This marks a 17% decrease compared to the same period last year, as both emeralds and rubies are experiencing challenges similar to those faced by the diamond sector.

The London-based company disclosed that it held $22.3 million in cash and cash equivalents by the end of the first half of 2024, with $66.7 million in outstanding debt. This results in a net debt position of $44.4 million.

In related news, De Beers, the world’s largest diamond producer by value, announced last week that it might cut output again due to weak demand from China, the top consumer.

Gemfields, which owns a 75% stake in the Montepuez ruby mine in Mozambique, stated that the construction of a second plant at the operation is progressing as planned and is set to be completed by the end of the first half of next year.

The company also has a 75% stake in the Kagem emerald mine in Zambia, where the wash plant upgrade has been completed and is now operating at an increased processing rate.

Gemfields is planning a high-quality emerald auction in the third quarter of this year, followed by another high-quality emerald auction and a mixed-quality ruby auction in the fourth quarter.

The company noted that it will provide commentary on its operational performance and financial results in its interim report, which is scheduled to be published on September 27.