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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.
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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.
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