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Miner Gemfields emerald auction delayed by India's "demonetisation" drive

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REUTERS - British precious stones miner Plc said the of emeralds from its Kagem mine in Zambia would be pushed to February as the bulk of its customers for the gem are from India, which is in the throes of a so-called "demonetisation" drive.

Indian Prime Minister Narendra Modi in November decided to scrap 500-rupee and 1,000-rupee banknotes in a bid to flush out earned through illegal activities, or earned legally but never disclosed.

"The new programme will require an adjustment period to allow industries and stakeholders to adapt to the new policies... we have decided to delay our forthcoming emerald by approximately two months," Chief Executive Officer Ian Harebottle said in a statement.

"This decision has been well received, and appreciated, by our participants," he added.

said its ruby would proceed this month as planned, given that the crimson and pinkish-red coloured gems have a diversified customer base across Thailand, Sri Lanka, Myanmar and China.

The company, which has mining operations in Zambia for emeralds and amethysts and in Mozambique for ruby and corundum, added that there was no change to its full-year revenue guidance.

(Reporting by Noor Zainab Hussain in Bengaluru; Editing by Sunil Nair)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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Miner Gemfields emerald auction delayed by India's "demonetisation" drive

REUTERS - British precious stones miner Gemfields Plc said the auction of emeralds from its Kagem mine in Zambia would be pushed to February as the bulk of its customers for the gem are from India, which is in the throes of a so-called "demonetisation" drive.

REUTERS - British precious stones miner Plc said the of emeralds from its Kagem mine in Zambia would be pushed to February as the bulk of its customers for the gem are from India, which is in the throes of a so-called "demonetisation" drive.

Indian Prime Minister Narendra Modi in November decided to scrap 500-rupee and 1,000-rupee banknotes in a bid to flush out earned through illegal activities, or earned legally but never disclosed.

"The new programme will require an adjustment period to allow industries and stakeholders to adapt to the new policies... we have decided to delay our forthcoming emerald by approximately two months," Chief Executive Officer Ian Harebottle said in a statement.

"This decision has been well received, and appreciated, by our participants," he added.

said its ruby would proceed this month as planned, given that the crimson and pinkish-red coloured gems have a diversified customer base across Thailand, Sri Lanka, Myanmar and China.

The company, which has mining operations in Zambia for emeralds and amethysts and in Mozambique for ruby and corundum, added that there was no change to its full-year revenue guidance.

(Reporting by Noor Zainab Hussain in Bengaluru; Editing by Sunil Nair)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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Business Standard
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Miner Gemfields emerald auction delayed by India's "demonetisation" drive

REUTERS - British precious stones miner Plc said the of emeralds from its Kagem mine in Zambia would be pushed to February as the bulk of its customers for the gem are from India, which is in the throes of a so-called "demonetisation" drive.

Indian Prime Minister Narendra Modi in November decided to scrap 500-rupee and 1,000-rupee banknotes in a bid to flush out earned through illegal activities, or earned legally but never disclosed.

"The new programme will require an adjustment period to allow industries and stakeholders to adapt to the new policies... we have decided to delay our forthcoming emerald by approximately two months," Chief Executive Officer Ian Harebottle said in a statement.

"This decision has been well received, and appreciated, by our participants," he added.

said its ruby would proceed this month as planned, given that the crimson and pinkish-red coloured gems have a diversified customer base across Thailand, Sri Lanka, Myanmar and China.

The company, which has mining operations in Zambia for emeralds and amethysts and in Mozambique for ruby and corundum, added that there was no change to its full-year revenue guidance.

(Reporting by Noor Zainab Hussain in Bengaluru; Editing by Sunil Nair)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22