Global InformationGemfields information
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| Company type | Dual Listed Limited Company |
|---|---|
Traded as | JSE: GML / LSE: GEM |
| Industry | Mining and Jewellery |
| Founded | 2007 |
| Headquarters |
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Key people |
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| Products | Coloured gemstones |
| Revenue | USD 341 million(2022)[2] |
Operating income | USD 116.5 million(2022)[2] |
Net income | USD 74.3 million(2022)[2] |
| Total assets | USD 774 million(2022)[2] |
| Total equity | USD 581 million(2022)[2] |
Number of employees | 1,334[2] |
| Website |
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| Footnotes / references [3] [4] | |
Gemfields Group Ltd (formerly Pallinghurst Resources Limited) is a British mining company incorporated in Guernsey and headquartered in London, United Kingdom, and is a supplier of coloured gemstones.[5] The company specializes in the mining, processing and sale of coloured gemstones, in particular emeralds and rubies. The group sells rough, uncut gemstones and does not operate any cutting and polishing facilities. The company owns the Kagem emerald mine in Zambia and the Montepuez ruby mine in Mozambique. Gemfields produces around 25% of the world's emerald supply and around 50% of the world's ruby supply.[6][7]
In addition to the gemstone mining and production assets the Group also owns and operates the Fabergé luxury brand.
Gemfields holds additional stakes in companies based in Zambia, Mozambique, Ethiopia and Madagascar. It also holds an indirect minority stake of 6.5% in platinum-group metals producer Sedibelo Platinum Mines Limited.
In May 2017, Gemfields Group Limited (then called Pallinghurst Resources Limited) announced the terms of an offer to acquire the entire issued, and to be issued, share capital of Gemfields Ltd (then known as Gemfields plc and listed on AIM), other than the Gemfields Ltd shares already held by Gemfields Group Limited at that time, which was approximately 47%. Under the terms of the offer, each Gemfields Ltd shareholder was entitled to receive 1.91 Gemfields Group Ltd shares for each Gemfields Ltd share. The acquisition completed in late 2017 and Pallinghurst Resources Limited changed its name to Gemfields Group Limited following its annual general meeting in June 2018. Gemfields Ltd thereby became a 100% subsidiary of Gemfields Group Limited.
In February 2020, Gemfields Group Limited relisted on London's AIM stock exchange. The company is currently dual listed on the JSE and AIM.
In July 2009, Gemfields Ltd held its first emerald auction. To date, the company has held 38 auctions of rough emerald and beryl produced from Kagem which have generated revenues totalling USD 712 million.
In June 2014, Gemfields plc held its first auction of rubies and corundum from the Montepuez Ruby Mine in Singapore. To date, the company has held 14 auctions of ruby and corundum produced by Montepuez Ruby Mining Limitada (MRM) and which have generated revenues totalling USD 643 million. [8]
In 2019, Gemfields paid £5.8 million to settle a lawsuit in relation to allegations of human rights abuses against Mozambican and foreign nationals on or around the Montepuez Ruby Mine. The allegations included beatings, shootings, and sexual assault. [9]
- ^ "Fabergé names new CEO, launches special coronation lockets". 21 April 2023. Retrieved 2023-04-21.
- ^ a b c d e f "Gemfields Group Annual Report 2022". 21 April 2023. Retrieved 21 April 2023.
- ^ "Annual Report and Financial Statements 2019". 28 April 2020.
- ^ Gemfields Group Ltd, United Kingdom: Financial Times, 2020, retrieved 29 April 2020
- ^ Thomas Shambler (2016-09-19), The search for sustainable gems, arabianbusiness.com, retrieved 20 September 2016
- ^ "Rubies With a Good Heart". Cosmopolitan. Retrieved 12 July 2019.
- ^ "Talking Rubies with Gemfields' Gemologist Elena Basaglia". What's on. 10 July 2019. Retrieved 12 July 2019.
- ^ "Singapore Ruby Auction Results". Gemfields. 18 June 2019. Retrieved 12 July 2019.
- ^ Jamasmie, Cecilia (January 29, 2019). "Gemfields to pay $7.8m to settle human rights abuses claims in Mozambique". Michael McCrae. mining.com. Retrieved 17 October 2020.