Emerald company recovers from 2009 loss as it slashes operating costs.
Ethical emerald company Gemfields has announced full-year profits of US$2.58 million on revenues of US$19.91 million in the year to June 30.
In 2009, the company posted a loss of US$201.41 million on sales of US$815,450.
The improved financial figures have been the result of reduced operating costs at mine level and an increased price per carat value for rough emeralds. Gemfields has also benefitted from the introduction of a strategic marketing plan that included its involvement with the World Land Trust’s Emeralds for Elephants initiative.
Gemfields chief executive Ian Harebottle said: “Considering the extent of the challenges that we have faced over the past year, the vast number of new projects and the strategic changes that we have implemented across all divisions within the group, I am rather pleased with our results and what has been achieved.
“We are now well on our way to positioning Gemfields as a market leader within the premium coloured gemstone sector. This is attested to by the recognition and respect that we have received from our colleagues within our industry and the number of exciting opportunities that we are now faced with. I look forward to embracing the year ahead supported by my team and in conjunction with our industry partners.”