Feb 20 British precious stone miner Gemfields
plc said on Monday India's move to scrap higher value
banknotes forced the company to delay an emerald auction and
would hurt its full-year revenue and core earnings.
The company, which mines for emeralds and amethysts in
Zambia and for ruby and corundum in Mozambique, reported a loss
of $4.3 million for the half year ended Dec. 31. Revenue fell
45.7 percent to 51 million pounds.
The company rescheduled the auction for a higher quality
rough emerald to the second half of the financial year due to
India's demonetisation programme and cancelled the auction of
another higher quality emerald, Chief Executive Ian Harebottle
said in a statement.
Indian Prime Minister Narendra Modi scrapped 500-rupee and
1,000-rupee banknotes in November in a bid to flush out cash
earned through illegal activities, or earned legally but never
(Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Amrutha