Gemfields Profit Falls 86% on Cancelled Auction

Colour gemstones miner Gemfields has reported an 86% drop in pre-tax profit for 2023, due partly to the cancellation of a high-quality emerald auction in November, a lower number of carats sold and a write-down in its platinum group metals investments.

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The London-based company experienced a 23% drop in revenue, amounting to $262 million, from $341.1 million, and recorded a loss after tax of $2.8 million, a significant shift from the $74.3 million profit reported in 2022. The estimated value of this investment was revised down to $4 million, a decrease of $28 million from its worth in 2022.

Gemfields highlighted that inflationary pressures have been impacting its revenues as operating expenses remain high.