Faberge jewellery brand owner Gemfields Group , reported a 2% rise in full-year profit on Friday helped by higher prices for uncut emeralds and rubies.
A Faberge sapphire and diamond Devotion ring is seen at the Gemfields office in central London, November 17, 2014. REUTERS/Toby Melville/File Photo, reported a 2% rise in full-year profit on Friday helped by higher prices for uncut emeralds and rubies.
Gemfields owns 75% each of the Montepuez ruby mine in Mozambique and Kagem emerald mine in Zambia, with the two countries' respective governments owning the balance. It also owns the Faberge jewellery brand. The Mozambique ruby mine's revenue was $167 million, a 13% increase on the previous year, while the Zambian emerald mine contributed $147 million to group revenue, after a 62% increase. Faberge's contribution to Gemfields' revenue was $18 million, a 28% increase from 2021.
Gemfields' CEO Sean Gilbertson told analysts on Friday operations at Montepuez ruby mine remained stable and uninterrupted, although the company temporarily shut down its exploration camp atGilbertson said employees had started to return to the camp, where Gemfields is exploring for gold.
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