At a Glance
- PP2 commissioning positions Gemfields to lift ruby processing capacity and auction volumes.
- Kagem mine delivers premium emerald recoveries as night shifts process historic stockpiles.
- Auction platform underpins pricing transparency and steady demand for responsibly sourced colored gemstones.
Gemfields Group Limited, the Guernsey-incorporated coloured gemstone producer, has reported $128.5 million in auction revenue for the 2025 financial year, reflecting sustained demand for responsibly sourced colored gemstones as the miner scaled up production capacity across its flagship African operations.
The Johannesburg-listed group, co-founded by South African executive Sean Gilbertson, achieved the result amid the completion of major capital investments at its Montepuez Ruby Mining (MRM) operation in Mozambique and steady operational momentum at its Kagem emerald mine in Zambia.
Montepuez ruby mine boosts production outlook
The revenue performance coincided with Gemfields completing funding for its second processing plant (PP2) at Montepuez, a project expected to reshape the group’s ruby production profile materially. As of December 31, 2025, Gemfields reported net debt of $39.2 million, before accounting for $20.5 million in auction receivables linked largely to PP2.
The company said PP2 is in its final commissioning phase and was delivered materially on budget. Commissioning is expected to conclude imminently, allowing Gemfields to introduce the first rubies from the new facility at its February 2026 mixed-quality ruby auction. The additional plant is expected to increase processing capacity and improve consistency of supply to the global ruby market.
Kagem emerald recoveries meet expectations
Operational momentum was also evident at Kagem, the world’s largest emerald mine by production. Since focused mining resumed in May 2025, premium emerald recoveries have met internal expectations, reinforcing the asset’s long-term value.
Among the notable finds was Imboo, an 11,685-carat emerald distinguished by its intense verdant color, highlighting the quality potential of the Zambian operation. To support output, Kagem maintained an additional night shift at its upgraded processing plant throughout 2025, enabling the processing of historic stockpiles and supporting positive production outcomes.
Portfolio strength and market positioning
Founded in 2007, Gemfields operates and holds a 75 percent stake in both the Kagem emerald mine in Zambia, believed to be the world’s single largest producing emerald mine, and the Montepuez ruby mine in Mozambique, one of the most significant ruby discoveries in recent decades.
Sean Gilbertson, who co-founded the Pallinghurst Group in 2005, has been instrumental in leading Gemfields, which emerged through acquisition of 100 percent of Gemfields Ltd in July 2017. Beyond these core assets, the group holds gemstone licenses in Ethiopia and Madagascar. Gemfields’ proprietary auction platform has become central to pricing transparency in the colored gemstone trade, enabling buyers worldwide to participate in sealed-bid auctions.
With major capital projects nearing completion and flagship assets delivering improved recoveries, Gemfields enters 2026 with enhanced operating capacity, reduced execution risk, and a clearer path to unlocking long-term value from its ruby and emerald portfolio.
