STOCK TAKE | Gemfields' bet on coloured stones is paying off - big time | Business

. The majority owner of the Kagem emerald mine in Zambia, and the Montepuez ruby mine in Mozambique saw all three of them book record revenue in 2022. It recorded $74.3 million in profit, up 14%.

On Tuesday, it reported on the results of its most recent ruby auction - it wasn't a record but its shares still lifted 6% at one point, though it eased in afternoon trade. Both diamonds and coloured stones should benefit from the continued booming demand for luxury goods since 2019, with the rich seemingly recession-proof.Who would have thought pre-2020 that a pandemic would be good for suppliers of luxury goods and building materials and bad for hospital stocks?European company to exceed $500 billion in market value in 2023. Richemont has also smashed records, and the company said in May demand is still growing.

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