23rd Sep 2025 15:13
(Alliance News) - Gemfields Group Ltd reported on Tuesday it expects to swing to loss in the first half of 2025 due in part to a slump in auction revenue.
The London-based miner and marketer of coloured gemstones guides for loss per share of 1.7 US cents for the six months that ended June 30, swung from earnings per share of 0.6 cents a year earlier.
Headline loss per share is likely to be 1.5 cents, flipped from 0.6 cents.
Gemfields in June this year raised USD30.0 million through equity rights issue. It offered 556.2 million new shares.
The gemstones group said it is reasonably certain that its net loss after tax will be USD24.6 million, swung from net profit of USD13.7 million, blaming lower auction revenues arising from a disrupted auction schedule.
Gemfields said its two key operating assets, Montepuez ruby mine in Mozambique and Kagem emerald mine in Zambia, generated combined revenue of USD60.0 million for the first half, down 50% from USD120.6 million a year before.
Looking ahead, Gemfields expects the commissioning of the second processing plant at Montepuez mine to "positively impact" performance in the fourth quarter of 2025.
Gemfields plans to release its interim financial results on Friday.
In London, Gemfields shares were up 2.4% at 6.02 pence on Tuesday afternoon. They rose 3.5% in Johannesburg to ZAR1.50.
By Artwell Dlamini, Alliance News senior reporter South Africa
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