Gemfields, the UK-based miner of emeralds and rubies, has announced a 16.7% drop in revenue for the six months ending June 30. The company described this period as a “complex year” marked by weaker market sentiment.
According to its Reviewed Interim Report, Gemfields’ revenue fell from $153.6 million to $128 million. Earnings before interest, taxes, depreciation, and amortization (EBITDA) also decreased by 32%, reaching $49.6 million. Additionally, the company’s net profit dropped 24.6%, totaling $13.6 million.
Sean Gilbertson, CEO of Gemfields, noted that customer sentiment was “slightly weaker” during three auctions held in the first half of the year—two for emeralds and one for rubies. Despite this, he maintained that the auction results were “healthy.”
Gilbertson expressed concern about the weaker performance at the September auction for commercial-quality emeralds, stating it introduces some uncertainty. He indicated that if similar results occur in November, the company is prepared to implement “additional measures,” which may include cost reductions and exploring further financing options.
He also highlighted the need for the company to navigate a complex financial landscape while managing cash availability and making significant investments in its Kagem emerald mine in Zambia and the Montepuez ruby mine in Mozambique.
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