Precious gemstones miner Gemfields (LON: GEM) warned on Friday that it expects to swing to a loss of $2.8 million in 2023 from a $74.3 million profit the previous year due to a write-down in its platinum group metals investments, lower output and the cancellation of an emerald auction.
The London-based company, which has a 6.54% stake in South African platinum group miner Sedibelo Resources, said that plummeting prices for platinum group metals (PGMs) has affected its bottom line.