Gemfields warns of hefty loss as Covid-19 hits auctions
Group that has only been able to hold one sale in 2020 has written down jewellery business
14 September 2020 - 08:54
Precious-stones group Gemfields, the owner of Fabergé, has warned of an interim net loss of about two-thirds of its R1.47bn market capitalisation amid the continuing disruption Covid-19 has caused for gem auctions.
The group expects a loss after tax of R959m in its six months to end-June, from profit of R177m previously, with the group only able to hold one auction in 2020...
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