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Yesterday

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Gemfields realises $242 mln in emerald, ruby revenue in 2023

30 january 2024

Gemfields, which is the operator and 75% owner of both the Kagem emerald mine in Zambia and the Montepuez Ruby Mine (MRM) in Mozambique, raked in $242 million in revenue during the period ending December 2023.

The revenue was its second highest year in its history despite the withdrawal of November 2023’s auction of higher quality emeralds.

Of this revenue, Kagem emerald auctions contributed $90.4 million compared to $149.4 million in 2022, while MRM ruby auctions brought in $151.4 million compared to $166.7 million, a year earlier.

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Source: Gemfields

Gemfields said Kagem experienced a general improvement in both the quality and quantity of premium emeralds recovered in recent months.

It passed the milestone of $2 billion in cumulative emerald and ruby auction sales since its first auction in 2009, with more than $400 million in taxes being paid to the governments of Mozambique and Zambia

A commercial-quality emerald auction is scheduled for the first quarter of 2024, followed by a higher-quality emerald auction and a mixed-quality ruby auction in the second quarter of the year.

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished