TH
Thuli N.@thuli_dd·Neutral
been reading the latest MD&A and the emerald production numbers out of Zambia are still solid, but the rand weakness is eating into export margins hard. at R0.84 the valuation looks okay on a per-carat basis vs peers, but you're betting on either better FX tailwinds or a sustained spike in emerald prices to justify holding. my reading is this is a commodity play dressed up as an investment holding, so unless you're bullish on gemstone demand the next 18 months feels like sideways money.