Gemfields released its audited 2025 Annual Report on March 26, 2026, reporting lower revenue and operational disruptions across emerald and ruby assets, alongside cost reductions and Fabergé divestment.
Gemfields Group Limited has released its audited Annual Report for the year ending December 31, 2025, reporting total revenue of $ 135.1 million, down from $ 199.4 million in 2024.
The decline in revenue was attributed to disruptions in the emerald market during the first half of the year and reduced recovery of premium-grade rubies at Montepuez Ruby Mining (MRM). The company noted that operational challenges impacted production, auction volumes, and cash generation.
MRM’s performance was affected by persistently low premium ruby recovery, illegal mining activity, and delays in commissioning a second processing plant. Meanwhile, operations at the Kagem emerald mine were suspended from January to May 2025, with focused open-pit mining resuming thereafter. Post-restart, premium emerald production showed improvement.
Group operating costs reduced to $ 128.9 million from $ 156.2 million in 2024, following cost-control measures initiated the previous year. The company also completed the sale of Fabergé Limited to SMG Capital LLC for $ 50 million, strengthening its balance sheet.
Financially, Gemfields reported EBITDA of $ 6.25 million, compared to $ 43.2 million in 2024. Net loss after taxation narrowed to $ 50.9 million from $ 100.8 million in the previous year, while 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. Seven auctions generated just $ 129 million, reflecting both the shortfalls in gemstone availability and bumpy market conditions, despite continued pricing resilience at the top end of the ruby and emerald quality spectrum.”
He added, “Our focus for 2026 is on stabilizing our operations, completing the final commissioning of the much-delayed second processing plant at MRM so its benefits emerge progressively through the year, and maintaining strict cost and capital discipline to protect liquidity and deliver deleveraging.”
The company stated that geopolitical developments, particularly in the Middle East, have increased costs such as fuel and may continue to impact market conditions in 2026.
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