Gemfields' Q1 update was very much in line with our expectations for the period and is trending as we expect for the full year. However, despite Gemfields' extra efforts to maintain an open dialogue with buyers, and our confidence in the long-term growth characteristics of gemstone demand, we believe that in the near term the market is likely to resist further price increases. As a result, we maintain our Buy recommendation on Gemfields, as we continue to believe in the long term opportunity, ....