Category Archives: COUNTRIES

Sales at Myanmar’s jade expo less than last year

The overall numbers are big:

www.worldfairs.org

  • 6,561 pieces of jade exhibited
  • 5,092 sold
  • 326 gems, among them rubies and sapphires, showcased
  • 105 gems sold
  • $612.4 million in total sales
  • Nearly 2,000 local entrepreneurs and 200 foreign business people in attendance

However, results from the 2017 Jade and Gems Emporium are 3 per cent lower than last year’s in terms of the amount of cash the event made, says Deal Street Asia.

The 54th edition of the expo, which is organized by Myanmar’s Ministry of Natural Resources and Environmental Conservation and the Jade and Gems Emporium Central Committee, was held from August 2-11 in Nay Pyi Taw.

www.worldwidediamonds.info

Besides rough jade and gems, the trade show included cut and polished gemstones, jewelry, jade carvings and gemstone pictures that were sold in euros through an open tender system.

Myanmar -or Burma- has a +$31 billion jade industry, which is the source of nearly all of the world’s finest greenstone and it’s a magnet for foreign capital, with China being its number one buyer.

Nearly half the Southeast Asian country’s GDP comes from jade mining.

www.www-globalcommodities.com

Henry Sapiecha

China’s Fosun sweetens the pot for offer on Gemfields

Emeralds and rubies miner Gemfields (LON:GEM) is encouraging its minority shareholders to accept an improved takeover bid from China’s Fosun International, despite considering it unfair, to avoid being bought-up by its largest shareholder.

The London-listed miner told investors Tuesday that while the terms of Fosun’s proposal are “not fair or reasonable,” the offer from South African private equity group Pallinghurst, Gemfields’ biggest shareholder, is even more “derisory.”

The precious stones miner has recommended shareholders to accept Fosun’s new offer, despite considering it “unfair” and “unreasonable.”Fosun Gold, a unit of Fosun International, increased Tuesday its offer for Gemfields to 45 pence per share from an earlier proposal of 40.85 pence per share. That’s an 18% premium compared to Gemfields’ share price before it first announced it had received an unsolicited bid.

The sweetened offer trumps Pallinghurst Resources’ rival bid of 38.5 pence to acquire the 53% of the coloured gems producer it does not already own.

Fosun chief executive Wang Qunbin said his company was impressed by Gemfields’ “long-term business potential, in particular in the China market”, adding that its cash offer provides a “compelling alternative” to Pallinghurst’s all-share bid.

Gemfields’ board did not share Qunbin’s enthusiasm, noting that Fosun’s new bid still represents an 18% discount to where the company’s shares traded only six months ago.

It also said it would to pay the Chinese miner a break fee of $2 million by way of compensation if a competing proposal becomes or is declared wholly unconditional.

Shares in the company jumped almost 5% in the first hour of trade in London to 43.50 p and while it lost a few points later, it was still 4.62% higher to 42.50 p by 3:00 PM local time.

Gemfields, which owns the luxury Fabergé jewellery brand, is the world’s biggest coloured gems producer, accounting for roughly a third of the world’s emeralds and rubies from two mines in Mozambique and Zambia.

Last week, the company broke its own record by achieving the highest revenue from its latest auction of rough rubies.

Henry Sapiecha

China’s Fosun heats up control of Gemfields with 10% bid share premium

Actress Mila Kunis is Gemfields’ brand ambassador. (Photo by Mario Sorrenti. Courtesy of Gemfields.)

Emeralds and rubies miner Gemfields (LON:GEM) may become the centre of a bidding war as China’s Fosun International has approached the company with an attractive offer, which comes only a month after the gems producer rejected a bid from its largest shareholder.

Gemfields, which owns the luxury Fabergé jewellery brand, believes its talks with Fosun will result in a cash offer at a “superior value” to Pallinghurt’s unsolicited bid.

The proposal by Fosun Gold, a unit of Fosun International, values the London-listed company at £225 million ($288m), while South African private equity group Pallinghurst attempted to buy Gemfields in May at its current valuation of £195 million ($250m).

“Gemfields represents a compelling opportunity to continue to develop a leading gemstone producer with a dominant position in both global emerald and ruby production and a strong consumer brand,” Fosun said.

Shares in the company shot up more that 13% in the first hour of trade in London reaching 40.31p by 2:25PM local time, just below the 40.85p offered by Fosun. That value represents 15.1% premium to the miner’s June 13 closing price, and a 10.1% premium to the current implied price per share contained in Pallinghurst’s offer.

Gemfields, which owns the luxury Fabergé jewellery brand, said it believes its talks with Fosun will result in a cash offer at a “superior value” to Pallinghurt’s unsolicited bid, which remains open for acceptance until July 4.

The company repeated its call to shareholders to take no action after the Pallinghurst offer, which it said undervalued it.

Gemfields is the world’s biggest coloured gems producer, accounting for roughly a third of the world’s emeralds and rubies from two mines in Mozambique and Zambia.

Henry Sapiecha

Ruby sales record at Singapore auction set by Gemfields

The miner is currently a takeover target from Chinese and South African interests.

At the auction, held in Singapore, the company sold $54.8 million worth of rubies, a record high for any Gemfields auction and a 24% increase in revenue from the previous record.

Of the 83 lots offered, 78 were sold with an average realized price of $61.13 per carat, the miner said. Al the stones offered were extracted by Gemfields’ 75%-owned Montepuez Ruby Mining at the deposit of the same name in Mozambique.

Since June 2004, the gems producer has held eight auctions for precious stones mined at the Montepuez deposit.

Gemfields, which owns the luxury Fabergé jewellery brand, is the world’s biggest coloured gems producer, accounting for approximately a third of the world’s emeralds and rubies from two African mines in Mozambique and Zambia.

Henry Sapiecha

Gemfields fetches $29 million in Singapore rubies auction

gemfields-fetches-29-million-in-singapore-rubies-auction image www.www-gems.com

Rubies from Montepuez, located at a geologically critical junction between the north-south trending Mozambique Belt and the east-west trending Zambezi Belt.

Shares in Gemfields (LON:GEM) climbed Monday as the precious stones miner said it generated sales worth almost $29 million from its latest ruby auction held in Singapore, with prices meeting expectations.

The company’s stock was up 3.4% to 40.84 pence in mid-afternoon trading in London. However, Gemfields value has dropped about 12% so far this year as the diamond and other precious stones industry has not remained immune to a relentless rout in commodity prices.

Gemfields managed to sell 90,642 carats of the 92,136 carats it made available under the auction

Gemfields managed to sell 90,642 carats of the 92,136 carats it made available under the auction, which consisted of a mix of higher and medium quality stones from its relatively newly acquired Montepuez deposit in Mozambique.

The event was third auction held by the company in the current financial year, which ends in June 2016. The first two were either comprised of higher-quality emerald or lower-quality emerald and beryl from its other Kagem mine, making it hard to compare the results, said the company.

Until recently, Gemfields was synonymous with emeralds. But the world’s biggest producer of the green gemstone has done quite well with Montepuez. A cache of exceptional-quality rubies from this mine have made their way onto jewels by the likes of Fabergé, Georg Jensen and Miiori – modelled by brand ambassador actress Mila Kunis.

The miner has said it expects trading in gemstones to account for a “sizeable chunk” of its revenue over the next five to 10 years.

The next auction, to be held in March, will be of predominantly higher quality emeralds from its Kagem emerald mine in Zambia.

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Henry Sapiecha

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