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What is Gemfields mean?
Gemfields Group Ltd (formerly Pallinghurst Resources Limited) is a company incorporated in Guernsey and headquartered in London, United Kingdom, and is a supplier of coloured gemstones. The company specializes in the mining, processing and sale of coloured gemstones, in particular emeralds and rubies. The group, which sells rough, uncut gemstones and does not operate any cutting and polishing facilities, owns the Kagem emerald mine in Zambia and the Montepuez ruby mine in Mozambique. Gemfields produces around 25% of the world's emerald supply and around 50% of the world's ruby supply.
In addition to the gemstone mining and production assets the Group also owns and operates the Fabergé luxury brand.
Gemfields holds additional stakes in companies based in Zambia, Mozambique, Ethiopia and Madagascar. It also holds an indirect minority stake of 6.5% in platinum-group metals producer Sedibelo Platinum Mines Limited.
In May 2017, Gemfields Group Limited (then called Pallinghurst Resources Limited) announced the terms of an offer to acquire the entire issued, and to be issued, share capital of Gemfields Ltd (then known as Gemfields plc and listed on AIM), other than the Gemfields Ltd shares already held by Gemfields Group Limited at that time, which was approximately 47%. Under the terms of the offer, each Gemfields Ltd shareholder was entitled to receive 1.91 Gemfields Group Ltd shares for each Gemfields Ltd share. The acquisition completed in late 2017 and Pallinghurst Resources Limited changed its name to Gemfields Group Limited following its annual general meeting in June 2018. Gemfields Ltd thereby became a 100% subsidiary of Gemfields Group Limited.
In February 2020, Gemfields Group Limited relisted on London's AIM stock exchange. The company is currently dual listed on the JSE and AIM.
In July 2009, Gemfields Ltd held its first emerald auction. To date, the company has held 38 auctions of rough emerald and beryl produced from Kagem which have generated revenues totalling USD 712 million.
In June 2014, Gemfields plc held its first auction of rubies and corundum from the Montepuez Ruby Mine in Singapore. To date, the company has held 14 auctions of ruby and corundum produced by Montepuez Ruby Mining Limitada (MRM) and which have generated revenues totalling USD 643 million.
In 2019, Gemfields elected to pay £5.8 million to settle a lawsuit brought by the sometimes-controversial British personal injury firm Leigh Day in relation to allegations of human rights abuses against Mozambican and foreign nationals on or around the Montepuez Ruby Mine. The allegations included beatings, shootings, and sexual assault by Mozambican police, state forces and security contractors.
referencePosted on 17 Dec 2024, this text provides information on Miscellaneous in Business related to Business. Please note that while accuracy is prioritized, the data presented might not be entirely correct or up-to-date. This information is offered for general knowledge and informational purposes only, and should not be considered as a substitute for professional advice.
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