Gemfields plc has announced that the auction of predominantly higher quality emeralds from the Kagem emerald mine in Zambia, originally scheduled to take place in December 2016, has been rescheduled until February 2017.

Elaborating on the decision, Ian Harebottle, CEO of Gemfields, said, "The majority of our customers for rough emeralds hail from India. As has been widely covered in the international media, the new demonetisation programme will require an adjustment period to allow industries and stakeholders to adapt to the new policies. For this reason, we have decided to delay our forthcoming emerald auction by approximately two months, until February 2017.”

Harebottle added that the decision has been well received, and appreciated, by the auction participants.

Gemfields also said that the auction of predominantly mixed quality rubies from the Montepuez ruby deposit in Mozambique will proceed in Singapore in December 2016 as originally planned. The company said that this auction attracts a diversified customer base dominated by Thailand, Sri Lanka, Myanmar and China.

CEO Harebottle clarified that there was no change in the Company’s revenue guidance for the 2016 financial year.