Gemfields Group (PLLHF) has released an update.
Gemfields Group Limited reports a net profit of USD 13.7 million for the six months ending June 2024, down from USD 18.1 million in the same period last year, citing lower revenues and higher costs at its operations, alongside a full write-down of its stake in Sedibelo Resources Limited. The company’s auction revenues included USD 120.6 million from gemstone sales and USD 6.6 million from Fabergé, despite facing a challenging luxury goods market and a weaker-than-expected commercial-quality emerald auction. Gemfields remains cautiously optimistic about future high-quality gemstone auctions, while proceeding with strategic investments including the Kagem processing plant upgrade and the construction of a new processing plant at Montepuez Ruby Mining.
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