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Gemfields CEO Sean Gilbertson Steps Down
After eight years, Gilbertson is leaving his post at the mining company, which is currently facing a slew of operational challenges.
Sean Gilbertson, who has led Gemfields for the past eight years, will step down on July 15. Gemfields Chief Financial Officer David Lovett will take over as interim CEO.
London—Gemfields has announced that Sean Gilbertson will step down from his roles as CEO and as a director of the company, effective July 15.
The colored gemstone mining company has appointed David Lovett, its chief financial officer of eight years, as interim CEO to ensure continuity of leadership and maintain focus on its operational and strategic priorities, it said.
Lovett will take on the new position while continuing in his role as CFO.
Gemfields’ board, advised by its Nominations Committee, said it will conduct a formal process to identify a permanent successor in due course.
Bruce Cleaver, the former De Beers CEO who joined Gemfields as board chair in July 2024, will dedicate additional time to support the management team in the transition period, Gemfields said.
Gilbertson was appointed Gemfields CEO in July 2017 and assumed the role in March 2018.
His appointment was part of the company’s acquisition by Pallinghurst Group, the investment platform he co-founded with his father, the late Brian Gilbertson, in 2006.
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The colored gemstone mining company has appointed David Lovett, its chief financial officer of eight years, as interim CEO to ensure continuity of leadership and maintain focus on its operational and strategic priorities, it said.
Lovett will take on the new position while continuing in his role as CFO.
Gemfields’ board, advised by its Nominations Committee, said it will conduct a formal process to identify a permanent successor in due course.
Bruce Cleaver, the former De Beers CEO who joined Gemfields as board chair in July 2024, will dedicate additional time to support the management team in the transition period, Gemfields said.
Gilbertson was appointed Gemfields CEO in July 2017 and assumed the role in March 2018.
His appointment was part of the company’s acquisition by Pallinghurst Group, the investment platform he co-founded with his father, the late Brian Gilbertson, in 2006.
Sean Gilbertson’s resignation was announced alongside the results of Gemfields’ first Trade Select rough auction and an operations update.
The auction, which featured a broader mix of ruby qualities and new sapphire categories from its Montepuez ruby mine in Mozambique, brought in $23.1 million with 92 percent of lots sold at an average price of $66 per carat.
The new Trade Select auction format is a more focused offering between its traditional mixed-quality ruby auctions and the mini-auctions it launched last year, Gemfields’ Managing Director of Product & Sales Adrian Banks said.
It aims to provide greater flexibility in matching available production with market demand.
Banks said customer attendance was strong, and bidding demonstrated continued demand across the categories offered.
Gemfields noted that operational challenges, including declining ruby grades and illegal mining activity, are expected to adversely impact production, quality mix, and cash flow in 2026.
Ruby production has declined at Montepuez, with carats of rubies recovered per ton totaling 0.03 between January and May 2026, down from 0.06 in 2025.
Heavy rainfall also affected production in the first quarter, as did commissioning issues with PP2, the newest processing plant at Montepuez.
Gemfields noted that in late April and early May, attacks attributed to insurgents took place in villages near the mine.
Conditions have since improved a bit and operational activity has returned to “relative normal,” the company said.
Montepuez also continues to grapple with the issue of unlicensed miners, with approximately 700 individuals entering the mining site daily, Gemfields said.
Additionally, the company said as of June 30, the Mozambican government owes its subsidiary, Montepuez Ruby Mining Ltd., $28.3 million in value-added tax (VAT) refunds, a backlog that is affecting its cash flow.
Gemfields said it will continue to focus on operational priorities as its search for a new CEO takes place.
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