FY Results – Gemfields, the owner of Kagem emerald mine in Zambia, Montepuez ruby mine in Mozambique, and Fabergé luxury brand, experienced strong demand in the colored gemstone market in 2022. Despite the possible inflationary and recessionary environment in 2023, Gemfields achieved record revenue of $341 million, up by 32%, and EBITDA of nearly $166 million, up by 24.5%. Montepuez contributed the most to revenue at $166.7 million, followed by Kagem at $148.6 million, and Fabergé at $17.6 million. However, there is margin pressure due to inflationary cost pressure in Zambia and political stress in Mozambique, resulting in a decrease in group EBITDA margin from 52% to 49%. Kagem’s EBITDA margin was 49%, while Montepuez’s was 50%.
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