India, Sept. 25 -- Gemfields Group plc (GEM.L) on Friday said it expects to report a net loss after tax of $73.5 million for the six months ended June 30, 2026, compared with a net loss of $20.5 million a year earlier.
The loss was driven primarily by a $125.2 million non-cash impairment charge related to Montepuez Ruby Mining (MRM). The company also restated its 2025 impairment from $35.0 million to $65.0 million following a $30.0 million adjustment.
The impairment reflects a more cautious approach to estimating ruby grade recoveries after lower-than-expected results, particularly for premium-grade stones. However, recent operating performance suggests that premium-grade recoveries are starting to improve following actions taken by manag...