Gemstone producer Gemfields has demonstrated robust financial performance during the first half of 2023. However, CEO Sean Gilbertson cautioned on Friday that the company is unlikely to replicate last year’s standout performance owing to its recent decision to cancel the November auction. The company withdrew the higher-quality emerald auction scheduled for November, after experiencing lower-than-planned production from the Kagem emerald mine, in Zambia.
Gemstone producer Gemfields has demonstrated robust financial performance during the first half of 2023. However, CEOcautioned on Friday that the company is unlikely to replicate last year’s standout performance owing to its recent decision to cancel the November auction.
“This is understandably disappointing, but such periods have been seen in the past and we always wish to ensure we have an optimal offering when we bring our gemstones to auction. Given the withdrawal of this auction, we are not presently positioned to match last year's standout financial performance this year,” said Gilbertson.
Gilbertson noted that Gemfields’ rough emeralds and rubies continue to be in demand after a step-change in market pricing seen across last year.
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