Precious stones auctions on hold

JOHANNESBURG – Gemfields has suspended the auctions of emerald and ruby stones as global coronavirus lockdowns put trade on the back foot.

The group said that it had deferred the auctions planned in Singapore for May and June to the last quarter of the year in the hope that global trading would have recovered.

Chief executive Sean Gilbertson said in the group’s 2019 annual report released yesterday that it would take some time for businesses to return to relative normality once the travel restrictions had been lifted.

Gilbertson said the group had suspended all discretionary and uncommitted spend to preserve cash given the delay in auction revenue.

He said the suspension also included Gemfields’ share buyback programme, which was announced last year.