Mozambique: Gemfields has already earned 49.9 million dollars this year – AIM report

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Mozambique: Gemfields has already earned 49.9 million dollars this year – AIM report

2:31 CAT | 07 Oct 2025

Gemfields-rubies-from-Montpuez-Ruby-Mine-520-1-1

File photo: Gemfields

The London-based mining company Gemfields has announced that it has already earned 49.9 million US dollars this year from the sale of rubies obtained in Montepuez district, in the northern Mozambican province of Cabo Delgado.

Gemfields owns 75 per cent of Montepuez Ruby Mining (MRM), the main ruby mining company in Mozambique.

In a statement, the company says that this amount represents, so far, less than half of the company’s revenue in 2024, when it earned 117.2 million dollars.

According to Gemfields, of the cumulative annual revenue generated in 2025, 11.0 million dollars was raised in a mini-auction of rough rubies held through online bidding following exhibitions in Bangkok, Thailand, from September 29 to October 3, 2025.

“The 33 lots offered for sale, only 26 were purchased, with only 62 percent of the 297,449 carats on offer being sold. The average price realized per carat was USD 59.43. The proceeds from this auction will be fully repatriated to MRM in Mozambique, with all royalties being paid to the Mozambican Government on the total sales prices achieved at the auction.”

The document, however, does not reveal the amount that the company will pay to the government.

“The mini-auction primarily featured mid- and commercial-grade secondary materials. We are encouraged by the results and the strong customer engagement, reflecting the growing interest in this new material”, said Adrian Banks, Chief Product and Sales Officer at Gemfields, cited in the document.

The company also revealed that it decided to postpone its usual November/December ruby auction to January/February 2026 “as a result of the delay in the announcement of the definitive start-up of MRM’s second processing plant, now exacerbated by the activity of illegal miners.”

“The new plant’s operations have been significantly impacted over the past week by illegal miners, currently numbering between 250 and 400 per day, sabotaging the plants supply infrastructure.”

Illegally mined rubies in Montepuez, the company says, have a detrimental impact on market prices and the country’s tax revenue, but “Gemfields and MRM continue to collaborate with the relevant Mozambican government authorities.”

Source: AIM