2-4-2019
Gemfields posted a loss of more than $60 million for the fiscal year of 2018 due to the new tax regime of Zambian government and a legal case, despite its revenue skyrocketed 252 percent at US$206.1 million, the first time it crossed the US$200-million mark.
The Zambian government raised its export tax on gemstones and metals to 15 percent. “Perhaps our biggest challenge over the coming months will be in Zambia,” Gemfields chairperson Brian Gilbertson said.
Last April, Leigh Day representing a group of Mozambicans filed suit against Gemfields over alleged human rights abuses at the ruby mine which the miner as the majority stakeholder. The miner agreed to pay about US$7.6 million to settle the case.
Proceeds included ruby sales of $127.1 million and $60.3 million from emerald auctions. Gemfields executive director Sean Gilbertson believes Gemfields can “become the De Beers of coloured gemstones”.
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