Analyst Coverage

The following analysts write research on Gemfields Group Limited and on the coloured gemstone market:

Cavendish

(ended coverage effective November 2023)

Martin Potts
mpotts@finncap.com
Tel: +44 20 7220 4683
www.finncap.com / www.cavendish.com

Panmure Gordon

Kieron Hodgson
kieron.hodgson@panmure.com
Tel: +44 20 7886 2773
www.panmure.com

Liberum

Ben Davis
Ben.Davis@liberum.com
Tel: +44 20 3100 2083
www.liberum.com

Edison Investment Research

(ended coverage effective January 2022)

Alison Turner
aturner@edisongroup.com
Tel: +44 20 3077 5700
www.edisongroup.com

  Effective Date Target Price – GBP pence
Liberum 18 September 2023

26.0

Panmure Gordon 20 September 2022

35.0

Average  

30.5

Broker Analyst Date Report Access Research
Liberum Ben Davis 6 December 2023 Ruby demand & pricing rudy; cumulative auction sales pass USD2 billion milestone Please contact Liberum or ResearchTree
Liberum Ben Davis 18 September 2023 Commercial quality emerald beat Please contact Liberum or ResearchTree
Liberum Ben Davis 14 September 2023 Poor run at Kagem Please contact Liberum or ResearchTree
Liberum Ben Davis 7 August 2023 Binding contract for 2nd MRM plant Please contact Liberum or ResearchTree
Liberum Ben Davis 21 June 2023 Rubies beat the market too Please contact Liberum or ResearchTree
Liberum Ben Davis 2 June 2023 Records breaking again Please contact Liberum or ResearchTree
Liberum Ben Davis 24 March 2023 EBITDA and dividend beat Please contact Liberum or ResearchTree
Liberum Ben Davis 1 February 2023 Faberge best results yet Please contact Liberum or ResearchTree
finnCap Martin Potts 16 January 2023 Rubies and emeralds from Africa Visit
Liberum Ben Davis 9 December 2022 Auction revenues cool from peak Please contact Liberum or ResearchTree
Liberum Ben Davis 17 November 2022 New record on single emerald item Please contact Liberum or ResearchTree
Liberum Ben Davis 28 October 2022 Operations restart at Montepuez Please contact Liberum or ResearchTree
Liberum Ben Davis 29 September 2022 Special dividend and a buyback Please contact Liberum or ResearchTree
Liberum Ben Davis 20 September 2022 Excellent commercial emerald auctions Please contact Liberum or ResearchTree
finnCap Charlie Long 4 April 2022 Exceptional emerald auction result Visit
Liberum Ben Davis 4 April 2022 Another record auction result Please contact Liberum or ResearchTree
finnCap Charlie Long 25 March 2022 Excellent results and maiden dividend Visit
Liberum Ben Davis 25 March 2022 Maiden dividend declared Please contact Liberum or ResearchTree
finnCap Charlie Long 1 January 2022 Maiden dividend expected in 1Q22 Visit
Edison Alison Turner 16 December 2021 Coloured gemstones’ time to sparkle and shine Visit
Liberum Ben Davis 10 December 2021 Year-end cash boon on record revenues Please contact Liberum or ResearchTree
finnCap Charlie Long 7 December 2021 Record high quality emerald revenues Visit
Edison Investment Research Alison Turner 30 September 2021 A new strategic shareholder Visit
finnCap Charlie Long 27th September 2021 Strong Interims and upgrade Visit
Liberum Ben Davis 23rd September 2021 Return to profit, we expect strong maiden dividend in 2022 Please contact Liberum or ResearchTree
finnCap Charlie Long 17th August 2021 Three records broken Visit
Liberum Ben Davis 12th August 2021 Record commercial emerald auction Please contact Liberum or ResearchTree
finnCap Charlie Long 3rd August 2021 Strong long-term cashflows Visit
Liberum Ben Davis 13th May 2021 Recovery just getting started Please contact Liberum or ResearchTree
Edison Investment Research Alison Turner 29th April 2021 Maxi-mini auction results Visit
Edison Investment Research Alison Turner 16th December 2020 Marching towards March 2021 auctions Visit
Edison Investment Research Alison Turner 3rd August 2020 Cash preservation ahead of December auctions Visit
Edison Investment Research Alison Turner 28th April 2020 Still good value under varied COVID-19 scenarios Visit
Edison Investment Research Alison Turner 17th February 2020 A Valentine’s Day gift for the AIM market Visit
finnCap Martin Potts 17th February 2020 Rubies and Emeralds in Africa Visit
Edison Investment Research Alison Turner 8th April 2019 Dazzling Visit
Edison Investment Research Alison Turner 11th July 2019 Jupiter sale funds buyback and special dividend Visit
Edison Investment Research Alison Turner 26th September 2019 Coloured gemstones outperforming diamonds Visit