Gemfields (LSE: GEM; JSE: GML) said its annual auction revenue fell 34% to $129 million in 2025, underscoring a sharp slowdown in the coloured gemstone market that mirrors conditions in the diamond sector.
The revenue compares with $196 million in 2024 and is down 47% from the $242 million recorded in 2023, showing the miner hasn’t been immune to weaker demand and pricing across the precious stones sector.
Gemfields added that the second processing plant at its Montepuez ruby mine in Mozambique is in the final stage of commissioning and has been delivered materially on budget.
First rubies
The company expects commissioning to be completed imminently and plans to introduce the first rubies from the plant at its February mixed-quality ruby auction.
At the Kagem emerald mine in Zambia, Gemfields said premium recoveries of the green precious stones have met expectations since focused mining resumed in May last year. As of Dec. 31, net debt stood at $39.2 million, down from $80.5 million a year earlier. The company will release its annual financial results on March 26.
Zambia, the world’s largest emerald producer after Colombia, holds a 25% stake in the Kagem mine through its government. Gemfields owns a 75% interest in the Montepuez ruby mine in Mozambique.
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