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Gemfields Group (GML) investor relations material
Gemfields Group H1 2026 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
For the six months ended 30 June 2026, auction revenues from emeralds and rubies showed significant year-over-year growth, with cumulative auction revenue reaching USD 103 million for 2026 to date.
Operational update covers the six months to 30 June 2026, with unaudited figures for Kagem (emerald) and Montepuez (ruby) mines, both 75% owned.
Full interim results commentary will be published on 25 September 2026.
Financial highlights
Group gross cash at 30 June 2026 was USD 47.7 million, with gross debt of USD 91.9 million, resulting in net debt of USD 44.2 million.
Outstanding auction receivables were USD 33.3 million, reducing net debt with receivables to USD 10.9 million.
Cumulative auction revenue by year: 2022 USD 316m, 2023 USD 242m, 2024 USD 196m, 2025 USD 129m, 2026 YTD USD 103m.
Total auction revenues reached USD 102.9 million for H1 2026, up from USD 60 million in H1 2025.
Segment performance
Kagem emerald auction revenue rose to USD 26.8 million (2025 H1: USD 21.2 million), and MRM ruby auction revenue surged to USD 76.1 million (2025 H1: USD 38.9 million).
Kagem Emerald Mine cumulative auction sales reached USD 1.174 billion from 55 auctions.
Kagem's cumulative premium emerald production for 2026 was 93,185 carats, with total emerald production at 6.00 million carats YTD.
Montepuez Ruby Mine cumulative auction sales totaled USD 1.276 billion from 30 auctions.
Montepuez's cumulative premium ruby production for 2026 was 30,408 carats, and tumble ruby production was 168,886 carats YTD.
Kagem maintained strong premium emerald production, though operating costs rose due to higher fuel prices, exchange rates, and increased mining activity.
MRM experienced weak premium grade ruby recovery at 0.025 carats per tonne in H1 2026.
- Major investments in processing capacity aim to boost premium gemstone-driven growth.GML
Investor presentation4 Aug 2026 - 2025 was marked by weak revenues and operational challenges, but cost controls improved stability.GML
H2 202526 Mar 2026 - Loss per share improved 62.9% year-over-year despite operational challenges and auction volatility.GML
H2 2025 TU24 Mar 2026 - Revenue and profit fell on lower auction volumes, but growth investments and cost controls continue.GML
H1 202420 Jan 2026 - Revenue and cash flow dropped in 2024, prompting a $30m rights issue and major cost cuts.GML
H2 20247 Jan 2026 - Revenue down 47% to $64.2m, net loss $24.6m, outlook improves with asset sales and PP2 ramp-up.GML
H1 202514 Dec 2025
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