SHARES in Gemfields, the FTSE-listed gemstones company that owns Faberge, have reached their highest level in over three years after South African billionaire, Desmond Sacco, bought a 12.7 per cent stake, the Financial Times first reported. Sacco's boost came just as news broke on Friday that fellow South African Christo Weise was to depart the Gemfields board.

The lift follows what Gemfields chief executive, Sean Gilbertson, called a "truly grisly year" in 2020, when auction revenue dropped almost 90 per cent as the company was forced to close its mines.

Sacco, one of the richest men in Africa, is the owner of mining company Assore, which until May last year was listed on the Johannesburg Stock Exchange.

Gemfields, which operates the biggest emerald and ruby mines in the world, last week reported a return to profit for the first half of 2021, following rising demand and a dearth of supply. Its two mines have also returned to operations.

The firm reported a pre-tax profit of $38m (£28m) for the six months to June, a figure that compares favourably to the $66m loss suffered in the same period the previous year.

(c) 2021 City A.M., source Newspaper