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Gemfields Record Increases in Emerald Production

Gemfields Plc’s Emerald production rose in the second quarter which ended in December 31 2012 to 69 percent after higher grades were recorded at its Kagem Mine Lufwanyama on the Copperbelt from 3.9 million carats in 2011 to 6.6 million carats. “Emerald grade for the quarter was 288 carats per ton compared with 222 carats per ton a year earlier,” in a statement issued by the company. The company recently announced plans to double production to 5 million carats at its Kagem Mine in the next 5 years as it tries to put the country’s emeralds at forefront of the world’s jewellery industry. Kagem Mineral Mine is the single largest emeralds mine in the world and the Gemfields mine its emerald in its Kagem Mine in Zambia though it has interests in ruby and sapphire deposits in Mozambique. In November last year it agreed to buy luxury jewellery Faberge, the market of lavish Easter eggs for Russia’s last tsar, in a deal valued at US$ 142 million. President Micheal Sata has ordered that no auction of Zambia’s precious stones should be done outside the country since emerald sales are always done out of the country.

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