Sri Lanka is already known as a key source of sapphires of all colours, and of the highly sought-after padparadscha sapphire. With revenue-producing emerald and ruby operations in Zambia and Mozambique already in the Gemfields portfolio, the proposed development of sapphire operations in Sri Lanka will realise our stated red, blue and green ‘traffic light’ of coloured gemstones strategy. “We are delighted to announce our entry into what we consider to be the third of the ‘big three’ coloured gemstones. Ian Harebottle, CEO of Gemfields, commented: The joint venture agreements seek to develop the broader exploration, mining and sorting infrastructure in Sri Lanka in order to promote a sustainable, transparent and globally competitive gemstone sector.įabergé Devotion Collection Featuring Emeralds, Rubies and Sapphires It is intended that Gemfields’ proprietary gemstone grading systems and marketing methodologies will be applied in order to offer the gems to international buyers via Gemfields’ proven rough gemstone auction platforms, thereby adding value to Sri Lankan gemstone production, growing the sector and contributing to economic development.

The trading company will focus on sourcing rough sapphires from various sources in the local market. The joint venture will also see Gemfields and EWGI establish a gemstone trading company called Ratnapura Lanka Gemstones (Pvt) Ltd, a company approved by the Board of Investment of Sri Lanka (BOI Sri Lanka). The Sri Lankan joint venture seeks to deploy Gemfields’ proven exploration and gemstone experience with a view to replicating the successes achieved in Zambia and Mozambique, where Gemfields’ approach has brought considerable benefits for both the local population and the regional economy. Under the terms of the agreements, Gemfields has acquired 75% operating interests in sixteen exploration licences (covering diverse minerals) for a consideration of USD 0.4 million. Gemfields is pleased to announce that it has entered into a joint venture with East West Gem Investments Limited (‘EWGI’), a Jersey registered company, in order to progress opportunities in the Sri Lankan sapphire and gemstone sector via three Sri Lankan subsidiaries which will be 75% and 25% held by Gemfields and EWGI respectively.įabergé Award Winning Emotion Ring Collection

Rough rubies and sapphires