Solid demand lifts Gemfields 2022 revenues
Coloured gemstone specialist Gemfields recorded double-digit growth in 2022, owing to strong results of rough emerald and ruby auctions throughout the year.
Revenues reached US$341 million in 2022, up 32 per cent from 2021 while net profit increased by 12 per cent year on year to US$56.78 million from US$50.73 million.
Sean Gilbertson, CEO of Gemfields, described 2022 as a “remarkable year” for Gemfields. He explained, “In 2022, we generated record revenues at both of our world-class mines, the Kagem emerald mine and Montepuez Ruby Mining as well as at Fabergé.”
Total auction revenues in 2022 set a new annual record of US$315.3 million, up 32 per cent from 2021. These were led by two commercial-quality and two higher-quality rough emerald auctions, which raked in US$148.6 million and two mixed-quality rough ruby sales that achieved US$162.4 million.
Additionally, a commercial-quality sapphire, corundum and low-quality ruby auction was held in September 2022, fetching US$4.2 million in revenues. These seven auctions accounted for 92 per cent of total revenues.
Luxury jewellery brand Fabergé meanwhile generated revenues of US$17.6 million, up 28 per cent from 2021 figures. The 2022 revenues include US$2.2 million from the sale of the Fabergé x Games of Thrones objet egg, according to Gemfields.