Gemfields Group Limited AIM:GEM
- Incorporated
- Guernsey
- Chief executive
- Sean Gilbertson
- Employees
- 3,332
- Reports in
- USD
Read straight from the annual reports
3.3c at close on 8 Oct 2026 · 8 reported years, 2018–2025
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USD millions, negatives in brackets. Per-share lines in cents, share counts in millions. later is what a following report restated the figure to; vs is a second reading that disagrees. The figure shown is the one the original filing printed, and both readings are kept. Click any figure: opens the report page it was read from, highlighted; shows how it was calculated. The share price above is drawn to the same columns: each close sits over the financial year it fell in.
8 years, at a glance
Dashed: Operating margin, in % on its own scale — read its shape, not its height against the bars.
Gemfields Group mines emeralds in Zambia and rubies in Mozambique and sells them at auction. In the year to 31 December 2025, revenue fell to $135.1m from $199.4m. It made a loss after tax of $39.1m, smaller than the $82.1m loss the year before. Sales fell because fewer gems were sold and a December ruby auction was pushed back to February 2026 after delays starting up a new processing plant. Emerald mining at Kagem was paused for several months to save costs. The loss includes a one-off USD35.0m write-down in the value of the ruby mine, plus a small loss on selling the Fabergé jewellery brand. Cash at the year end was $64.1m, against borrowings of $103.3m. The company raised $32.3m from shareholders and paid no dividend. Management say demand for gemstones is showing signs of recovery and the 2026 aim is to "stabilise, rebuild and deleverage", meaning cut debt. The auditor gave a clean opinion, but a bank loan at the ruby mine broke its lending terms. The bank waived this in March 2026. Risks include insurgency near the ruby mine.
Kagem emerald auctions
Kagem generated revenue of USD78.4m (2024: USD78.7m) from emerald and beryl auctions, representing ~25% of global rough emerald supply
page 27MRM ruby auctions
MRM generated revenue of USD49.9m (2024: USD117.2m), down due to deferral of the mixed-quality ruby auction from December 2025 to February 2026 following PP2 commissioning delays
page 27Mining suspension at Kagem (Jan-May 2025)
Mining and production costs decreased 28% to USD76.7m, partly due to the suspension of mining activities at Kagem for cost-saving reasons
page 27SG&A cost discipline
SG&A decreased by USD12.0m to USD36.8m (2024: USD48.8m) reflecting continued cost discipline
page 27The coloured gemstone market is showing signs of recovery, with demand and pricing for exceptional rubies and emeralds remaining resilient even as broader conditions normalise from recent lows.
page 16Consolidated Financial Statements approved and authorised for issue by the Directors on 25 March 2026
page 168No dividend was declared or paid in 2025. Stated Board policy (approved March 2023) aims to provide regular returns of capital to shareholders when business performance and market conditions allow, assessed against capital allocation priorities; management state it is too early to discuss shareholder returns as the current priority is balance-sheet deleveraging
page 160Directors adopted the going concern basis after modelling base case, reduced-revenue/increased-cost, insurgency, and reverse stress-test scenarios through to 30 September 2027; concluded no material uncertainty exists. ABSA Mozambique term loan covenant breaches occurred at MRM, with a waiver obtained 24 March 2026, causing reclassification of the facility as a current liability. Auditor Ernst & Young LLP (London) issued an unqualified opinion with key audit matters on revenue cut-off, going concern, and impairment of mining assets; overall materiality USD2.6m (0.5% of total assets)
page 121- Insurgency and civil unrest in Cabo Delgado province, Mozambique, near the MRM mine site, with potential for production disruption or evacuationp.121
- Illegal mining incursions into MRM's concession area, continuing into 2026p.18
- Regulatory/fiscal risk in host countries, e.g. Zambia's brief introduction (and reversal) of a 15% export duty on emeralds in 2025p.12
- Liquidity and covenant risk, including a covenant breach on the ABSA Mozambique term loan at MRM (waiver obtained post year-end)p.152
Read from C000531-AR-2025-website.
7 annual reports read, FY2019 to FY2025
Open a year to see what its report said. Every line in it carries the page it was read from.
Sources: Company website (7)
FY2026Next report expected 31 Mar 2027