Colored precious stones miner Gemfields  reported a 32% drop in 2025 revenue to $135.1 million as operational disruptions and weak demand for rubies and emeralds weighed on performance.

The company said EBITDA fell 85% to $6.2 million from $43.2 million, reflecting reduced production, fewer auctions and softer market conditions. Seven auctions generated $129 million during the year, as limited gemstone availability and uneven demand offset resilient pricing at the high end.

Operations at its Montepuez ruby mine in Mozambique were hit by persistently low recovery of premium rubies and rising illegal mining activity. Two police officers were killed in October when illegal miners stormed the site. The company also flagged delays to its new $70 million processing plant, with commissioning now expected to run well into the first half of 2026, constraining near-term output despite production beginning in September 2025.

On the plus side, Gemfields said it had cut group operating costs by 17%. It also sold the iconic Faberge brand for $50 million to reduce mounting debts and raise working capital for expansion projects.

At the Kagem emerald mine in Zambia, Gemfields suspended mining from January to May in response to weak auction results, softer global demand, particularly in China, and oversupply from a competing Zambian producer.