Gemfields stock shines after record auction returns
09:51, 10 December 2021
AIM-listed Gemfields, a London-based supplier and seller of coloured gemstones, saw its stock price jump 4.56% in mid-morning trading today.
The company’s stock price hit 14.9p after it revealed annual gemstone auction revenues reached an all-time high of $239.6m (£181.5m) across emeralds and rubies. The prior record was $200.6m in 2019.
For rubies specifically, total auction revenues of $88.4m were recorded, an all-time high for Montepuez Ruby Mining Limitada’s auctions.
Growth in the ruby sector
Commenting on the auction revenues, Gemfields’ managing director of product & sales, Adrian Banks, said: “This has been the strongest ruby auction in Gemfields’ history and we’re very pleased with the trajectory and growth of the downstream ruby sector. Professionalised and dependable supply has always been the key to unlocking growth.”
Banks added: “The strength of the results we’ve seen this week for both emeralds and rubies means that Gemfields has achieved a new record for annual gemstone auction revenues of $239m, a very pleasing result for 2021.”
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