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Gemfields new CFO Devidas Shetty promoted to board

Gemfields (AIM: GEM) has confirmed that its recently appointed chief financial officer  Devidas Krishna Shetty has now joined the board of directors. Devidas Shetty succeeded former CFO Richard James at the end of December 2009, after Shetty’s predecessor stepped down from the board and resigned from his position.

"After having had the opportunity to work closely with Mr Shetty over the past three months, it is clear to me that he is, and will continue to be, a great asset to our company”, Gemfields chief executive Ian Harebottle commented. “His skills, energy and enthusiasm are well respected and appreciated by everyone within the Gemfields team. We look forward to his valuable contribution to the board of the company."

Mr Shetty is a qualified chartered accountant with 10 years' of diverse international experience, encompassing mergers and acquisitions, business start-ups, business turnarounds, strategic planning, treasury, tax and financial reporting, Gemfields stated.

Last month, Gemfields reported that its first rough emerald and beryl auction of 2010, held in Jaipur, India, set a record in terms of the volume for Zambian emerald and beryl on offer by weight with 5.78 tonnes of material on offer. Gemfields sold 89% of the material by value for US$7.2 million.

The company commented that robust customer participation and product demand highlighted a strengthening emerald market.

Also in March, Gemfields reported revenues of US$12 million for the six months ended 31 December 2009 compared to just US$0.34 million in H1 2008 after the two auctions in July and November raised the company US$11.5 million.

Disclosure: The author holds no positions in the company