Gemfields, the world’s leading producer of coloured gemstones, has reported a decline in revenue and profit for the six months that ended 30th June 2024. Despite a challenging year, the company reported total first-half revenue of $128 million, down 17%, and an EBITDA of $49.6 million, down 32%. The company’s H1 net profit plunged 25% to $13.6 million from $18.1 million a year earlier.
Sean Gilbertson, CEO of Gemfields, highlighted the company’s ongoing investments in its mines and the progress made on key projects. He expressed confidence in the company’s future and its ability to deliver increased revenues in the coming year.
The company conducted three auctions during the period, including two emerald auctions and one ruby auction. While the September commercial-quality emerald auction saw weaker sentiment from some customers, the overall results were healthy.