In its Interim Report and Financial Statements for the six months ended 31 December 2014, released yesterday, Gemfields plc recorded a major increase in revenue, EBITDA and net profit.

For the period, the Company garnered revenues of US$ 103.4 million as compared to US$ 65.7 million notched in the same period in 2013.  EBITDA rose to US$ 61.7 million from US$18.0 million in H1 of the previous fiscal. Net profit after tax soared to US$ 23.2 million from a mere US$ 1.4 million achieved in the same period in 2013. 

 “Gemfields has delivered an exceptional first half with a 57% increase in revenues to US$103.4 million, record-breaking auction results and a significant uplift in gemstone production across each of our operations,” commented

Ian Harebottle, CEO of Gemfields. “This solid performance comes at a time when the mining sector has faced various challenges, but I am pleased to report that demand for Gemfields’ responsibly sourced coloured gemstones and the opportunity for sustained growth remains significant.”

 Harbottle touching on Gemfields ruby auctions added: “Our second ruby auction held in December 2014 – which included the exceptional 40.23 carat ‘Rhino Ruby’ discovered at Montepuez – achieved the highest revenues ever recorded for a Gemfields auction, of US$43.3 million, demonstrating that Gemfields is already having a considerable impact on the global ruby market, and complementing our world-class Kagem emerald mine and the numerous successes we have achieved within the emerald market over the past six years.”