Mozambique's ruby production surged 61.4% year on year in the first half of 2026, reinforcing the country's position in the global coloured-gemstone market. Government performance data show production reached 3,183,333 carats between January and June 2026, compared with 1,972,110 carats in the same period of 2025. This significant increase is a positive trend for the country's mining sector.
The half-year result represents approximately 78% of Mozambique's full-year target of 4,062,547 carats. At this pace, the country is on track to meet its 2026 goal well ahead of schedule. The strong recent trend is evident, with Mozambique producing 5,097,439 carats in 2025, up from 3,946,507 carats in 2024. This growth demonstrates the country's potential in the ruby market.
Cabo Delgado province drove much of the increase, hosting Montepuez Ruby Mining's operation in the Montepuez district, the heart of Mozambique's ruby industry. The province's significant contribution to the country's ruby production highlights its importance in the sector. The government's data indicates a steady growth in production, which could have a positive impact on the country's economy.
However, the 2026 full-year target sits below 2025 actual output, signalling planned moderation rather than unconstrained expansion. 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.
Gemfields, which controls Montepuez Ruby Mining and is listed on AIM and the Johannesburg Stock Exchange, reported auction revenue at Montepuez reached $76.1 million in H1 2026, nearly double the $38.9 million recorded in H1 2025. Despite this revenue gain, the company expects to recognise a non-cash impairment of $125.2 million against Montepuez Ruby Mining in its H1 2026 accounts.
The impairment charge is due to 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, and volume growth alone does not compensate when the high-value fraction underperforms. This highlights the importance of quality and grade in determining investor returns.
For institutional investors and mining executives, key metrics to watch in the second half of 2026 include premium-ruby recovery rates at Montepuez, auction proceeds per carat, and operational updates that indicate whether grade performance has stabilised. The government's aim to increase the export share of ruby output and the company's efforts to improve quality and market access will also be crucial in determining the sector's future performance.
Key points
- Mozambique's ruby production rose 61.4% year on year to 3,183,333 carats in H1 2026.
- The country's 2026 full-year target sits below 2025 actual output, signalling planned moderation.
- Gemfields expects to recognise a non-cash impairment of $125.2 million against Montepuez Ruby Mining in its H1 2026 accounts.
