Gemfields
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Company type | Limited Company |
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JSE: GML BSX: GML.BH | |
Industry | Mining and Jewellery |
Founded | 2007 |
Headquarters | , |
Key people | |
Products | Coloured gemstones |
Revenue | USD 81.7 million (2017) |
USD 6.3 million (2017) | |
Number of employees | 2,064 (2016) |
Website | www |
Footnotes / references [1][2] |
Gemfields Group Ltd (formerly Pallinghurst Resources Limited) is a natural resources company incorporated in Guernsey and headquartered in London, United Kingdom, and is a supplier of responsibly-sourced coloured gemstones.[3] The company specializes in the mining, processing and sale of coloured gemstones, in particular emeralds and rubies. The group 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 70% of the world's ruby supply.[citation needed]
Gemfields owns Fabergé and holds additional stakes in companies based in Zambia, Mozambique, Ethiopia and Madagascar. It also has minority stakes in platinum-group metals producer Sedibelo Platinum Mines Limited and a steelmaking materials producer Jupiter Mines Limited.
In May 2017, the company’s board (under the name of Pallinghurst Resources Limited) announced the terms of an offer to acquire the entire issued, and to be issued, share capital of Gemfields Ltd (then as Gemfields plc and listed on AIM), other than the Gemfields Ltd shares already held by the company – 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 Gemfields Ltd is now a 100% subsidiary of Gemfields Group Limited.
In July 2009, Gemfields Ltd commenced a formal auction programme for Zambian emeralds mined at Kagem. To date, the company has held 29 auctions of rough emerald and beryl produced from Kagem which have generated revenues totalling $527.5 million.[citation needed]
In June 2014, Gemfields Ltd held a ruby and corundum auction in Singapore. To date, the company has held 10 auctions of ruby and corundum produced from Montepuez Ruby Mining Limitada (MRM) which have generated revenues totalling $407 million.[citation needed]
The company has traceability of its stones.[4][5]
Mines
Kagem Emerald Mine
Gemfields owns the Kagem emerald mine in Zambia which is responsible for 25% of the world's emerald supply.[6][failed verification] The pit is around 110 m (360 ft) deep, exposing one concordant and four discordant pegmatites over a strike length of 1,000 metres (3,300 ft).[2] Gemfields own 75% of the mine while the remaining 25% stake is held by the government in Lusaka.[5]
The Kagem mine is the first emerald mine in the world to be assessed against Eco-Age’s Green Carpet Challenge (GCC) Principles of Sustainable Excellence.[7]
Montepuez Ruby Deposit
Gemfields Ltd acquired a 75% stake in the Montepuez ruby deposit in Mozambique in February 2012. The Monepuez ruby deposit is located in the northeast of Mozambique in the Cabo Delgado Province. Covering approximately 35,000 hectares (86,000 acres).[8]
Large rubies of note found in the Montepuez deposit are the Rhino Ruby (40.23 carats),[9] and the Eyes of the Dragon (45 carats).[10]
Kariba Amethyst Mine
Gemfields owns a 50% stake in the Kariba mine in southern Zambia, the world’s largest amethyst mine.[citation needed] The deposit produces an estimated 90% of all amethyst originating from Zambia.[citation needed] The mine covers an area of 396 hectares (980 acres), and is located in the southern part of Kalomo District, Zambia close to Lake Kariba (approximately 550 kilometres south-southwest from the Kagem emerald mine).[citation needed]
Subsidiaries
Fabergé
Gemfields Ltd acquired Fabergé Limited on 28 January 2013. This valued the brand at approximately $142 million. In a statement, the company said that Fabergé will provide Gemfields with direct control over "a high-end luxury goods platform and a global brand with an exceptional heritage".[11][12]
Oriental Mining
Gemfields owns Oriental Mining SARL, a company incorporated in Madagascar.[13] Oriental has 15 exploration licences covering emeralds, rubies, sapphires, tourmalines and garnets in Madagascar.[citation needed]
Ethiopia
Gemfields owns 75% of Web Gemstone Mining plc (“WGM”), a company that holds a 200-square-kilometre emerald exploration licence in southern Ethiopia. Exploration activity began in June 2015 in an area to the north of the licence, called the Dogogo Block. The area was selected based on favourable geological settings and evidence of past artisanal activity. [citation needed]
Corporate responsibility
Gemfields supports charity projects together with partners like Mary Fisher,[14] Marina B[1] and the Project Nanhi Kali.[15]
During the mining process, the mines are getting prepared for backfilling, to reduce the environmental impact and allow for faster ecological restoration.[16]
Shareholders[17]
- Dr Christo Wiese – 11.20%
- NGPMR (Cayman) L.P. – 9.67%
- Investec Pallinghurst (Cayman) L.P. – 9.11%
- OVMK N.V. – 7.65%%
- Oasis – 6.94%
References
- ^ a b "Annual Report and Financial Statements 2015" (PDF).
- ^ a b Gemfields PLC, United Kingdom: Financial Times, 2012, retrieved 20 September 2016
- ^ Thomas Shambler (2016-09-19), The search for sustainable gems, arabianbusiness.com, retrieved 20 September 2016
- ^ Mine and Market, United Kingdom: Gemfields.co.uk, 2012, archived from the original on 8 October 2011, retrieved 18 October 2012
{{citation}}
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suggested) (help) - ^ a b MIDAS: Profits soar at emerald miner Gemfields, United Kingdom: Thisismoney.co.uk, 2012, retrieved 18 October 2012
- ^ Sarah Royce-Greensill, Inside the Gemfields Zambian emerald mine, telegraph.co.uk, retrieved 20 September 2016
- ^ "Chopard and Gemfields in partnership launched new collection at the Venice Film Festival 2016". www.diamondworld.net. Retrieved 20 September 2016.
- ^ Hsu, Tsao (3 December 2014). "Mozambique: A Ruby Discovery for the 21st Century". www.gia.edu. Retrieved 1 October 2016.
- ^ Branstrator, Brecken (9 December 2014). "Ruby dubbed the 'Rhino' sells for undisclosed sum". National Jeweler. Retrieved 20 September 2016.
- ^ Corder, Rob (June 22, 2015). "Gemfields continues 'superb' start to 2015 with successful Singapore ruby auction". Professional Jeweller. Retrieved 20 September 2016.
- ^ Gosden, Emily (21 Nov 2012). "Gemfields buys Fabergé in $142m deal". The Telegraph. Retrieved 20 September 2016.
- ^ London, Phyllis. "Gemfields adds Sapphires from Sri Lanka to Colored Gemstone Portfolio". www.businesswire.com. Retrieved 16 October 2016.
- ^ "Company Overview of Oriental Mining s.a.r.l." bloomberg.com. Retrieved 20 September 2016.
- ^ Royce-Greensill, Sarah (5 December 2014). "Beauty with a purpose: Gemfields' 100 Good Deeds bracelet". The Telegraph. Retrieved 20 September 2016.
- ^ Malviya, Sagar (27 March 2014). "Gemfields launches project 'Blossoming' with actress Chritrangda Singh to support 'Nanhi Kali'". The Times of India. Retrieved 20 September 2016.
- ^ Vaz, Wyanet (21 September 2016). "Ethical Mining: The Untold Story of African Rubies". Verve Magazine. Retrieved 16 October 2016.
- ^ "Shareholder Information". corporate.gemfields.co.uk. Retrieved 20 September 2016.