Gemfields Revenue Plunges Amid Temporary Mine Closure

Gemfields saw revenue and profit drop in the first half as it paused production at its emerald mine and sold lower-grade ore from its ruby deposit, which affected its auction results.

Sales fell 47% to $64.2 million for the six months that ended June 30, the miner said last week. Gemfields reported a net loss of $24.6 million compared to a profit of $13.7 million for the same period in 2024. The miner operates the Kagem emerald mine in Zambia and the Montepuez ruby mine (MRM) in Mozambique. 

“This has been a challenging first half marked by gemstone-production difficulties at both mines,” said Gemfields CEO Sean Gilbertson.

The miner experienced lower output of premium-grade rubies from its Montepuez site, while it suspended operations at Kagem at the end of last year, resuming them only in May 2025. Civil unrest in Mozambique following a disputed general election also impacted results, as did the “surprise implementation” of a 15% export duty on emeralds in Zambia, which has since resolved, the executive added.

Despite the challenging six months, the miner has shifted its focus and with the support of its shareholders it is in a stronger position, it commented. Notably, earlier this month its new processing plant in Mozambique produced its first rubies and is on track to become fully operational in October.

The miner also completed the sale of iconic luxury brand Fabergé for $50 million at the end of August. The group’s liquidity and working capital position benefited from the transaction.

Image: Rough rubies. (Gemfields)