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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.
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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.
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