Gemfields says it suffered a $93 million net loss in the year ended December 31, 2020, compared to a net profit of $39-million, a year earlier.
Its loss a share was $0.07 in 2020, compared with earnings a share of $0.02 in the prior year.
The group attributed the loss to the Covid-19 pandemic, which forced the company to suspends auctions in their traditional format since February 2020.
Gemfields was forced to suspend operations at the emerald and ruby mines operated by Kagem Mining, in Zambia, and Montepuez Ruby Mining, in Mozambique, to save cash.
"We believe the difficult decisions taken during 2020 best position Gemfields for an optimal recovery in 2021," said company chief executive Sean Gilbertson.
Gemfields has since restarted operations at both Kagem and Montepuez and both would be fully operational by the end of April.
The group managed to host only one regular-format auction in 2020, realising $11.4-million from the sale of commercial-quality emeralds in February 2020 in Lusaka.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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