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Colombia emerald boss seeks investment

Wednesday, October 1, 2014

Colombia needs more foreign investors such as Gemfields as well as exploration outside traditional areas to halt a decline in emerald production, said Oscar Baquero, who heads the country’s federation, Fedesmeraldas.

Formerly the world’s top producer of the green gemstones, Colombia has slipped behind Zambia and Brazil in recent years as its aging mines lack investment in new machinery, Baquero says.

Annual output slumped to 2.6 million carats last year, down 71 percent from decade earlier.

Source: Bloomberg