Fri, 26 Apr 2024
07:44:04
Mine Acquisition:
08 Feb 2013
02:16:58
Gemfields PLC to acquire a Sapphire Mine in Sri Lanka
Feb 08, 2013 (SLBO) - London based Colored gemstone producer Gemfields PLC is seeking to acquire more gemstone mines including a sapphire mine either in Sri Lanka or Kashmir or Madagascar, company's Chief Executive Officer Ian Harebottle had told reporters recently adding that they are the key producing regions for such stones.
According to a report in Wall Street Journal's MarketWatch on the mining front, the company plans to start producing rubies from its mine in Mozambique this year and is seeking to acquire more gemstone mines.
The company had more than doubled its sales to $83.7 million in 2012 from $40.1 million a year before and more than doubled its earnings before interest, taxes depreciation and amortization to $54 million from $22.3 million.
Gemfields PLC also expects global demand for polished colored gemstones to multiply by five times over the next decade and become a $10 billion market in 10 years time according to the Chief Executive Officer Ian Harebottle.
Gemfields, which currently accounts for about 20% of the world's emerald production, completed the acquisition of jewelry brand Faberge for $89 million in stock and cash last month. It plans to use Faberge as a way to market its gemstones in the high-end luxury market, although it won't be the only channel for marketing, according to Harebottle.
According to a report in Wall Street Journal's MarketWatch on the mining front, the company plans to start producing rubies from its mine in Mozambique this year and is seeking to acquire more gemstone mines.
The company had more than doubled its sales to $83.7 million in 2012 from $40.1 million a year before and more than doubled its earnings before interest, taxes depreciation and amortization to $54 million from $22.3 million.
Gemfields PLC also expects global demand for polished colored gemstones to multiply by five times over the next decade and become a $10 billion market in 10 years time according to the Chief Executive Officer Ian Harebottle.
Gemfields, which currently accounts for about 20% of the world's emerald production, completed the acquisition of jewelry brand Faberge for $89 million in stock and cash last month. It plans to use Faberge as a way to market its gemstones in the high-end luxury market, although it won't be the only channel for marketing, according to Harebottle.
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