Gemfields said operational hiccups alongside a struggling lower-quality ruby market have had adverse effects on its performance in 2025.

High-end gems, however, held firm at auctions, with buyers favouring top-range rubies and emeralds.

“It has been a difficult year,” said Gemfields CEO Sean Gilbertson in a statement ahead of the release of the company’s 2025 financial results. 

Operational interruptions at both Montepuez Ruby Mining (MRM) and the Kagem emerald mine weighed on output and cash generation, with delays to MRM’s second processing plant or PP2, combined with illegal mining and grade volatility, restricting premium ruby production and disrupting Gemfields’ “auction cadence.” 

Delays to the final commissioning of PP2 is expected to continue well into the first half of 2026. The plant has been producing rubies since September 2025.

Meanwhile, auction outcomes during the year were mixed. Gemfields held seven auctions, which achieved US$129 million, a steep decline from US$196 million in 2024.

Demand was “uneven and skewed away from lower‑quality, smaller‑sized goods,” it added. 

“While overall sentiment was fragile and volatility persisted, we have been encouraged by improved pricing throughout the year for high-quality emeralds and rubies,” explained Gilbertson.

An escalating conflict in the Middle East is adding further uncertainty to global energy markets but quantifying any potential cost impact on Gemfields’ operations may be premature. Gilbertson said the company is monitoring developments closely.

Gilbertson said the group’s focus this year will be stabilising operations, ramping its delayed ruby processing plant and strengthening its balance through deleveraging.