In accordance with paragraph 3.4(b) of the JSE Listings Requirements, Gemfields shareholders are advised that the Company is reasonably certain of its expected financial interim results for the six months ended 30 June 2025- 1H.
Sean Gilbertson, CEO of Gemfields, commented, further to our operational update for the six months to 30 June 2025, which was published on 31 July, we are pleased to provide this trading statement ahead of the release of our Interim Results on Friday 26 September 2025.
Gemstone production proved challenging throughout the period at both mines, with Montepuez Ruby Mining (MRM) experiencing a decrease in the production of premium rubies and Kagem Mining (Kagem) having halted mining operations at the end of 2024, operating only the wash plant until May 2025 when two focussed emerald production points were re-opened.
As ever, we are reminded that nature is no supermarket, and while periods of production fluctuation are frustrating, it is this rarity of premium gemstones that makes them so special, valuable and price-resilient.
Multiple transient challenges gave rise to short-term cash flow challenges and Gemfields is grateful to its shareholders for the support they have shown through this difficult period.
It is now of utmost importance to the board that the Company delivers for shareholders. Gemfields has simplified its business, removed costs and is focused on securing profitability across the Group, enhanced by the exciting prospect of increased ruby production courtesy of the second processing plant (PP2) at MRM. I look forward to these actions bearing fruit in the second half of this year.
We look forward to presenting our half year results in full detail to our shareholders and the market on Friday morning.
Gemfields’ two key operating assets, Montepuez Ruby Mining and Kagem Mining, generated revenues of USD 38.9 million and USD 21.1 million respectively in the six months to 30 June 2025 (2024 H1: MRM – USD 68.7 million; Kagem – USD 51.9 million).
Total auction revenues for the period were USD 60.0 million, significantly lower than the same period in 2024, primarily due to fewer premium carats being available for auction as a result of lower grades at MRM, the implementation of the 15% export duty on emeralds in Zambia (since revoked) and the suspension of mining at Kagem for much of the period. However, pricing and demand provided some encouragement.
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