Gemfields Group Limited has warned of a net loss of USD 24.6 million for the six months ended 30 June 2025, compared to a profit of USD 13.7 million in the same period last year. The downturn reflects lower auction revenues of USD 60 million, down sharply from 2024, due to reduced premium ruby output at Montepuez and a temporary halt in mining at Kagem.
Gemfields CEO Sean Gilbertson said the company has streamlined operations and cut costs to restore profitability, with optimism centred on the commissioning of a second processing plant at Montepuez later this year. Liquidity was strengthened through a USD 30 million rights issue and the USD 50 million sale of Fabergé, which also includes future royalty income.
Looking ahead, Gemfields expects improved performance in the second half of 2025, supported by increased ruby production and a more stable auction schedule.