July 1 Precious stones miner Gemfields Plc said its auction of emeralds would take place a month later than originally planned and that the delay would lead to a 46 percent fall in full-year auction revenue.
Gemfields, owner of the Fabergé luxury jewellery brand, said its auction of higher-grade rough emeralds would now take place in Lusaka, Zambia from July 15 to 19, instead of Singapore, where it was originally scheduled from June 10 to 14.
The Zambian government issued a directive in April that all auctioning of emeralds be held in Zambia as their sale in foreign markets contributes to capital flight.
Gemfields said on Monday that it had completed only two auctions in the financial year ending June 30, 2013, due to the delay, generating aggregate auction revenue of $42 million.
In the prior financial year, four auctions were held, generating auction revenue of $77.9 million.