26th Mar 2026 09:15
(Alliance News) - Gemfields Group Ltd on Thursday reported another annual loss, though narrower, as operational disruptions in Mozambique and Zambia weighed on performance.
The London-based miner and marketer saw its pretax loss from continuing operations reduce to USD66.4 million in 2025 from USD97.7 million in 2024.
The miner classified Faberge Ltd as discontinued operation. It concluded the sale of the luxury brand to SMG Capital LLC in September last year.
Revenue from continuing operations was USD135.1 million, down 32% from USD199.4 million, reflecting a disrupted emerald market in the first half of 2025 and a reduction in the recovered premium ruby grade at Montepuez Ruby Mining Ltda in Mozambique.
Seven auctions in 2025 generated just USD129 million, reflecting both the shortfalls in gemstone availability and bumpy market conditions, down 34% from USD195.9 million in 2024.
Mining at Kagem emerald mine in Zambia was suspended from January until May, when focussed open-pit operations resumed.
"This was a difficult year, with operational disruptions at both MRM and Kagem constraining our premium gemstone production, auction cadence and cash generation," Gemfields Chief Executive Officer Sean Gilbertson said.
Gilbertson said the group continues 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," he said.
Looking ahead, Gemfields said its priorities in 2026 are to stabilise and rebuild the group.
In London early Thursday, Gemfields shares were up 4.2% to 5.00 pence, while they were flat at ZAR1.11 in Johannesburg.
By Artwell Dlamini, Alliance News senior reporter South Africa
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