Faberge owner posts record revenues

Faberge owner Gemfields has posted record revenues of $341m (£279m), an increase of 32%, for the year ended 31 December 2022.

The company also posted strong EBITDA growth of 25% up to $166m (£136m) and an EBITDA margin of 45%. Gemfields’ net profit was also up to $74m (£60m) compared with $65m (£53m) in 2021.

Furthermore, it declared a record final dividend of $35m (£29m) which will be payable to shareholders on 12 May 2023.

CEO Sean Gilbertson said: “2022 has been a remarkable year for Gemfields Group Limited, with a dramatic recovery as we returned to normality after the Covid-19 pandemic. I would like to take the opportunity to thank our stakeholders for the resilience shown across the past few years.

“Our strategy of being a world-leading responsible miner and marketer of coloured gemstones is working and is generating considerable revenue and benefits for our host governments and the communities we operate in.”

He added: “The coloured gemstone market has seen strong demand after the Covid-19 pandemic, with prices paid for uncut emeralds and rubies reaching remarkable levels during the first half of 2022. With recessionary fears now felt in some corners of the global economy, and against the backdrop of an inflationary environment, delivering the same financial performance in 2023 would be difficult to achieve.

“Nonetheless, we will pursue with gusto our mission to be the global leader in African emeralds, rubies and sapphires while promoting transparency, trust and responsible mining practices, and creating a positive impact for our host communities and countries.”