Gemfields Revenue Skyrockets in First Half

Gemfields’ revenue for the first half of the year nearly doubled versus the same period in 2025, despite issues with the recovery of high-value rubies.

Auction revenue jumped 72% year on year to $102.9 million for the six months that ended June 30, the company said Thursday in a trading update. The spike came even as the company experienced a prolonged issue with premium-grade ruby recovery at its Montepuez ruby mine in Mozambique, which yielded only 0.025 carats per tonne, it explained.

To improve the grade outcome, the miner is focusing on areas it believes contain better material, it stated. Gemfields has also launched activities at its new processing plant at Montepuez, which should reach full commission capacity later this year.

Meanwhile, the company’s Kagem emerald mine in Zambia maintained “healthy” premium emerald production during the January-to-June period. However, higher fuel prices, exchange-rate pressures and increased mining activity impacted operating costs.

Net debt stood at $44.2 million as of June 30, before the company accounted for auction receivables of $33.3 million, it said. Gemfields will report its full results for the first half on September 25.

Image: Rough emeralds. (Gemfields)