Gemfields wants to increase the amount of rubies it produces on the Mozambique project, similar to how it increased emerald production at the Kagem mine in Zambia, said the company.
According to the publication Mining Weekly, Pallinghurst Chairman Brian Gilbertson (Brian Gilbertson) said that Gemfields "is developing a business for the extraction of emeralds, just as De Beers mined diamonds."
Previously, Pallinghurst acted as an indirect owner of a 33 percent stake in Gemfields and a 49 percent stake in the Fabergé brand, as well as some stakes in Fabergé on loans issued.
Currently, Pallinghurst owns a 48% stake in a group specializing in the extraction and distribution of colored gemstones formed as a result of the merger of Gemfields and Fabergé last year.
The first auction of rubies will be held before the end of June this year, and it is expected that it will be as successful as the emerald auctions of the company.
"We will be a major producer of two key types of precious stones," Gilbertson said.