Gemfields has announced that Sean Gilbertson will step down as Chief Executive Officer and Director of the company by mutual agreement with the Board, effective July15, 2026. The company has appointed Chief Financial Officer David Lovett as Interim CEO while retaining his existing CFO responsibilities, ensuring continuity during the leadership transition.
Lovett has served as Gemfields' Chief Financial Officer for the past eight years. The Board, advised by its Nominations Committee, has initiated the process to identify a permanent successor. Non-Executive Chairman Bruce Cleaver will also dedicate additional time to support the management team during the transition period.
The announcement coincided with the conclusion of Gemfields' inaugural Trade Select ruby auction, which generated revenue of $23.1 million. The auction achieved sales of 82 out of 89 lots, representing 348,409 carats sold at an average price of $66.30 per carat.
Alongside the leadership change, Gemfields provided an operational update on its Montepuez Ruby Mining (MRM) operation in Mozambique. The company said lower-than-expected ruby grades, delays in commissioning its second processing plant, ongoing security concerns, illegal mining activity and outstanding VAT refunds of $28.3 million are expected to affect production and cash flow through the remainder of 2026. The company stated that it continues to focus on operational priorities while the search for a new chief executive progresses.
