UK-based Gemfields reported a sharp fall in revenue for 2025, as disruption at its key ruby and emerald operations and softer demand for coloured gemstones weighed heavily on performance.
In its full-year results, the London-listed miner said revenue from continuing operations fell 32 percent to US$135.1 million, down from US$199.4 million in 2024. EBITDA also dropped steeply, declining 85 percent to US$6.2 million.
The company said the downturn reflected reduced production, fewer gemstone auctions and uneven market conditions. Seven auctions generated US$129 million during the year, with limited availability of higher-quality stones offsetting continued price resilience at the top end of the market.
At the Montepuez ruby mine in Mozambique, Gemfields faced persistently low recovery of premium rubies, delays to a new US$70 million processing plant and mounting illegal mining activity. At the Kagem emerald mine in Zambia, mining was suspended from January to May amid weak auction results, softer global demand — particularly in China — and oversupply from a rival producer.
Chief executive Sean Gilbertson described 2025 as “a difficult year”, saying operational disruption at both mines had constrained production and cash generation. Gemfields said it had cut group operating costs by 17 percent and sold the Fabergé brand for US$50 million to strengthen its balance sheet. The company said its priority for 2026 would be to stabilise operations and complete the delayed processing plant.
20-04-2026
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