SourcingSep 15, 2025
Gemfields Achieves $32M at High-Quality Emerald AuctionSourcingOct 01, 2025
Gemfields’ H1 Revenue Falls 47%
Its latest interim financials revealed a challenging first half due in part to production troubles at its mines.
Gemfields has released its interim financial results for the six months ending June 30.
London—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.
“These factors contributed to short-term cash flow pressures and certainly tested the team and the business,” said Gilbertson.
Related stories will be right here …
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.
“These factors contributed to short-term cash flow pressures and certainly tested the team and the business,” said Gilbertson.
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.
“While current market conditions are still far from the highs experienced in recent years, the results from our 2025 auctions to date suggest an encouraging shift in demand sentiment. MRM’s second processing plant, together with the gradual restoration of mining at Kagem, will aid our supply capability,” Gilbertson said.
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.”
“Committing these aspirations to law could be game-changing for Mozambique’s receipts from its mineral resources,” he said.
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.
“A series of difficult decisions has yielded a more streamlined and focused organization with, thanks to the support of our shareholders via the rights issue, a stronger balance sheet, all of which put us on a better footing for the year ahead,” he said.
More on Sourcing
The Latest
ColumnistsJun 03, 2026
Peter Smith: When Top Talent Leaves and What It Says About YouSmith discusses how managers should handle a top performer's exit, warning that a poor response could have a lasting impact.
GradingJun 03, 2026
GIA’s Tracr Investment Is First Step Toward Industry-Owned PlatformThe Gemological Institute of America is now a 30 percent stakeholder in Tracr, the De Beers-backed blockchain for diamonds.
WatchesJun 03, 2026
The 1916 Company Taking Pre-Owned Rolexes on the Road, AgainThe retailer is bringing Rolex Certified Pre-Owned watches to five U.S. cities in 2026 for collectors to see, try on, and purchase.
Brought to you by
All Eyes on Gold Prices. Alternatives to Look For. And What to BEWARE of in VegasAs gold prices rise, today’s retailers are looking for alternatives at prices that will appeal to wider audiences.
IndependentsJun 03, 2026
Jessica Alba Is the New Face of Gabriel & Co.The actress and entrepreneur stars in the jeweler’s new campaign that celebrates life’s quiet moments.
Weekly QuizMay 28, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
TrendsJun 03, 2026
State of Design: Only the Innovative Will SurviveThe price of gold has risen, affecting the number of pieces designers make, the materials they use, and how they position themselves.
FinancialsJun 02, 2026
Signet Jewelers’ Q1 Sales Up 2% As It Focuses on ‘Core Four’ The jewelry retailer is zeroing in on Zales, Jared, Kay Jewelers, and Blue Nile as it looks to create unique brand identities for each.
Brought to you by
How Modern Training Is Becoming a Competitive Advantage for Jewelry RetailersWith the trade and customer trust in mind, GIA® developed NextGem™ – on-demand training designed specifically for retail.
WatchesJun 02, 2026
Watch Industry Veteran James Marks Joins Sotheby’sSotheby’s has appointed the former Phillips executive as its global head of private sales and retail in its watches division.
AuctionsJun 02, 2026
Sotheby’s to Auction 10-Carat Blue Diamond, 1960s Harry Winston Necklace A private collection of five Paraíba tourmalines also will be up for sale at Sotheby’s High Jewelry auction in New York, scheduled for June 16.
IndependentsJun 02, 2026
State of Retail: 6 Things Retailers Should Know About Consumers TodayFrom Gen Z’s view of luxury to “doom spending,” these are the six consumer trends to note this year.
Events & AwardsJun 01, 2026
Design Atelier Brands Have a Big Night at Emotional Couture Design AwardsThe show started by honoring Mildred Marcano, ended with a tearful Beth Anne Bonanno, and recognized a dozen-plus designers in between.
SourcingJun 01, 2026
Gemfields’ Higher-Quality Emerald Auction Achieves $26.8MThe miner said demand for higher-quality emeralds is stable, but there is notable caution in the market.
CollectionsMay 29, 2026
Cultus Artem’s Necklace Is the Oasis in Las Vegas’ DesertThe “River of Heaven” necklace, our Piece of the Week debuting at Couture, combines 26 salt and pepper diamonds spaced by Tahitian pearls.
IndependentsMay 29, 2026
Meet the 2026 Retailer Hall of Fame InducteesThis year’s inductees include second-, third-, and fourth-generation jewelers.
Events & AwardsMay 28, 2026
JCK Announces Jesse Itzler as 2026 Keynote SpeakerThe author, speaker, and entrepreneur will give his presentation, “Spiritual Billionaire,” on Saturday morning.
Events & AwardsMay 28, 2026
JCK Rocks To Ride With NellyThree-time Grammy award-winning artist Nelly is set to perform at the annual event at Tao Beach on Sunday night.
MajorsMay 28, 2026
Signet Jewelers to Buy The Clear Cut Signet will integrate the online-only, natural diamond-focused jeweler into Blue Nile, which it wants to position as a higher-end retailer.
CollectionsMay 28, 2026
Meet The 17 Newcomers to Couture’s Design AtelierThese up-and-coming jewelry brands are bringing their distinct aesthetic and unique point-of-view to the Design Atelier for the first time.
GradingMay 28, 2026
GCAL By Sarine Launches 8X Cushion CutThe lab’s proprietary diamond cut grade has been expanded to include the popular fancy shape.
Events & AwardsMay 27, 2026
5 Security Tips for Las Vegas Jewelry Market Week 2026This year, it’s what could happen outside of show hours that worries JSA Executive Vice President Scott Guginsky.
ColumnistsMay 27, 2026
What Jewelers Can Learn From Luxury Fashion’s Digital PlaybookHigh-end fashion houses know how to emotionally connect with customers online. Retail jewelers should take note, Emmanuel Raheb writes.
Events & AwardsMay 27, 2026
Couture’s ‘The Iridescence’ Will Showcase 7 Emerging Jewelry DesignersThe designers are the third cohort of mentees from the show’s Belonging @ Couture mentorship program.
ColumnistsMay 26, 2026
The Key Mindset for Better Trade Show BuyingBuying discipline at trade shows starts with clarity about your inventory levels, Smith writes.
Events & AwardsMay 26, 2026
12 JCK Talks Sessions to Add to Your Las Vegas ScheduleThe trade show’s education series returns, with sessions on retail trends, AI, watches, marketing, corporate responsibility, and more.
Events & AwardsMay 26, 2026
CBG Brings Its Curated Designer Project to Las Vegas ShowThe Curated Designer Project has expanded to highlight eight independent jewelry designers during CBG’s Las Vegas show.
TrendsMay 26, 2026
Amanda’s Style File: A Cooldown Is ComingBring a cool tone to your summer jewelry with these white metal pieces.
