Output races towards the annual target
Government performance data show production reached 3,183,333 carats between January and June 2026. That compares with 1,972,110 carats in the same period of 2025.
The half-year result represents approximately 78% of Mozambique’s full-year target of 4,062,547 carats. At that pace, the country is on track to meet its 2026 goal well ahead of schedule.
Cabo Delgado province drove much of the increase. The province hosts Montepuez Ruby Mining‘s operation in the Montepuez district — the heart of Mozambique’s ruby industry.
The H1 result extends a strong recent trend. Government figures show Mozambique produced 5,097,439 carats in 2025, up from 3,946,507 carats in 2024. However, the 2026 full-year target sits below 2025 actual output, signalling planned moderation rather than unconstrained expansion.
Meanwhile, the government aims to raise the export share of ruby output from roughly 70% today to 79% by 2029. Higher export volumes at competitive prices would strengthen Mozambique’s foreign-currency earnings from the sector.
What does the result mean for investors?
Gemfields controls Montepuez Ruby Mining and is listed on AIM and the Johannesburg Stock Exchange. Its H1 2026 results show auction revenue at Montepuez reached $76.1 million — nearly double the $38.9 million recorded in H1 2025.
However, that revenue gain sits alongside significant accounting charges. Gemfields expects to recognise a non-cash impairment of $125.2 million against Montepuez Ruby Mining in its H1 2026 accounts. It also restated its 2025 impairment from $35.0 million to $65.0 million after identifying a $30.0 million adjustment. As a result, the group expects a first-half net loss of $73.5 million.
The driver is clear. Gemfields cited lower-than-expected recoveries of premium-grade rubies at Montepuez during the six months to 30 June 2026. Premium stones carry far greater per-carat value than standard material. Volume growth alone does not compensate when the high-value fraction underperforms.
Raw carat numbers are only part of the story — grade, auction demand and cash generation determine whether production growth translates into investor returns.
In addition, Mozambique’s broader export strategy adds a medium-term support. Raising the export share to 79% could meaningfully lift sector revenues if quality and market access improve in parallel.
For institutional investors and mining executives, the metrics to watch in the second half of 2026 are premium-ruby recovery rates at Montepuez, auction proceeds per carat, and any operational updates that indicate whether grade performance has stabilised.
Quick answers
Mozambique ruby production rose 61.4% year on year to 3,183,333 carats in the first half of 2026, up from 1,972,110 carats in H1 2025, according to government performance data.
Gemfields expects to recognise a non-cash impairment of $125.2 million against Montepuez Ruby Mining in its H1 2026 accounts, alongside a first-half net loss of $73.5 million.
The Mozambican government aims to raise the export share of national ruby output from approximately 70% currently to 79% by 2029, which would lift foreign-currency earnings from the sector.
