Paris - Gemfields’ emerald and beryl production nearly tripled in the third quarter, driven by increased average grades at its 75-percent-owned Kagem mine in Zambia.
The miner said it produced 9.9 million carats of emerald and beryl in the quarter ended March 31, compared with 3.6 million carats a year earlier.
Average grades in the quarter rose 79 percent to 355 carats per ton.
Gemfields, which has been looking to shore up its precious stones trading business, said it had started setting up infrastructure and management in Sri Lanka for its sapphire mining joint venture.
Production of ruby and corundum from the Montepuez mine in Mozambique rose slightly to about 1.4 million carats in the third quarter from 1.1 million carats a year earlier, the company said.
Gemfields, which also owns the Faberge jewellery business, said the next auction of traded rough emerald, ruby and corundum is scheduled for this month in Jaipur, India. Another auction, for predominantly higher quality rubies, will be held in Singapore in June.
Reuters