Gemfields made US$262 million in revenues last year, the second-highest annual revenue in the company’s history despite calling off one finer-quality emerald auction in November.

The gemstone specialist, which owns and operates the Kagem emerald mine in Zambia and the Montepuez ruby mine (MRM) in Mozambique, also saw its net profit reduced from US$74.26 million in 2023 to a loss of US$2.82 million last year. Group revenues were down 23.18 per cent from 2022.

The company cited lower production of both premium emeralds and rubies last year compared to 2022, prompting it to cancel one higher-quality emerald auction earlier scheduled for November 2023, ultimately affecting its 2023 results. Meanwhile, “healthy” prices were paid at its 2023 auctions of rough rubies and emeralds, the miner added.

Sean Gilbertson, CEO of Gemfields, said the company also made considerable investments aimed at strengthening its financial performance and expanding its business in 2024, particularly at MRM, where construction of a second processing plant is underway. The new plant is expected to triple Gemfields’ throughput capacity.

Gilbertson added, “The market for coloured gemstones can and does shift from year to year. While prices for our emeralds and rubies remain healthy, they are certainly down on the remarkable figures we saw in 2022. We are convinced that we have the right strategy and will continue our efforts of raising the profile and attractiveness of coloured gemstones on a global basis.”