Its strategy for driving up worldwide emerald prices is working.
Gemfields, a colored stone mining company based in London, is aiming to increase demand for its emeralds and rubies by modernizing the colored gemstone trade, The Wall Street Journal reports. According to the article, the company has a large-scale mining operation near Zambia’s border and is “pulling millions of carats of shimmering stones out of the ground every month.” It’s also emulating De Beers’ marketing strategy, which has helped drive 14-fold growth for worldwide emerald prices since 2009. Analysts told WSJ that Gemfields ¬– which totals $170 million in annual revenue and employs about 200 people – is “well positioned to capitalize as the only formal, large-scale producer of rubies and emeralds in the global market.”
Read more at The Wall Street Journal