Gemfields PLC Update to December 2016 Emerald Auction (6023Q)

TIDMGEM

RNS Number : 6023Q

Gemfields PLC

01 December 2016

Gemfields plc

("Gemfields" or the "Company")

Update to December 2016 Emerald Auction

1 December 2016

Gemfields plc (AIM: GEM) announces that its auction of predominantly higher quality emeralds from the Kagem emerald mine in Zambia, originally scheduled to take place in December 2016, has been rescheduled until February 2017.

The auction of predominantly mixed quality rubies from the Montepuez ruby deposit in Mozambique will proceed in Singapore in December 2016 as originally planned.

Ian Harebottle, CEO of Gemfields, commented:

"The majority of our customers for rough emeralds hail from India. As has been widely covered in the international media, the new demonetisation programme will require an adjustment period to allow industries and stakeholders to adapt to the new policies. For this reason, we have decided to delay our forthcoming emerald auction by approximately two months, until February 2017. This decision has been well received, and appreciated, by our auction participants.

"Our ruby auction will proceed as planned given that rubies have a diversified customer base dominated by Thailand, Sri Lanka, Myanmar and China. There is no change to our revenue guidance for the 2016 financial year."

ENQUIRIES:

 
 Gemfields                          [e-mail] 
                                    [phone] 
 JJ Williams, Company Secretary      4965 
 
 Grant Thornton UK LLP 
 Nominated Adviser 
 Philip Secrett/Richard             [phone] 
  Tonthat/Jamie Barklem              5100 
 
 J.P. Morgan Cazenove 
 Joint Broker 
 Jamie Riddell / James              [phone] 
  Deal                               4000 
 
 BMO Capital Markets Limited 
 Joint Broker 
 Jeff Couch/Neil Haycock/Tom        [phone] 
  Rider/Jenny Wyllie                 1010 
 Macquarie Capital (Europe) 
  Limited 
  Joint Broker 
  Raj Khatri/Nick Stamp/Guy           [phone] 
  de Freitas                          2000 
 Tavistock 
 Jos Simson/Emily Fenton/Barnaby    [phone] 
  Hayward                            3150 
 

Notes to Editors:

Gemfields plc is a leading supplier of responsibly sourced coloured gemstones and is quoted on the AIM market of the London Stock Exchange (ticker: GEM).

Gemfields is the operator and 75 per cent. owner of both the Kagem emerald mine in Zambia (believed to be the world's single largest producing emerald mine) and the Montepuez ruby deposit in Mozambique (one of the most significant recently discovered ruby deposits in the world). In addition, Gemfields also holds a 50 per cent. interest in the Kariba amethyst mine in Zambia, as well as controlling interests in various other gemstone mining and prospecting licenses in Zambia, Mozambique, Colombia, Ethiopia, Madagascar and Sri Lanka.

Gemfields' outright ownership of the Fabergé brand - an iconic and prestigious brand of exceptional heritage - enables Gemfields to optimise positioning, perception and consumer awareness of coloured gemstones, advancing the Group's "mine and market" vision.

Gemfields has developed a proprietary grading system and a pioneering auction and trading platform to provide a consistent supply of quality coloured gemstones to the global downstream markets. This is a key component of the Company's business model which the Directors believe has played an important role in the appropriate distribution and associated resurgence of the global coloured gemstone sector.

www.gemfields.co.uk

This information is provided by RNS

The company news service from the London Stock Exchange

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December 01, 2016 02:00 ET (07:00 GMT)