Gemfields Revenue Halved amid Disruption and Weak Demand
August 04, 25
(IDEX Online) - Gemfields' revenue from ruby and emerald auctions halved in the first six months of 2025, down to $60m from $121m in the same period last year, as it faced operational disruptions, production shortfalls in high-quality stones, and challenging market conditions.
The UK-based miner raised $38.9m from two auctions of rubies from its Montepuez mine, in Mozambique, and $21.2m from two auctions of emeralds from its Kagem mine, in Zambia, according to its Operational Update for the six months ended 30 June 2025, which was published on 31 July.
In the first half of 2024, ruby sales raised $77.0m and emeralds raised $44.1m. Gemfields owns 75 per cent of both mines.
Ruby production has been badly hit by regional violence in the vicinity of the mine, following disputed elections last October. Two people were shot dead when more than 200 locals tried to invade the village where workers are housed, close to the mine.
In addition, demand for rubies from China, the world's leading consumer of colored gems, has weakened.
The Kagem emerald mine has now resumed partial operations, but work was halted in April, with Gemfields blaming oversupply by a Zambian competitor.
In April, Gemfields, the world's biggest colored gemstone miner, reported a $100.8m loss for 2024 - and announced a $30m rights issue to help secure its future.
That compares with a small loss of $2.8m in 2023, but the company says market conditions in 2024 were "more challenging than we could have anticipated".
In its July update the company reported cash and cash equivalents of $45.9m, with $105.5m of outstanding debt, resulting in a net debt position of $59.6m.
Pic of rough rubies, courtesy Gemfields.