Gemfields FY EBITDA falls to $135m

Gemfields has announced that its EBITDA plunged from $199.4m (£150.m) to $135.1m (£101.3m) in the 52 weeks ending 31 December 2025, down 149.1% year-on-year.

The global mining company’s revenues also reduced by 38.6%, diving from $199.4m (£150.m) to $135.1m (£101.3m).

Meanwhile, its loss from operations decreased, dipping by 38.2% from $97.7m (£76.2m) to $66.4m (£49.8m).

Its net loss after taxation came down by 71%, dropping from $82.1m (£64.8m) to $39.1m (£31.1m).

The group additionally saw group operating costs fall by 14.1% to $128.9m (£101.8m), which stood at $156.2m (£117.2m) the year prior.

The company attributed its weak performance to challenging conditions in the emerald market in the first half of the year and a reduction in the quality of rubies mined by subsidiary Montepuez Ruby Mining, amid increased illegal mining incursions and delays to its new processing plant caused by commissioning issues.

Nonetheless, the business cited reinforced cost-control strategies rolled out in 2024 as key to reducing its operating costs, additionally bolstering its balance sheet through the sale of
Fabergé to SMG Capital LLC for £50m.

This news comes after Gemfields published a forecast for a softer performance two days earlier, pointing to operational disruption and inconsistent auction performance.

Commenting on the final results, CEO Sean Gilbertson, 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 $129m (£96.7m), 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.”

He added: “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.”