Gemfields profit soars on solid demand
Coloured gemstone expert Gemfields’ net profit more than doubled in the six months ending June 30, 2022, on the back of sustained business recovery and market demand.
The company’s net income rose 142 per cent to US$56.7 million during the period in review, driven largely by robust auction revenues as well as a strong turnout for its retail brand, Fabergé Ltd. The group held three auctions in the first half of 2022, marking a return to its pre-pandemic auction schedule.
Combined revenues from the three auctions held in India and Thailand reached US$181 million, breaking a first-half record of US$93 million realised in 2018.
The group’s Kagem emerald mine in Zambia accounted for auction revenues of US$85.2 million during the period while its Mozambique ruby mine generated US$95.6 million from a series of seven “mini-auctions.”
Fabergé Ltd meanwhile achieved revenues of US$9.5 million during the first half, up 94 per cent from the same period in 2021. Gemfields traced the brand's positive performance to strong wholesale business and the sale of the Fabergé x Game of Thrones Egg for US$2.2 million.