Wrap Text
Audited 2025 Annual Report Released
Gemfields Group Limited
Incorporated in Guernsey. Guernsey registration number: 47656
South African external company registration number: 2009/012636/10
Share code on JSE:GML (General Segment of JSE Main Board) / AIM:GEM
ISIN: GG00BG0KTL52 | LEI: 21380017GAVXTCYS5R31
("Gemfields" or the "Group" or the "Company")
Audited 2025 Annual Report Released
LONDON, 26 MARCH 2026
Gemfields announces the publication of the Company's audited Annual Report and Accounts for
the year ending 31 December 2025 ("2025 Annual Report"). The content of this short form
announcement is the responsibility of the board of directors of the Company.
Shareholders are advised that this short form announcement represents a summary of the
information contained in the Annual Report and does not contain full or complete details of the
financial results.
Summary
• Total annual revenue of USD 135.1 million (2024: USD 199.4 million), reflecting a
disrupted emerald market in H1 2025 and a reduction in the recovered premium ruby
grade at Montepuez Ruby Mining ("MRM").
• MRM's financial performance has been impacted by persistently low premium ruby
recovery and heightened illegal mining encroachment, while the new processing plant's
full contribution has been delayed due to commissioning setbacks.
• Mining at Kagem emerald mine ("Kagem") was suspended from January until May, when
focussed open-pit operations resumed; since the restart, premium emerald production has
remained encouraging.
• Group operating costs reduced to USD 128.9 million (2024: USD 156.2 million) as a result
of strengthened cost?control measures initiated in 2024, and continued throughout 2025.
• The Group completed the sale of Fabergé Limited to SMG Capital LLC for a total
consideration of USD 50 million, delivering a material strengthening of the balance sheet.
• Adjusted headline loss per share of USD cents 1.3 for the year (2024: Adjusted headline
loss per share of USD cents 1.8).
Sean Gilbertson, CEO of Gemfields, commented:
"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 USD 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.
Our focus for 2026 is on stabilising 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 first half is expected to remain challenging as we iron out
the new processing plant's teething issues.
We continue to monitor the challenging geopolitical developments closely. The situation in the Middle East has
already increased costs, particularly fuel, and any further escalation could materially impact cost and market
conditions. It remains too early to determine the extent of the impact on the year ahead.
As always, and especially when the going is tough, our thanks go to our colleagues, host governments, business
partners, customers and shareholders for their continued support as we navigate the assorted challenges."
Any investment decisions by investors and/or shareholders should be based on careful
consideration of the full announcement as a whole. The 2025 Annual Report is available for
viewing on the Company's website at www.gemfieldsgroup.com.
The 2025 Annual Report can also be accessed by following the link below:
https://senspdf.jse.co.za/documents/2026/jse/isse/GMLE/AR2025.pdf
Key audit matters and unmodified opinion can be found in EY's full auditor's report within the
2025 Annual Report.
Financial and Operating Results
Continuing operations 2025 2024
Re-presented 2
USD'000 USD'000
Revenue 135,109 199,431
EBITDA1 6,251 43,226
Loss from operations (66,446) (97,651)
Net loss after taxation (50,862) (100,796)
Loss attributed to owners of the Parent (39,082) (82,143)
USD cents USD cents
Loss per share (2.6) (7.0)
Headline loss per share (1.3) (2.1)
Adjusted loss per share (1.3) (1.8)
Dividend per share - -
USD'000 USD'000
Net Asset Value (Parent only) 337,062 345,723
Net debt (39,289) (80,431)
[1] Earnings before interest, taxation, depreciation and amortisation, adjusted to exclude one-off impairments made to the Group's non-current
assets, inventory, share based payments, other impairments and provisions.
[2] 2024 figures are re-presented from those published in the 2024 Annual Report to take account of the disposal of Fabergé such that the
comparative figures are like-for-like with 2025.
Full year results shareholder and analyst webcast
There will be a shareholder and analyst webcast today (Thursday 26 March 2026) at 09:00 am (UK)
/ 11:00 am (South Africa). Sean Gilbertson (CEO) and David Lovett (CFO) will present the
Company's 2025 full year results. Shareholders who wish to participate in the webcast are requested
to register via the link here:
https://sparklive.lseg.com/GemfieldsGroupLtd/events/614cb954-8b7f-40ea-9b81-be3ac184430c/gemfields-group-limited-full-year-results-2025
Any questions can be written in on the webcast portal or by sending a question to
ir@gemfields.com.
The slides that will be presented on the webcast will be available on Gemfields' website under
'Investors: Presentations' shortly before the webcast at https://www.gemfieldsgroup.com/.
This short form announcement and the results contained in this short form announcement have
been prepared in compliance with the JSE Limited's Listings Requirements.
-ENDS-
Further information on Gemfields Group Limited can be found at:
GEMFIELDSGROUP.COM
To join our investor mailing list, please contact us on:
ir@gemfields.com
This announcement contains inside information for the purposes of Article 7 of the Market Abuse
Regulation (EU) no. 596/2014 which forms part of domestic UK law pursuant to the European
Union (withdrawal) act 2018 ("MAR").
ENQUIRIES
GEMFIELDS Sean Gilbertson / David Lovett / Heinrich Richter
ir@gemfields.com
T: +44(0) 20 7518 3400
SPONSOR (JSE) Investec Bank Limited
NOMINATED ADVISER Panmure Liberum
(AIM) & BROKER Scott Mathieson / Amrit Mahbubani / John More
T: +44(0) 20 3100 2222
PRESS ENQUIRIES, press@gemfields.com
GEMFIELDS HEAD OFFICE, T: +44(0) 20 7518 3400
LONDON
NOTES TO EDITORS
About Gemfields Group Limited
Gemfields is a world-leading miner of coloured gemstones, dual-listed on the Johannesburg and
London AIM stock exchanges.
Gemfields is the operator and 75% owner of both Kagem Mining in Zambia (a world-leading
emerald mine) and Montepuez Ruby Mining in Mozambique (situated on one of the most
significant recently discovered ruby deposits in the world). In addition, Gemfields holds controlling
interests in various other gemstone mining and prospecting licenses in Zambia, Mozambique and
Madagascar.
Gemfields has developed a proprietary grading system and a pioneering auction platform to
provide a consistent supply of coloured gemstones to downstream markets, a key component of
Gemfields' business model that has played an important role in the growth of the global coloured
gemstone sector.
GEMFIELDS.COM | INVESTORS | FOUNDATION | INSTAGRAM | FACEBOOK | X | YOUTUBE
KAGEM MINING LINKEDIN | FACEBOOK
MONTEPUEZ RUBY MINING LINKEDIN | FACEBOOK
Date: 26-03-2026 09:00:00
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