Gemfields full year results, albeit largely superseded by the positive Resource & Reserve updates for Kagem and Montepuez, reaffirm the robust demand trends for precious stones, despite wider macro concerns. We continue to believe Gemfields offers significant long term value and a unique opportunity to gain exposure to the coloured gemstone industry. We reiterate our Buy recommendation and 75p price target, based upon a blended average of NAV/EPS.
