Gemfields updates G-Factor metrics, highlighting shifting government take at Mozambique and Zambia mines

Gemfields has updated its “G-Factor for Natural Resources” metrics to the end of 2025 for its key operations, showing long-term government-take ratios of 17% at Zambia’s Kagem emerald mine and 26% at Mozambique’s Montepuez Ruby Mining. The G-Factor expresses the share of a mine’s revenue paid to host governments via royalties, corporation tax, dividends and export levies, and is intended as a transparency tool for natural resource revenues. AtMontepuez,the one-year G-Factor for 2025 was23%, withUS$11.3 millionpaid to the Mozambican government on revenue of US$49.9 million, a strong proportional contribution despite lower cash payments due to weaker premium-ruby output, a delayed auction and illegal mining disruptions.

READ:Mozambique: ruby production soars past five million carats in 2025 AtKagem, the 2025 G-Factor fell sharply to 6%, reflecting a four-month shutdown and a temporary 15% export tax that compounded poor market conditions, although Gemfields expects the mine’s fiscal contribution to revert toward its roughly 18% long-term average as operations normalise. The metric offers host governments and citizens a simple indicator of how efficiently their natural resources are converted into public revenues, even while the company acknowledges its limitations and the exclusion of various indirect taxes from the calculation. Gemfields Group is a Guernsey-incorporated, dual-listed miner of coloured gemstones with shares on the Johannesburg Stock Exchange and London’s AIM market.

The company operates and owns 75% of Kagem Mining in Zambia, one of the world’s leading emerald mines, and Montepuez Ruby Mining in Mozambique, a major recent ruby discovery, and also holds other gemstone licences in Africa. Gemfields has built a proprietary grading system and auction platform to deliver a consistent and transparent supply of coloured gemstones to downstream markets. This model has supported the expansion of the global coloured gemstone sector and underpins the firm’s strategic focus on responsible resource stewardship and value sharing with host countries.