• Sunday, May 22, 2022

Business

UK’s Gemfields says India’s demonetisation drive to hurt revenue

Gemfields expects a hit in revenue

By: Eastern Eye Staff

British precious stone miner Gemfields plc said on Monday (20) India’s move to scrap higher value banknotes forced the company to delay an emerald auction and would hurt its full-year revenue and core earnings. Shares in the company fell as much as 7.9 per cent to 46.50 pence in morning trading before recovering to 48.6 pence by 0832 GMT. The auction, which was pushed to February from December, sold about 84 percent of the total emeralds on sale by weight, and generated $22.3 million in revenue, the company said in a statement on Monday. The sale yielded the third highest…

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