Gemfields is expecting a US$73.5 million net loss after tax for the first half of 2026, as weaker-than-expected premium ruby recoveries at its Montepuez Ruby Mining operation in Mozambique hit the company’s bottom line.
The expected loss compares with a US$20.5 million loss in H1 2025. Revenue, meanwhile, rose at both of the company’s key operations. Montepuez generated US$76.1 million, up 95.6% from US$38.9 million a year earlier, while Zambia’s Kagem emerald mine contributed US$26.7 million, up 26.5% from US$21.1 million. Total auction revenue reached US$102.8 million, up 71.6% year on year, although the comparison was affected by the deferral of a mixed-quality ruby auction from December 2025 to February 2026.
David Lovett, interim CEO of Gemfields, said the company has been working to address the weaker ruby recoveries through changes to mine planning, grade performance and operational reliability.
“Recent ruby recoveries have shown early signs of improvement,” Lovett said, adding that the company needs further evidence before drawing firm conclusions.
Gemfields said its focus for the rest of 2026 will be on sustaining the improvement at MRM while maintaining financial discipline. The company is due to release its full interim results on Sept. 30.