Gemfields Reports Sharp Revenue Growth in First Half

Gemfields' First-Half Revenue Surges Despite Ruby Recovery Challenges

Gemfields nearly doubled its revenue in the first half of 2026, driven by stronger auction sales despite ongoing challenges recovering premium-grade rubies at its Montepuez mine in Mozambique.

Auction revenue rose 72% year on year to $102.9 million for the six months ended June 30, the company said Thursday in a trading update. The increase came even as premium-grade ruby recovery at Montepuez remained below expectations, with yields averaging just 0.025 carats per tonne.

To improve recoveries, Gemfields is targeting mining areas believed to contain higher-quality material. The company has also begun commissioning its new processing plant at Montepuez, which is expected to reach full operating capacity later this year.

At its Kagem emerald mine in Zambia, production of premium emeralds remained healthy during the first half. However, higher fuel costs, foreign-exchange pressures and increased mining activity weighed on operating expenses.

Gemfields reported net debt of $44.2 million as of June 30, before accounting for $33.3 million in auction receivables. The company is scheduled to release its full first-half financial results on September 25.