Gemfields’ auction of predominantly higher quality emeralds from the Kagem emerald mine in Zambia, originally scheduled to take place in December, has been rescheduled until February.
The auction of predominantly mixed quality rubies from the Montepuez ruby deposit in Mozambique will proceed in Singapore in December as originally planned.
Chief executive Ian Harebottle said: “The majority of our customers for rough emeralds hail from India. As has been widely covered in the international media, the new demonetisation programme will require an adjustment period to allow industries and stakeholders to adapt to the new policies.
“For this reason, we have decided to delay our forthcoming emerald auction by approximately two months, until February 2017. This decision has been well received, and appreciated, by our auction participants.
“Our ruby auction will proceed as planned given that rubies have a diversified customer base dominated by Thailand, Sri Lanka, Myanmar and China. There is no change to our revenue guidance for the 2016 financial year.”
At 9:53am: (LON:GEM) Gemfields PLC share price was +0.01p at 48.88p
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