction receivables of $8.9 million as of December 31.
Gemfields was planning to resume mining operations in March.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
