Gemfields Group Limited reported improved financial performance for the year ended December 31, 2025, despite operational disruptions affecting gemstone production and sales.
The company expects a loss per share of USDc 2.6, compared with USDc 7.0 in 2024. In ZAR terms, loss per share is projected at ZARc 40.0, reflecting a 69% year-on-year improvement. Headline loss per share is expected at USDc 1.3, down from USDc 2.1 in the prior year.
Production during the period was impacted by operational interruptions at Montepuez Ruby Mining (MRM) in Mozambique and the Kagem emerald mine in Zambia. Delays in the commissioning of MRM’s second processing plant (PP2), alongside illegal mining activity and grade variability, constrained premium ruby output and disrupted auction scheduling.
Although PP2 has been producing rubies since September 2025, final commissioning is expected to continue into the first half of 2026.
Gemfields held seven auctions during the year, generating total revenues of $ 129 million. Demand trends remained uneven, with lower-quality and smaller-sized goods facing weaker demand, while higher-quality emeralds and rubies recorded improved pricing.
Commenting on the results, CEO Sean Gilbertson said, “It has been a difficult year. The well documented operational interruptions at both Montepuez Ruby Mining and the Kagem emerald mine weighed on output and cash generation.”
He added, “Auction outcomes during the year were mixed… while overall sentiment was fragile and volatility persisted, we have been encouraged by improved pricing throughout the year for high-quality emeralds and rubies.”
The company also highlighted external uncertainties, noting that escalating conflict in the Middle East could affect global energy markets, though the financial impact on operations remains unclear.
For 2026, Gemfields will prioritize operational stabilization, ramp-up of PP2 to full capacity, disciplined cost management, consistent auction scheduling, and balance sheet strengthening through deleveraging.
Full-year results are scheduled for release on 26 March 2026.