Home » Gemfields sees boost in share price despite South African mining mogul Christo Wiese’s recent resignation

Gemfields sees boost in share price despite South African mining mogul Christo Wiese’s recent resignation

by Ishioma Emi

Shares in Gemfields Group Limited have reached their highest level in three years after South African mining tycoon Desmond Sacco acquired a 12.7-percent stake in the company.

The acquisition follows the company’s recent announcement regarding the resignation of Christo Wiese, one of South Africa’s wealthiest mining moguls, as a non-executive director.

Gemfields is a mining company that specializes in the mining, processing and sale of colored gemstones, particularly emeralds and rubies. 

The FTSE-listed gemstones company was incorporated in Guernsey and headquartered in London, United Kingdom, and is a supplier of colored gemstones. 

It owns and operates the largest emerald and ruby mines globally — the Kagem Emerald Mine in Zambia and the Montepuez Ruby Mine in Mozambique. It produces around 25 percent of the world’s emeralds and about 50 percent of its rubies.

Gemfields is also the owner of the renowned jewelry brand Faberge.

Last year, Gemfields was forced to close its mines as auction revenues dropped by almost 90 percent, Market Screener reported

Gemfields recently announced a return to profit for the first half of 2021 amid rising demand and a supply shortage, as its two mines have returned to operation.

Sacco is the chairperson of Assore Group, a South African mining company that he inherited from his father, Guido. 

Guido Sacco founded the company in 1950. Desmond joined the company in 1968.

Assore Group mines for iron ore, manganese and other ores. Sacco owns roughly 32 percent of the group. 

Assore Group also owns a 50-percent stake in the South African miner Assmang, which it shares with billionaire Patrice Motsepe’s Rainbow Minerals.

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