Gemfields profits fall despite rise in revenue

Coloured gemstone supplier Gemfields has report total revenue of $171.4m (£112m) – up from $160.1m (£104.6m) last year – in its financial report for 2015.

Despite this, the company reported that its pre-tax profits decreased to $12.3m (£8m) for the year ended June 30, 2015 – down from $16.3m (£10.7m) in 2014.

Production at its 75% owned Kagem mine increased to 30.1 million carats, an increase of 49% from 2014. Ruby production at the company’s 75% owned Montepuez mine in Mozambique increased from 6.5 million carats in 2014 to 8.4 million carats in 2015.

Meanwhile, the company’s wholly-owned jeweller Fabergé also reported strong results with wholesale points of sale increasing by 33%, while the number of its boutiques and distribution channels increased from 16 to 20. It also saw the production of its first Imperial Class Egg since 1917.Gemfields also announced that it had moved into Columbia with the acquisition of two emerald mines in the Boyacá state.

Ian Harebottle, CEO, said: “I am pleased to present yet another strong year of growth and performance for Gemfields in which we have achieved record revenues and met or exceeded production guidance at each of our Kagem emerald and Montepuez ruby operations.

“Global appreciation and demand for coloured gemstone continues to increase at a steady pace, our pipeline of growth projects remains exceptionally strong and our recent move into Colombia reflects our commitment to maintaining our position as the market leader in the global coloured gemstone sector.”

Earlier this year Gemfields released a promotional film starring brand ambassador and Hollywood actress Mila Kunis.

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