Gemfields Group Ltd. said last week that total auction revenue for 2022 rose 32% to $316 million, and that combined auction luxury brand Faberge annual revenue reached a record $333 million.
The mining company, which produces emeralds and rubies in Africa, said its Montepuez ruby mine and Kagem emerald operation generated auction revenue of $166.7 million and $149.4 million, respectively. Montepuez recorded revenue of $147.3 million in 2021 and revenue at Kagem for 2021 was $92.3 million.
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Cash and cash equivalents at Dec. 31 were $118.4 million, with $14.0 million of outstanding debt, the company said. The net cash position excludes the outstanding balance of auction receivables of $54.9 million as at Dec. 31.
Gemfields’s luxury brand Faberge continued its drive toward profitability and achieved the lowest annual funding required from the company, it said. Faberge revenue has been reflected on a ‘sales orders agreed’ basis which means delivery and/or payment may not yet have taken place, the company said.