Gemfields posts interim loss, but assures its on ‘better footing’
The Gemfields Group reported a net loss of $24.6 million in the half-year ended 30 June 2025.
This compared to the $13.7 million net profit the gem producer recorded in the same period last year. It further posted a loss from operations of $21.3 million (2024: $27.4 million profit) and a loss before interest, taxation, depreciation and amortization of $4.9 million (2024: $50.3 million profit).
Total revenue came to $64.2 million compared to $121.4 million in the comparable period last year.
Sean Gilbertson, CEO of Gemfields, described the first half of this year as “challenging … marked by gemstone production difficulties at (major mining operations in Mozambique and Zambia).
“Montepuez Ruby Mining experienced lower premium ruby output while Kagem Mining suspended mining altogether at the end of 2024, with limited operations resuming only in May 2025,” he added.
The beginning of the year was also marred by civil unrest in Mozambique following the disputed general election and the surprise implementation of the 15% export duty on emeralds in Zambia, a matter since resolved.
“These factors contributed to short-term cash flow pressures and certainly tested the team and the business. However, a series of difficult decisions has yielded a more streamlined and focused organisation with, thanks to the support of our shareholders via the rights issue, a stronger balance sheet, all of which put us on a better footing for the year ahead,” he concluded.
