Southeast Asia's oldest english-language trade journal on the international gems and jewellery community
30 Jul 2024
Gemfields Faces Revenue Decline Amidst Sector Challenges, Reports Decreased Profits and Ongoing Investments
Coloured gemstone miner Gemfields reported $121 million in revenue from auctions for the six-month period ending June 30
This marks a 17% decrease compared to the same period last year, as both emeralds and rubies are experiencing challenges similar to those faced by the diamond sector.
The London-based company disclosed that it held $22.3 million in cash and cash equivalents by the end of the first half of 2024, with $66.7 million in outstanding debt. This results in a net debt position of $44.4 million.
Gemfields, which owns a 75% stake in the Montepuez ruby mine in Mozambique, stated that the construction of a second plant at the operation is progressing as planned and is set to be completed by the end of the first half of next year.
The company also has a 75% stake in the Kagem emerald mine in Zambia, where the wash plant upgrade has been completed and is now operating at an increased processing rate.
Gemfields is planning a high-quality emerald auction in the third quarter of this year, followed by another high-quality emerald auction and a mixed-quality ruby auction in the fourth quarter.