Gemfields Reports $60M in Auction Revenue, Nears Completion of Second Ruby Plant
Gemfields Achieves $60M in H1 Auction Revenue, Set to Launch New Ruby Plant in Mozambique
Gemfields, the AIM-listed gemstone producer, has announced total auction revenues of $60 million for the six months ended June 30, 2025.
As of June 30, the company reported a net debt position of $59.6 million, prior to factoring in $16.1 million in auction receivables.
This figure includes proceeds from a fully underwritten $30 million rights issue completed on June 13, which involved the issuance of 556.2 million new shares.
Significant operational progress is also underway. Construction of a second processing plant at the Montepuez Ruby Mine in Mozambique—one of Gemfields’ key subsidiaries—is nearly complete.
The project remains broadly on budget, with initial ruby production expected to commence in August and full commissioning targeted for September.
Meanwhile, the company’s 75%-owned Kagem emerald mine in Zambia resumed focused mining operations in May.
Two production points in the Chama pit have been reopened, with further moderated expansion planned from July onward. The mine continues to process stockpiled ore using its upgraded wash plant.
Gemfields has announced that full operational and financial details will be disclosed in its interim results, scheduled for release on September 26.
Additionally, the company reports that substantial progress has been made in the strategic review of its wholly-owned luxury brand, Fabergé.
