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
EditorsNov 07, 2025
Piece of the Week: An MVP’s Sapphire Tennis Necklace At the 2025 World Series, the Los Angeles Dodgers’ Yoshinobu Yamamoto sported a custom necklace made by California retailer Happy Jewelers.
IndependentsNov 07, 2025
Foundrae’s New Palm Beach Location Is a ‘Golden Solarium’The brand’s seventh location combines Foundrae’s symbolic vocabulary with motifs from Florida’s natural surroundings.
FinancialsNov 07, 2025
Watches of Switzerland’s H1 Sales Up 8%The retailer also shared an update on the impact of tariffs on watch customers.
Brought to you by
Jewelers of America Aligns New Mission to Create Meaningful Impact for MembersFrom educational programs, advocacy, and recent MJSA affiliation, Jewelers of America drives progress that elevates businesses of all sizes.
IndependentsNov 06, 2025
Greenwich St. Jewelers Hosts Raffle Supporting Food RescueAll proceeds from the G. St x Jewel Boxing raffle will go to City Harvest, which works to end hunger in New York City.
Weekly QuizNov 06, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
IndependentsNov 06, 2025
Cornell’s Jewelers Names New PresidentCourtney Cornell is part of the third generation to lead the Rochester, New York-based jeweler.
WatchesNov 05, 2025
Shinola President Steps Down Just as He Starts Former Signet CEO Mark Light will remain president of Shinola until a replacement for Ulrich Wohn is found.
AuctionsNov 05, 2025
Taylor Swift’s Engagement Ring Designer Makes Her Auction DebutKindred Lubeck of Artifex has three rings she designed with Anup Jogani in Sotheby’s upcoming Gem Drop sale.
FinancialsNov 05, 2025
Pandora Posts Modest Q3 Sales Growth Amid ‘Weak’ Consumer Sentiment The company focused on marketing in the third quarter and introduced two new charm collections, “Pandora Talisman” and “Pandora Minis.”
FinancialsNov 05, 2025
Brilliant Earth’s Q3 Sales Climb 10%The jewelry retailer raised its full-year guidance, with CFO Jeff Kuo describing the company as “very well positioned” for the holidays.
Policies & IssuesNov 04, 2025
Supreme Court to Hear Tariffs Case WednesdayAhead of the hearing, two industry organizations co-signed an amicus brief urging the court to declare Trump’s tariffs unlawful.
MajorsNov 04, 2025
Danny Clark to Become Stuller CEO, Succeeding Matt StullerStuller COO Belit Myers will take on the additional role of president, with all changes effective at the start of 2026.
ColumnistsNov 04, 2025
Peter Smith: What Do Birds Have to Do With the Price of Gold? Smith cautions retailers against expending too much energy on things they can’t control, like the rising price of gold.
TrendsNov 04, 2025
Amanda’s Style File: Fall Colors for November BirthdaysCitrine and topaz are birthstones fit for fall as the leaves change color and the holiday season approaches.
IndependentsNov 04, 2025
Weston Jewelers Heads to Fort LauderdaleThe family-owned jeweler will open its fourth store in Florida in late 2027.
CrimeNov 03, 2025
Men Dressed as Construction Workers Burglarize Jeweler’s Home The NYPD is looking for three men who stole a safe and jewelry valued at $3.2 million from the home of a jeweler in Jamaica Hills, Queens.
MajorsNov 03, 2025
Matthew Rosenheim Takes Over as JA Board ChairThe trade organization also announced its executive committee and five new directors.
CollectionsNov 03, 2025
Muse’s ‘Have a Heart’ Collab Returns, Now With DDGThe “Have a Heart x Diamonds Do Good” collection is championed by model and humanitarian Flaviana Matata and will benefit her foundation.
AuctionsNov 03, 2025
Kashmir Sapphire Ring Tops Christie's Online AuctionThe ring, set with a nearly 17-carat Kashmir cabochon sapphire, sold for $1 million.
TrendsOct 31, 2025
Piece of the Week: A Spinner Fit for ‘Frankenstein’This “Mother Father” spinner necklace from Heavenly Vices Fine Jewelry draws inspiration from Victorian Era jewelry.
CrimeOct 31, 2025
5 More Arrested in Louvre Heist, Jewelry Still Missing The suspects were rounded up in Paris and its suburbs on Wednesday night, but none of the stolen jewels were recovered with them.
Recorded WebinarsOct 31, 2025
Watch: How to Master Google Reviews for Your BusinessExperts share top tips on how to encourage positive reviews and handle negative feedback.
Supplier BulletinOct 30, 2025
Protect Your Customers and Your BusinessSponsored by the Gemological Institute of America
CrimeOct 30, 2025
29-Year-Old Man Charged in Multiple Seattle-Area Smash and Grabs The suspect faces charges in the August robbery of Menashe & Sons Jewelers and is accused of committing smash and grabs at two pawn shops.
Lab-GrownOct 30, 2025
Alison Lou’s New Collection Uses Lab-Grown Diamonds and ResinThe “Lumière Fine” collection was born from designer Alison Chemla’s interest in the transformative power of light.
TrendsOct 30, 2025
Amanda’s Style File: A Haunted HalloweenShow off your spooky side with these 12 festive jewels.
