Faberge owner wants all the eggs in one basket

GEMFIELDS is setting up a sapphire mine in Madagascar to complete its ‘holy trinity’ of precious stones, boss Sean Gilbertson tells us.

The miner and Fabergeowner already produces more than half the world’s new rubies at its site in Mozambique and a third of all new emeralds from its project in Zambia.

It has been hunting for sapphire sites in Ethiopia for some time, but is now actively looking in Madagascar.

Gemfields is keen to strike a deal soon for an area of land where it could start officially exploring for gemstones and build a mine.

The price of coloured stones has soared and has hit record highs in recent years, outpacing the growth in diamond prices.

Gilbertson, who famously listed the company on AIM on Valentine’s Day in 2020, says: ‘As soon as there’s an opportunity, we will be going.’

O TESCO has had a good

run recently, if only because its shares are down just 8 per cent since the turn of the year.

That compares with 11 per cent for Sainsbury’s and 36 per cent for the only other food retailer on the market – although one

that also has a large clothing business – M&S.

Chief executive Ken Murphy’s arrival in 2020 has been well received so far at Tesco. But when the supermarket unveils its full-year results on Tuesday, the market will be looking for signs that he can keep the company ahead of its main rivals and, at the same time, outpace inflation.

Good luck Ken.