Gemfields Group Limited has published its audited Annual Report for the year ended December 31, 2025, reporting revenue of $ 135.1 million, compared to $ 199.4 million in 2024.
The decline was primarily driven by disruptions in emerald supply during the first half of the year and lower recovery of premium-grade rubies at Montepuez Ruby Mining (MRM). These factors affected the availability of higher-quality gemstones, impacting auction volumes and overall supply to the market.
Mining operations at the Kagem emerald mine were suspended from January to May 2025, before focused open-pit operations resumed. The company reported encouraging premium emerald production following the restart, although overall supply remained constrained during the year.
At MRM, performance was affected by continued low recovery of premium rubies, delays in commissioning a second processing plant, and increased illegal mining activity. These issues contributed to reduced output of higher-value stones.
For the jewellery trade, Gemfields noted that seven auctions during the year generated $ 129 million, reflecting both supply shortages and uneven market conditions, despite stable pricing at the top end of ruby and emerald categories.
Operating costs were reduced to $ 128.9 million from $ 156.2 million in 2024, following cost-control measures. The company also completed the sale of Fabergé Limited for $ 50 million, strengthening its balance sheet.
Gemfields reported EBITDA of $ 6.25 million and a net loss after taxation of $ 50.9 million, an improvement from $ 100.8 million in 2024. Adjusted headline loss per share stood at USD cents 1.3.
Sean Gilbertson of Gemfields said, “This was a difficult year, with operational disruptions at both MRM and Kagem constraining our premium gemstone production, auction cadence and cash generation.”
He added that the company’s focus for 2026 will be on stabilizing operations, completing the delayed processing plant at MRM, and maintaining cost discipline.
Gemfields also indicated that rising fuel costs linked to geopolitical developments may continue to influence operating conditions in the coming year.
