SourcingMar 30, 2026
Rio Tinto Hauls Last Load from DiavikSourcingApr 06, 2026
Gemfields Reports $51M Loss in 2025
Both its mines faced challenges last year, from operational issues to disruptions in the market.
Following a “disappointing” 2025, Gemfields said its priorities in 2026 are to stabilize and rebuild. The colored gemstone mining company holds majority stakes in the Kagem emerald mine in Zambia and the Montepuez ruby mine in Mozambique.
London—Gemfields’ revenue fell and it posted a loss in 2025 following an operationally and financially challenging year.
The colored gemstone miner’s 2025 annual report, released late last month, showed that for the fiscal year ended Dec. 31, revenue was down 32 percent, dropping from $199.4 million in 2024 to $135.1 million in 2025.
Net loss after taxes totaled $50.9 million, compared with a net profit of $100.8 million in 2024.
“While the full-year results are disappointing, underlying demand for high-quality gemstones remains. Management remains focused on cost and cash control,” Chief Financial Officer David Lovett said in the report.
A $30 million rights issue completed in June 2025 and the August 2025 sale of Fabergé for $50 million ensured Gemfields had enough liquidity for day-to-day operations, but the company had to grapple with production issues at both of its mines.
Operational disruptions at the Kagem emerald mine in Zambia and Montepuez Ruby Mining (MRM) in Mozambique affected production, as well as Gemfields’ auction schedule and its ability to generate cash.
Gemfields is the 75 percent owner and operator of both mines.
Mining at Kagem was suspended at the end of 2024 due in part to an oversupply of emeralds on the market. Gemfields resumed focused open‑pit operations in May, and premium emerald production has remained encouraging since the resumption of mining, it said.
“Persistently low” recovery of premium rubies and encroachment by unlicensed miners impacted MRM’s financial performance, the miner said.
In the third quarter, Gemfields completed construction on a new processing plant at MRM, referred to as PP2, that is designed to triple its processing capacity.
However, operational setbacks have limited PP2’s expected benefits.
The plant continues to face recurring “faults” and is not expected to reach full operational status in the first half of 2026, Kartikeya Parikshya, Gemfields’ managing director for Mozambique and Ethiopia, said in the company’s annual report.
Related stories will be right here …
The colored gemstone miner’s 2025 annual report, released late last month, showed that for the fiscal year ended Dec. 31, revenue was down 32 percent, dropping from $199.4 million in 2024 to $135.1 million in 2025.
Net loss after taxes totaled $50.9 million, compared with a net profit of $100.8 million in 2024.
“While the full-year results are disappointing, underlying demand for high-quality gemstones remains. Management remains focused on cost and cash control,” Chief Financial Officer David Lovett said in the report.
A $30 million rights issue completed in June 2025 and the August 2025 sale of Fabergé for $50 million ensured Gemfields had enough liquidity for day-to-day operations, but the company had to grapple with production issues at both of its mines.
Operational disruptions at the Kagem emerald mine in Zambia and Montepuez Ruby Mining (MRM) in Mozambique affected production, as well as Gemfields’ auction schedule and its ability to generate cash.
Gemfields is the 75 percent owner and operator of both mines.
Mining at Kagem was suspended at the end of 2024 due in part to an oversupply of emeralds on the market. Gemfields resumed focused open‑pit operations in May, and premium emerald production has remained encouraging since the resumption of mining, it said.
“Persistently low” recovery of premium rubies and encroachment by unlicensed miners impacted MRM’s financial performance, the miner said.
In the third quarter, Gemfields completed construction on a new processing plant at MRM, referred to as PP2, that is designed to triple its processing capacity.
However, operational setbacks have limited PP2’s expected benefits.
The plant continues to face recurring “faults” and is not expected to reach full operational status in the first half of 2026, Kartikeya Parikshya, Gemfields’ managing director for Mozambique and Ethiopia, said in the company’s annual report.
Gemfields held four emerald auctions and three ruby auctions in 2025, together totaling $128.2 million.
Its September 2025 emerald auction featured the 11,685-carat “Imboo” emerald, the largest gemstone ever discovered at Kagem. That auction brought in $32 million, accounting for about 40 percent of the company’s auction total for the year, though it did not disclose the sale price for the Imboo.
An additional ruby auction originally scheduled for December 2025 was moved to February 2026, primarily due to delays at PP2.
Gemfields CEO Sean Gilbertson said the company’s 2025 results reflect production shortfalls and softer demand driven by market conditions, despite continued pricing resilience for the highest quality emeralds and rubies.
Looking ahead to 2026, he said the focus is on stabilizing operations, bringing PP2 into full operation, and maintaining strict cost and capital discipline to protect liquidity and reduce debt.
“The first half is expected to remain challenging as we iron out the new processing plant’s teething issues,” Gilbertson said.
The miner is also closely monitoring geopolitical developments.
“The situation in the Middle East has already increased costs, particularly fuel, and any further escalation could materially impact cost and market conditions. It remains too early to determine the extent of the impact on the year ahead,” Gilbertson added.
More on Sourcing
The Latest
TechnologyJul 10, 2026
There’s a New Blind Box for Luxury Watches Collectibles platform Arena Club’s new Time Boxes could contain a Rolex or Patek Philippe watch.
TrendsJul 10, 2026
Jade Trau Creates a Constellation of DiamondsThe “Constellation Plié” collar, our Piece of the Week, features diamonds arranged in a constellation of shining stars.
WatchesJul 10, 2026
Brilliant Earth Expands Into WatchesIn honor of its 20th anniversary, the jewelry brand has released a limited-edition collection of Swiss-made timepieces.
Brought to you by
Wedding Band Trends 2026: Personalization Takes Center StageColored gemstones, artisan finishes, mixed metals, and meaningful details are shaping demand in bridal jewelry.
CollectionsJul 09, 2026
Boucheron’s New High Jewelry Collection Is an Ode to the Human Touch“Human Being” highlights the similarities and differences between us through five sets of jewelry that celebrate fine craftsmanship.
Weekly QuizJul 09, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
WatchesJul 09, 2026
Damiani Group Finalizes Acquisition of Baume & MercierRichemont will continue to provide operational services for the watch brand for a period while the group prepares to integrate it.
AuctionsJul 09, 2026
Pharrell Williams’ Joopiter Hires Former Bonhams Exec to Head New Watch DivisionNate Borgelt will lead the digital auction house and content platform’s new division as head of watches.
Brought to you by
Building the Future of Jewelry Retail: DCA Expands Education, Leadership Development, and Workforce SolutionsDCA is preparing the next generation of professionals by supporting workforce development, leadership growth, and career advancement.
Events & AwardsJul 09, 2026
Halstead Names 2026 Grant WinnerEnoch Platero, founder and designer behind Enoch Michael, is the first Native American jeweler to win the award.
Events & AwardsJul 09, 2026
AGS, GIA Name 2026 Beatrice Shipley Scholarship WinnerAGS also announced the recipient of its “Women in Leadership” scholarship.
MajorsJul 08, 2026
Kendra Scott Joins ‘Shark Tank’ As Permanent Investor The founder of the billion-dollar jewelry and lifestyle brand will debut as a full-time “Shark” on the upcoming season of the show.
SurveysJul 08, 2026
Signet Jewelers Falls 5 Spots on NRF’s ‘Top 100’ Retailers ListPlus, why retailers should be ready to adjust as the U.S. population may decline this year for the first time since the Great Depression.
CrimeJul 08, 2026
Here’s What Thieves Stole From the Lalique Museum René Lalique’s “Woman Dragonfly With Open Wings” pendant, the first piece the museum acquired, was one of the jewels taken.
MajorsJul 08, 2026
Richline Group Promotes 2 ExecsArien Gessner and Moss Makhoulian have been elevated into newly created roles.
ColumnistsJul 07, 2026
Peter Smith: Diamond Branding and the Origin ParadoxA podcast prompted Smith to share his views on where origin fits into the natural diamond story and the viability of branded diamonds.
Events & AwardsJul 07, 2026
JA Announces 2026 Impact Initiative RecipientsThe association selected eight recipients for the funding program, which is in its second year.
TrendsJul 07, 2026
Amanda’s Style File: Ruby, White and Blue Whether celebrating America’s 250th birthday or the USA’s World Cup run, July birthstone jewelry can double as a patriotic accessory.
CrimeJul 07, 2026
Thieves Steal Millions in Jewels From France’s Musée LaliqueAround 20 pieces of jewelry were stolen from the museum dedicated to French jeweler and glassmaker René Lalique.
CollectionsJul 07, 2026
Robinson Pelham Is Partying Like It’s 1996The “Summer of ’96” campaign and collection celebrate the year the brand was founded for its 30th anniversary.
IndependentsJul 06, 2026
Bachendorf’s To Open Fifth Store In DallasThe new location is set to open this winter, featuring the retailer’s first rotating jewelry designer residency.
MajorsJul 06, 2026
Graff Names BTS Star Jung Kook as New AmbassadorThe pop artist appears in the latest campaign for the “Laurence Graff Signature” collection.
CollectionsJul 06, 2026
Pandora’s New Baroque Pearl Collection Is a Whimsical ‘Wonder’One-of-a-kind pearls take the shape of ice cream cones, frogs, submarines, and other imaginative charms.
SourcingJul 02, 2026
London Diamond Bourse Elects First Female PresidentCharlotte Rose said her election is “a sign that this is an industry capable of change.”
Supplier BulletinJul 02, 2026
Elevating Retail Showcases with Today's Necklace & Bracelet TrendsSponsored by Rio Grande Jewelry Supply
TrendsJul 02, 2026
Oscar Heyman’s Flag Brooch Celebrates AmericaThe American jewelry house, founded by Latvian immigrants, has been creating American flag brooches since 1917.
IndependentsJul 02, 2026
D. Geller & Son Partners with KSU Art Students on Store MuralThe artwork celebrates the Atlanta jeweler’s legacy and symbolizes its commitment to supporting local artists and its community.
Events & AwardsJul 02, 2026
Stratus Estate Buyers Offers Jewelers Turnkey Buying EventsIts team can evaluate jewelry and watches, as well as luxury handbags, artwork, and collectibles.
