Gemfields Group Limited has reported a net loss of USD 24.6 million for the first half of 2025, reversing a profit of USD 13.7 million during the same period last year. The decline was mainly driven by weaker auction revenues of USD 60 million, reflecting lower premium ruby output at Montepuez and a temporary suspension of mining at Kagem.
CEO Sean Gilbertson noted that the company has taken steps to streamline operations and reduce costs to return to profitability. He highlighted optimism around the upcoming commissioning of a second processing plant at Montepuez later this year.
Gemfields also bolstered liquidity through a USD 30 million rights issue and the USD 50 million sale of Fabergé, which includes entitlement to future royalty streams.
The group expects stronger performance in the second half of 2025, supported by increased ruby output and a steadier auction calendar.