Gemfields mentioned Cleaver’s expertise within the gem stones sector, notably in Africa, made him a straightforward choose.
“Bruce’s fame as a pre-eminent chief is effectively documented and he brings appreciable expertise of mining gem stones in Africa and advertising and marketing them internationally,” the corporate mentioned within the assertion.
Cleaver’s appointment comes at a troublesome time for the colored gems producer, which swung to a loss in 2023, posting a 23% drop in public sale income to $242 million from $316 million in 2022.
The incoming chair highlighted the similarities between Gemfields’ enterprise and De Beers’ beginnings and the way constant and dependable provide can ship outstanding trade development.
“Gemfields is a singular and extraordinary enterprise, one which has taken a fragmented and pretty casual trade to appreciable sophistication as the primary constant provider of serious of colored gem stones in a accountable and clear method,” Cleaver mentioned within the assertion.
He additionally famous that the colored gemstone market has lengthy outlasted the emergence of lab-grown options, as man-made rubies have existed for greater than 120 years.
Gemfields has additionally named Simon Scott as impartial non-executive director and Kieran Daly as a non-executive director, ranging from July 1.
Scott, who was previously the CFO of Lonmin, a platinum group metals miner, presently serves as a non-executive director of First Quantum Minerals (TSX: FM) and Sylvania Platinum (LON: SLP).
Daly holds the place of managing director at Assore Worldwide Holdings, which has a 29.2% stake in Gemfields and likewise serves as the expansion and strategic improvement govt at Assore Holdings.