Dec 1 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.
Indian Prime Minister Narendra Modi in November decided to
scrap 500-rupee and 1,000-rupee banknotes in a bid to flush out
cash earned through illegal activities, or earned legally but
"The new demonetisation 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
auction by approximately two months," Chief Executive Officer
Ian Harebottle said in a statement.
"This decision has been well received, and appreciated, by
our auction participants," he added.
Gemfields said its ruby auction 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
(Reporting by Noor Zainab Hussain in Bengaluru; Editing by