Manufacturer of colored gemstones Gemfields reported a drop in revenue of almost 46% to $ 51 million for the six months ended December 30, 2016, versus $ 94 million in the same period of the previous year.
The company recorded a loss of $ 13.6 million during the reporting period, as opposed to a profit of $ 8.2 million in the previous year.
The company said that the main reason for decrease was the postponement of the auction the highest quality emeralds, originally scheduled for December 2016 to February 2017. Also at the last auction of the ruby offered a range of products.
During the reporting period were conducted only two auction - bidding emeralds and beryl lower quality and auction ruby corundum and mixed quality, the company said. In the previous period it was held three auctions.
Gemfields decided to let some of their customers to adapt to the Indian program demonetization, which was launched in November 2016.
The company plans to hold another auction of rough emeralds and beryl commercial quality, as well as trades and ruby corundum mixed quality in the second half of fiscal 2017.
https://del.icio.us/pearlsonline