Gemfields postpones emerald auction for Indian customers to adjust to new reforms

Aim-listed Gemfields has postponed its emerald auction until February to allow its India-based customers time to adjust to that country’s newly implemented demonetisation programme, which removes high denomination banknotes from circulation. The two-month delay in auctioning the predominantly higher-quality emeralds sourced from the Kagem emerald mine, in Zambia, has been well received, the company said in a statement on Thursday.