Grades improve at Gemfields

Faberge egg owner Gemfields yesterday said that quarterly production of emeralds and beryl had fallen to 6.5m carats, compared to 7.9m carats the previous year, but the grade improved to 302 carats per tonne from 259 carats per tonne last year. Two auctions were held over the period, yielding revenues of $31.5m (£19.6m) and $8.5m respectively. Production of rubies and corundum rose to 2.8m carats over the period, from nil the previous year, with Gemfields’ first ruby auction expected before 30 June 2014. The integration of Faberge, the luxury jewellery business famed for its intricate eggs which was acquired last year, is now largely complete.