Editor’s Note
Gemfields Group’s latest interim results reflect a difficult period for the coloured gemstone miner, with revenue halving and a swing to a significant net loss. The figures underscore the operational challenges cited by the company in its key mining operations.
Gemfields Group has released its interim financial results following a challenging first half marked by production difficulties at its ruby and emerald mines. For the six months ending June 30, the company reported total revenue of $64.2 million, a 47 percent drop from $121.4 million in the year prior. It reported a net loss of $24.6 million, compared with a $13.7 million profit posted during the same period last year.
Sean Gilbertson, CEO of Gemfields, noted that the Montepuez Ruby Mine (MRM) in Mozambique experienced lower premium ruby output. At Kagem, its emerald mine in Zambia, the company suspended mining fully at the end of 2024 to conserve cash and combat oversaturation, only resuming limited operations a few months ago. Gilbertson also mentioned that, at the beginning of 2025, the miner was impacted by the civil unrest in Mozambique resulting from the country’s contested presidential election, which took place in October 2024. The company also faced the unexpected but short-lived implementation of the 15 percent export duty on emeralds in Zambia.
Gilbertson noted in the report that the company’s approach to the second half is “cautiously optimistic.” The focus remains on operational efficiency, capital discipline, and completing key growth projects, the report said, adding that cost-cutting measures introduced in late 2024 are already yielding results and are expected to continue benefiting the company in H2.
In the first half, Gemfields held four auctions, two offering rubies, yielding $38.9 million, and two offering emeralds, yielding $21.1 million. The company has also made progress in getting its new processing plant in Mozambique, known as PP2, up and running. The plant, set to triple throughput capacity and increase the life of the mine, produced its first rubies in September and is expected to be fully operational in October.
Regarding foresight for 2026, Gilbertson also noted the company is aware of proposed changes to the mining law in Mozambique aimed at “tightening controls on illegal mining, trading and smuggling, minimizing opportunities for corruption and bribery and promoting greater transparency.”
Following the reporting period, in August, Gemfields announced it had signed an agreement to sell Fabergé for $50 million. Also, in September, the miner held an auction of high-quality emerald rough, which was 100 percent sold and generated $32 million.
