Gemfields Group (AIM:GEM), the coloured gemstone miner listed on AIM and the JSE, generated total auction revenues of $102.9 million in the six months to 30 June, more than 70% higher than the $60 million recorded in the first half of 2025.
The company reported net debt of $44.2 million at the period end, before accounting for $33.3 million of outstanding auction receivables.
At Montepuez Ruby Mining, its 75%-owned ruby operation in Mozambique, premium-grade recovery remained weak at 0.025 carats per tonne, and Gemfields said it continues to focus mining on areas believed to hold higher-grade material.
MRM's second processing plant made a meaningful contribution to production volumes in the first half and is expected to be signed off as fully commissioned later this year.
Kagem Mining, Gemfields' 75%-owned emerald mine in Zambia, maintained healthy premium emerald production, though higher fuel prices, exchange rate pressures and increased mining activity pushed up operating costs.
Full commentary on operational and financial performance are expected to accompany Gemfields' interim results, due on Friday 25 September.
News Intelligence what this means for the company
Gemfields' H1 auction revenues jumped 72% to $102.9m, driven by higher realizations rather than production gains—Kagem held output steady while Montepuez ruby grades remained weak at 0.025 carats per tonne. The company carries $44.2m net debt and faces cost inflation at Kagem from fuel and FX headwinds, offsetting the revenue uplift.
The revenue surge masks operational strain: Montepuez's grade weakness persists despite a second processing plant now contributing, and Kagem's margin pressure from cost inflation is real. Full H1 results on 25 September will clarify whether the auction price strength is sustainable or a one-off realization benefit.
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