Articles for tag: Gemfields, loss, million, warns, writedown

Gemfields warns of loss on up to $24 million write-down

Gemfields Faces Loss Due to Significant Write-down Market Volatility Impacts Gemfields As the year 2023 unfolds, the air in the financial markets carries a heavy scent of volatility. Prices for palladium and rhodium, essential components in the production of catalytic converters, have seen a sharp decline by 44% and 63%, respectively. This tumult is not unfounded — inventory adjustments and a hesitant global economy lie as the underlying driving forces behind the chaos. Surprisingly, platinum, while experiencing a less steep descent, hasn’t managed to evade the piercing trajectory of decline. For producers, this descent has translated into a brutal blow