Category Archives: GEMSTONE MINES

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

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 steps up fight against takeover by largest investor


Actress Mila Kunis is Gemfields’ brand ambassador. (Image: Screenshot from Gemfields 2014’s advert| YouTube)

Emeralds and rubies miner Gemfields (LON:GEM) said Wednesday a group of independent directors recommended shareholders to reject a takeover bid by largest investor Pallinghurst Resources Limited.

The Johannesburg-listed private equity firm wants to buy all the shares it doesn’t already own in Gemfields, but an “independent committee” formed by the precious stones miner has determined the offer “significantly undervalues the company, its unique asset base and its leading position in the coloured gemstone sector.”
“Pallinghurst Resources wants to buy all the shares it doesn’t already own in Gemfields, but miner said offer is “derisory.””

Shares in Gemfields fell on the news, closing 1.10% down in London to 33.75p.

The group of advisers is made up of chairman Graham Mascall, chief executive Ian Harebottle, chief financial officer Janet Boyce and non-executive directors Clive Newall and Finn Behnken.

Despite their close ties with Gemfields, the company said it considered the committee to be “free from conflicts of interest in respect of the unsolicited offer”.

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. The miner also owns the luxury Fabergé brand.

Pallinghurst also has interests in the platinum and manganese sector in South Africa, but Gemfields is the assets where it has the largest share. The firm has until June 16 to release full details of its offer for Gemfields under Takeover Panel rules.

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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HENRY SAPIECHA