Hello, Happy New Year, and welcome to the fourth edition of the World of Gemfields!
At Gemfields, every gemstone begins a remarkable journey — from the rich lands of Mozambique and Zambia to the magical hands of manufacturers and jewellers who bring colour to life around the world. This newsletter brings you closer to the start of that journey, celebrating the moments of colour that make our work so special.
If there’s one thing the gemstone market reminds us, it is that desire for beautiful things rarely disappears, even when the world feels uncertain. 2025 was a challenging year, yet coloured gemstones, especially fine quality emeralds and rubies, have shown remarkable resilience. Some traditional Western markets may have slowed amid economic uncertainty, but demand in parts of Asia and the Middle East remained strong, driven by consumers looking for rarity, provenance, and long-term value.
Our emerald and ruby auctions at Gemfields tell the same story. Particularly in the second half of the year, we witnessed enthusiastic attendance, lively bidding, and solid prices across both our Zambian emerald and Mozambican ruby auctions. This shows that our auction customers understand natural gems are rare and have a profound appreciation for the story and provenance each gemstone carries, underscoring the lasting appeal of responsible sourcing. In short, we all know that beauty with integrity is a worthy investment!
Of course, challenges remain. US tariffs, rising prices, and shifting consumer behaviours add layers of complexity in the market.
But these pressures also signal something encouraging: the market is becoming more inclined toward real values, with buyers placing importance on gems that are beautiful, traceable and verifiable.
This newsletter brings together insights from our mines and the market, covering our production, marketing efforts, projects in the pipeline and more. We hope it gives you a clear view of where we stand today—and why emeralds and rubies continue to rise and delight, no matter what challenges the world presents.
As always, if you have any questions on any of the topics discussed here, please feel free to email me directly!
Best wishes,
Elena Head of Partnerships & Product –Downstream
elena.basaglia@gemfields.com
1 A LOOK BACK TO 2025 H1... AND ONTO 2025 H2 01-02
2
GEMFIELDS WORLD: KAGEM 03-08
3 GEMFIELDS WORLD: MRM 09-14
4 GEMFIELDS MARKETING 15-18
5 NOTABLE GEMSTONES 19-20
6 A WORD FROM THE EXPERT: 21-26 ANDREW LUCAS, GUILD GEM LAB
7 THE IMPORTANCE OF BEING RESPONSIBLE 27-28
8 COFFEE BREAK 29-40
Gemfields World
A look back to 2025 H1…
In the first half of 2025, the emerald and ruby market began to recover after a slow end to the previous year. Positive feedback from trade shows and the ongoing popularity of coloured gemstones in high jewellery helped boost market confidence.
This renewed optimism allowed us to auction the high-quality emeralds that remained unsold in November 2024, with customers showing a stronger appreciation for these gemstones.
Gemfields went on to hold a commercial quality emerald auction in April, a mini ruby auction focused on smaller sizes also in April, and a mixed ruby auction in June. These events attracted strong attendance and demonstrated robust demand, reflecting a consistent improvement in the market despite global uncertainties. Encouraged by this optimism, we resumed emerald mining at Kagem on a reduced scale, concentrating on areas that have historically produced strong yields.
In June 2025, Gemfields shared its 2024 G-Factor figures, revealing the meaningful contributions made to the governments of the countries where its gemstones are mined. Since acquiring a 75% interest in Kagem in 2008, the mine has generated USD 1.09 billion in revenue, of which USD 202.5 million (19%) has gone to the Zambian government. At Montepuez Ruby Mining (“MRM”), acquired in 2012, USD 1.17 billion in revenue has generated USD 285.5 million (24%) for the Mozambican government. These figures underline Gemfields’ commitment to ensuring that a meaningful portion of the value from emerald and ruby sales benefits the countries of origin.
… and onto 2025 H2
In August 2025, Gemfields completed the sale of Fabergé, enabling the company to focus fully on its core mining operations in Africa.
This streamlined structure aligns with Gemfields’ strategy of providing traceable, responsibly mined gemstones to a global market that increasingly values provenance and storytelling.
For the second half of 2025, the auction plan was designed around realised production at the mines while ensuring continuity for our customers supplying jewellery brands. Although the market for rough coloured gemstones has become more crowded and competitive, with many miners selling their gems at auction, Gemfields’ auctions stand out for their transparency and precise grading system. This helps buyers identify schedules that best suit their market needs and reinforces our leadership in the industry.
In this context, we held a high-grade emerald auction in September, a mini ruby auction in October, followed by a commercial quality emerald auction in November.
Firm pricing across most quality categories indicated that the challenges experienced towards the end of 2024 have largely eased. By the third quarter, market sentiment and demand showed improvement, which has helped the coloured gemstones sector continue to shine brightly again!
Gemfields’ WorldKagem
Operational Update
Kagem Mining Limited (“Kagem”), a world-leading emerald mining company, accounts for approximately 25% of global emerald production and is 75% owned by Gemfields and 25% by the Zambian government’s Industrial Development Corporation (“IDC”).
Kagem holds an asset portfolio of ten mining licences in Zambia, with the primary operating pits being Chama-FF (strike length of over 2.3 kilometres), Chibolele (strike length of 620 metres) and Fibolele (strike length of 630 metres).
Challenging market conditions in the second half of 2024 led management to make the difficult but necessary decision to suspend open-pit mining from 1 January 2025 and instead focus on processing existing ore from Kagem’s significant stockpiles. Management remained dynamic in responding to changing market conditions in the first half of the year and decided to restart focused open-pit mining from May 2025. This phased approach to restarting operations enabled a smooth transition to the resumption of mining activities at the Chama-FF pit from July 2025. Today, mining activity remains focused on two key emerald producing zones within the Chama-FF pit that have consistently produced high-quality material for our auctions: F10 and F10 Junction.
Mining is carried out through careful blasting and waste stripping to expose the schist-hosted emerald-bearing reaction zones. The controlled use of explosives at Kagem ensures that recovered emeralds remain as intact as possible, minimising stress or damage during extraction. These reaction zones are then manually inspected to recover the largest and most valuable crystals. The remaining ore is transported to the processing plant, where further beneficiation processes extract emeralds from the host rock. Recent upgrades to the wash plant enable higher volumes of emerald-bearing ore to be processed, supporting Gemfields’ ability to maintain a stable and reliable supply of emeralds to the market.
Safety remains a core priority at Kagem. Its commitment to safe and responsible mining goes beyond its organisational and legal obligations, championing a “Zero-Harm” culture (free of injury and environmental damage in its mining operations). As of 31 December 2025, the mine had recorded more than 12 million Lost Time Injury (LTI)-free hours, marking 4 years without an LTI. In recognition of its exemplary safety standards, Kagem has also been awarded Best Mine in Safety in Zambia by the Permanent Secretary of the Ministry of Mines and Minerals Development for the second consecutive year.
Production Update
Kagem experienced a strong run of premium emerald production beginning in August 2025, with momentum carrying through to December. Even amid the rainy season, which added operational challenges, the mine maintained robust production levels. This sustained success lays a promising foundation as preparations for the 2026 auction schedule progress.
Within Chama-FF, the F10 and F10 Junction areas reveal two distinct expressions of emerald beauty. F10 is celebrated for its deep, saturated green crystals with exceptional depth and intensity, while F10 Junction offers a lively spectrum of greens, from delicate mint to vivid grass tones, colours that have long captivated buyers and helped drive the success of Gemfields’ emerald auctions.
The September 2025 HQ auction reflected our confidence in both the market and the exceptional material available. It was very well received, showcasing a vibrant mix of sizes and colours that highlighted the diversity of Kagem’s output. The commercial-quality material offered in November similarly featured recently mined emeralds from these two Chama-FF production zones, demonstrating competent crystal structure, vivid colour, and good saturation. Feedback from both auctions and direct engagement with customers confirmed strong appreciation for the quality, variety, and character of the emeralds Kagem produces.
Emeralds in reaction zone, Kagem, Zambia
Extraction of emeralds from reaction zones at Kagem, Zambia
Kagem’s ISO certifications explained
Kagem Mining Limited has successfully completed its audit for recertification towards the following international standards, which demonstrate its commitment to quality, safety, environmental responsibility, and information security:
• ISO 9001:2015 – Quality Management: Ensures that products and services consistently meet customer expectations and regulatory requirements.
• ISO 14001:2015 – Environmental Management: Supports efforts to minimise environmental impact and comply with environmental regulations.
• ISO 45001:2018 – Occupational Health and Safety: Provides a framework to maintain a safe and healthy workplace and prevent work-related injuries.
• ISO 27001:2022 – Information Security: Protects the confidentiality, integrity, and availability of company information and data.
Gemfields WorldMRM
Operational Update
MRM’s mining operations consist of a series of shallow open-cast pits across three principal areas: Mugloto, Maninge Nice and Glass Block. Owing to the generally shallow nature of the deposit, the mining process does not require drilling or blasting.
Current activity includes the continued extraction of ore-bearing ruby from the primary and secondary pits at Maninge Nice and Mugloto, alongside preparatory work in the northern section of the concession.
The completion of PP2 – MRM’s second processing plant – is a significant milestone in the transformation of the mine. Once fully operational, the new plant will triple the processing capacity of ruby-bearing gravels, opening exploration into new areas of the vast licence. Early indications suggest these areas may yield rubies with brighter, more open, varied tones, offering exciting new opportunities for the global market.
PP2 is now in the commissioning phase, with trial operations having started in early September. Despite some delays, completing a project of this scale in such a remote location is a notable achievement for the MRM team!
Construction of PP2
Construction of PP2
Primary ruby from MRM
Fluorescence in rubies from MRM
Production Update
Mining—particularly coloured gemstone mining—is naturally subject to cycles of high and low production. While a mine produces gemstones of varying grades, the primary focus remains on high quality, fine gemstones, which drive demand in international markets.
The occurrence of coloured gemstones is, by its definition and nature, erratic, unpredictable and rare, and even with Gemfields’ strong geological expertise, output can fluctuate over time.
MRM is currently observing an overall decrease in the production of premium rubies; however, encouraging discoveries continue to emerge, such as the 36-carat ruby presented at the June 2025 mixed-ruby auction, which became the third most valuable single gemstone lot in MRM’s history.
With the expansion into new areas courtesy of PP2’s enhanced processing capacity, a broader range of ruby hues is now available. This has led us to enhance our grading system by introducing refined grades for those qualities that weren’t previously offered in meaningful quantities. These updates will help our auction customers continue to focus on the products most relevant to their markets.
Rough ruby from MRM
Rough ruby from MRM
Transparency first
MRM has secured second place in the 2025 Extractive Sector Transparency Index (“ITSE”), reaffirming its standing as one of Mozambique’s most transparent mining companies. According to the 5th ITSE report, published by the Centre for Public Integrity (“CIP”), MRM demonstrates strong, wellbalanced performance across all assessed areas. Its ranking highlights that even within the complex and often opaque coloured-gemstone sector, it is both possible and achievable to operate with transparency.
Earlier in 2025, the President of the Republic of Mozambique, Daniel Francisco Chapo, personally acknowledged MRM’s commitment to integrity during his visit to the company’s stand at the FACIM trade fair in Maputo.
MRM's ISO certifications explained
MRM underwent a surveillance audit to verify that it continues to meet the requirements of its Integrated Management System (IMS) certifications. These include:
• ISO 9001:2015 – Quality management
• ISO 14001:2015 – Environmental management
• ISO 45001:2018 – Occupational health and safety
The result was positive, meaning the company continues to meet the required international standards.
Gemfields Marketing
Ruby Month: July 2025
July is ruby month! Our marketing activity focussed on promoting rubies across our digital channels, which delivered exceptional organic results. Throughout the month we ran educational content alongside available jewellery pieces from our brand partners.
Arayian Jewellery x Gemfields
We collaborated with Arayian Jewellery to create a capsule collection showcasing Mozambican rubies in aspirational, high-impact designs. The collection launched on 1 July 2025, and featured elegant chandelier earrings, diamond-encrusted ruby rings, classic bracelets and statement necklaces, targeting international consumers.
Arayian Jewellery x Gemfields
Blooming ruby Ring
Veerasak Gemfieldsfeaturing rubies
Imboo, the 'Buffalo' emerald
From Earth to Brilliance: Film Series with Veerasak
Later in July, we promoted From Earth to Brilliance, a three-part cinematic film series created in partnership with Veerasak. Designed to provide educational value, the series offers an insight into the process from rough gemstones to cutand-polished gems, reinforcing the rarity and desirability of rubies.
Introducing Imboo – the 11,685-carat ‘Buffalo’ Emerald
In August, we unveiled Imboo, the largest high-quality emerald crystal recovered at Kagem to date, as the centrepiece of our emerald auction, which ran from 25 August to 11 September 2025.
The campaign delivered outstanding organic digital performance, achieving total reach of over 122,000 and more than 3,000 engagements, with Facebook and LinkedIn emerging as the strongest platforms. To date, Imboo garnered over 60 press clippings across international consumer and trade publications, as well as financial and investor media.
Gemstone Education – Social Campaign
In support of the nearing completion of PP2 – the second processing plant at MRM – we launched a gemstone education-focussed social media campaign, designed to inform international trade and consumer audiences. The campaign aimed to invite greater interest in rubies and emeralds by deepening understanding of gemstone facts and boosting visibility of both gems. The campaign ran across LinkedIn and Facebook for industry audiences, and Instagram for consumers, with tailored content for each platform.
Emerald gemstone cuts from SocialEducational Campaign
Ruby gemstone cuts from Educational Social Campaign
Holiday Gifting Campaign
To raise visibility of jewellery featuring emeralds and rubies that is available to purchase, we rolled out a Holiday Gifting campaign. Targeting international consumer audiences, the campaign centred on a series of curated gift guides, aligned to key gifting moments. Content was promoted across social media and press, positioning Gemfields gemstones at the heart of seasonal gifting and celebration.
Natasha x Gemfields
Nilufer Fine Jewellery x Gemfields
Valani Atelier x Gemfields
New Jewellery Launch –Valani x Gemfields
In October and November, we supported the launch of new emerald and ruby jewellery pieces created by Valani, designed to showcase the light, colour and sculptural qualities of coloured gemstones, boosting their visibility across our owned channels.
Collins Gemfields
Valani Atelier x Gemfields
Goliath,
a giant emerald specimen
Press Tours of Goliath at the Natural History Museum
Gemfields co-hosted a series of press tours at London’s Natural History Museum in partnership with the institution’s Senior Curator of Gems & Minerals. The tours spotlighted Goliath, a museumworthy, exceptional emerald cluster recovered from Kagem, which is currently on loan in the Museum’s ‘Vault’ until December 2026. Attendees included Vogue, Tatler, WWD, Retail Jeweller, AIM Journal and Mining Magazine, offering an opportunity to reconnect with consumer, trade and financial titles.
Notable Gemstones
Imboo:
“Each crystal tells a story of time, pressure, and elemental harmony – an ancient masterpiece revealed in our modern age”
This is Imboo (“buffalo” in the local Bemba and Lamba dialects), the latest and largest exceptional emerald recovered at Kagem in August 2025, weighing an extraordinary 11,685 carats. The name was intentionally chosen because the buffalo symbolises strength, endurance, unity, and quiet authority—qualities embodied by this gemstone!
Imboo continues Kagem’s long tradition of honouring Zambia’s wildlife heritage and pays tribute to the buffalo's resilience, sense of community, and commanding presence. When presented at Kagem’s high-quality emerald auction in Bangkok last September, Imboo quickly became the centrepiece of admiration due to its sheer size, remarkable colour, and exceptionally clean geological structure.
Kagem’s geologists explain that Imboo formed within a rare and ideal Tri-Junction geological setting, where three different rock and structural domains converge. This natural alignment creates the optimal conditions for emeralds to grow larger and stronger, crystallising from a central point and developing steadily over time, shaped by patience rather than force.
Imboo serves as a reminder that truly exceptional gemstones cannot be engineered or rushed. They are the products of time, pressure, and perfect alignment—and when nature gets everything right, the result is something truly extraordinary.
A Word from the Expert:
The Mine That Changed the Global Ruby Market
Andrew Lucas
President Guild Gemology Education
Senior Vice President Guild Gem Laboratory
The above title is a bold statement, but as a mine-to-market field gemologist who has visited Montepuez Ruby Mining (MRM), the Gemfields rough ruby auctions in Singapore and Bangkok for over a decade, and followed the ruby market in China for 14 years, I am confident in its accuracy.
Mugloto Pit 3 of Montepuez Ruby Mining (“MRM”), majority owned by Gemfields, has produced the most significant production of ruby this century. Photo by Andrew Lucas, copyright Guild Gemology Education, courtesy Gemfields
I attended the first Gemfields rough ruby auction in Singapore on 17 July 2014 and witnessed the dramatic impact it had on the market. Production from Myanmar was down and continuing to drop. Production from Tajikistan, Tanzania, Madagascar and other sources was inconsistent. As in the case of Zambian emeralds, there was now a consistent supply of ruby coming into the market. This influx of ruby set the stage for a new era of ruby consumption in new areas of the world.
While fine quality is a very small percentage of any mine’s production, the overall amount of production over the course of the next several years allowed for a substantial amount of rich, vivid red material of good clarity, a rough model that allowed for well-proportioned gemstones, and high value for the price point, even with no treatment required. Just what was required for ruby to take hold in the Chinese market, with a very high demand. Now, besides the traditional ruby markets of America, Europe, the Middle East, and Japan, China now consumes fine qualities in very large amounts.
You could even say the Chinese market became the world's largest consumer of untreated vivid red rubies. The timing was perfect for the consistent Gemfields production. From Gemfields’ Thai auction customers, fine, untreated rubies now flowed to Thai manufacturers and dealers in China. While China was not a market for lighter or heated materials, demand for these quality ranges continued in other parts of the world.
Gemfields rough ruby auctions have provided rough ruby in large, high-quality crystals and parcels of consistent quality in the global supply chain, so the jewelry industry could grow consumer demand throughout the last decade. Photos by Andrew Lucas, copyright Guild Gemology Education, courtesy Gemfields
Mozambique became not only the largest producer of ruby but also the source of the largest, vivid red, high-quality ruby available in the market. Copyright Guild Gem Laboratory, courtesy Lumi Jewelry
This demand for ruby continued after the Covid lockdowns with 2021, and especially 2022, seeing tremendous growth, which continued through 2023. Even with the market slowdown in China during 2024, Gemfields and other ruby producers saw a slowdown in production volume, which translates into even less fine quality production. But even with price resistance, demand for fine quality goods globally still far exceeded supply. The result is ruby prices - and especially fine-quality ruby prices - continue to rise. I believe this demand has a lot to do with strong ruby production, including fine-quality, over the first 5 years of auctions, creating unprecedented consumer exposure and demand for ruby, especially in China.
Chinese buyers from a Guild Gemology Education Field Gemology expedition at Gemfields customer Gemburi’s office in Chanthaburi, Thailand. Photo by Andrew Lucas, copyright Guild Gemology Education, courtesy Gemburi
Gemfields’ MRM mine has had an incredible wealth of concentrated alluvial ruby production at Mugloto Pit 3. This huge open pit alluvial mine produced most of the world’s rubies for several years, allowing for consistent parcels of ruby rough at their auctions. While the ruby mining consisted of removing soft soil to reach the ruby gravels that are rich with ruby, one of the keys to production is their significant investment in their state-of-the-art processing plant and sorting. With decreased production coming from Mugloto Pit 3, Gemfields is mining other areas of the concession and investing to greatly increase their processing ability, allowing for more earth to be mined and processed, and more ruby to reach the global demand. From my over 40 years in the industry, what I have witnessed at the MRM mine has led to one of the greatest ruby supply chains and market changing events in this century, and perhaps in history.
Mechanised and efficient open pit mining at MRM’s Mugloto Pit 3. Photo by Andrew Lucas, copyright Guild Gemology Education, courtesy Gemfields
Production of Mozambique ruby has changed over the last couple of years. The availability of fine, vivid red colour in large sizes and fine clarity has decreased significantly. As an industry, we got spoiled by the availability and pricing of several years of abundant production. This has led to ruby evolving in the market over the last couple of years in supply and in colour preference. The abundance of strong, vivid red colours requiring no heat and in large sizes and high qualities is dramatically lower than that of the world’s major producer Mozambique. Mozambique is consistently producing slightly less saturated red colours often with a pinkish overtone and higher fluorescence. More similar in appearance to some of the Mogok material that gem industry old-timers were used to and was very popular in Japan decades ago. Demonstrating what many of us that have been around for decades have learned that “you covet what you see”.
Younger demographics in many important consuming countries are accepting this material like intense bright colour emerald. And like emerald, the price and demand still go up for the top vivid colour material (even more so for ruby), but the market can continue to grow with increased demand for the slightly lighter, more affordable, and more plentiful colours. Rough auctions from Mozambique remain with strong demand for ruby with the biggest issue that of production amount as opposed to demand.
The China market has seen periods of consumption drops in 2024 and 2025. While there was market recovery in 2024 after a substantial drop in the summer 2025 is seeing continued decline overall. Not just for gemstones but for luxury goods overall and even other types of discretionary spending. However, this is not the full picture. The traditional wholesale market supply chain in China has seen substantial changes with life
Expert sorting and consistent grading of parcels have allowed for consistent parcels to reach the industry at Gemfields auctions. Photos by Andrew Lucas, copyright Guild Gemology Education, courtesy Gemfields
streaming and powerful influencers taking a leading role in the sale of gemstones. With price increase resistance for ruby, emerald, and sapphire in China many other varieties have seen
amazing growth in demand including spinel, aquamarine, tourmalines, and some garnets. Even rare stones like vanadium chrysoberyl have received notoriety.
Major manufacturers in Thailand report a larger number of smaller buyers and new buyers making smaller cash orders, while jewelry manufacturers, big brands and corporate retail customers are placing more orders based on their customer demands as opposed to buying inventory.
However, ruby has become a classic and staple of gemstone desire in China and top-quality unheated material is still highly sought after.
This, along with increasing acceptance of the newer colours produced and continued demand in America and Europe, with growing demand from other coloured gemstone buying emerging markets like India, Indonesia, Russia, Vietnam and others. The production from Gemfields MRM mine took ruby to a new level of awareness and demand in the global market, creating an elevated level of desire for the King of Gems.
Statistics of ruby samples collected by Guild Gem Laboratories from 2017 to 2025. Data source: Guild Gem Laboratories
The Importance Of Being Responsible
VPSHR: What They Are and Why They Matter
In previous newsletters, we have introduced two international standards which Gemfields aligns its operations against to protect our customers and demonstrate our commitment to responsible mining practices. Those were the Initiative for Responsible Mining Assurance (IRMA) for our mining operations and the Responsible Jewellery Council (RJC) for Fabergé. In this edition, we are introducing the Voluntary Principles Initiative (VPI).
Gemfields is a proud full member of the VPI, which designs and maintains guidelines called the Voluntary Principles on Security and Human Rights (known as the “Voluntary Principles”, or “VPSHR”). VPI is a global initiative guiding companies— especially in extractive industries—on how to maintain security while respecting human rights. Established in 2000, it focuses on:
• Risk Assessment: Evaluating human rights risks in operational environments.
• Public Security Engagement: Ensuring state security forces act responsibly.
• Private Security Oversight: Vetting and training private security providers.
While the duty to protect human rights rests with governments, businesses have a responsibility to respect human rights, as outlined in the UN Guiding Principles on Business and Human Rights, by acting with due diligence to avoid harming people and to address adverse impacts with which they are involved.
Celebrating 25 years this year, the Voluntary Principles were created as a response to growing concerns throughout the 1990s about human rights abuses linked to security practices. The goal was to develop a framework that helps companies maintain security while respecting human rights, especially in high-risk regions. The Voluntary Principles help companies identify human rights risks and take meaningful steps to address them.
Benefits of Membership for Gemfields
Gemfields became an engaged member of the Voluntary Principles Initiative in 2019 and achieved full membership in 2023. We are the only VPI member from the gemstone mining sector, underlining our leadership position and commitment to best practice.
VPSHR training at MRM with members of the Mozambican police
VPSHR training at MRM, July 2025
This commitment brings several advantages, including:
• Enhanced Risk Management
Provides a structured approach to security in high-risk regions like Mozambique.
• Collaboration and Learning
Access to a global platform for sharing best practices and improving security performance.
• Public Accountability
Annual VPI reports demonstrate progress and reinforce transparency.
Conclusion
Companies voluntarily align with standards to give their stakeholders greater confidence in their operations, thereby reducing risks and improving business opportunities for their customers.
Gemfields principally does this work to ensure we remain the preferred supplier of coloured gemstones, both today and in the future. It enables Gemfields to improve the management of our mining operations, thus protecting Gemfields and our customers from financial, legal and reputational risks and to establish our position as a world-leader in responsible mining.
Coffee Break
Gemfields in Numbers
Years
Operating
22 years young, yet deeply woven into a century-long story of coloured gemstones
Our People
Listing & Ownership
Dual-listed in London and Johannesburg
Geologists at Kagem
MRM Kagem
1,361
team members and contractors,
95%
of whom are Mozambican nationals (as of 30 June 2025)
1,334
team members and contractors,
93%
of whom are Zambian nationals (as of 30 June 2025)
Marketing Momentum
Rubies rising:
"Ruby" Google searches up
20%
year-on-year,
"Ruby ring" Google searches up
+10%
Emeralds shining:
"Emerald" Google searches up
year-on-year,
"Emerald ring" searches on Google
+20% +40%
clear signals of growing consumer intent
7 are the ‘C’s’ used to evaluate a coloured gemstone (colour, clarity, cut, carat, plus confidence, certification and character)
Kagem – Believed to be the World’s Largest Open Pit Emerald Mine
Area covered:
42.4km2
twice the size of Manhattan’s Central Park, now imagine it glowing green
Largest pit (Chama):
2.3km
strike, nearly the length of 22 London buses lined up, but greener
Global supply: A single mine supplying roughly of the world’s emeralds
25%
Extraordinary finds:
4 exceptional discoveries, named in Bemba & Lamba after Africa’s Big Five — plus the museum-worthy Goliath and Kafubu emerald clusters
USD 202.5 million
Contribution to Zambia: in taxes, royalties, and dividends to 31 Dec 2024 of total revenue to date
19%
12 million +
Lost time injury-free hours: LTI-free hours — four years without a single lost time injury
ISO certifications:
4
certifications setting the benchmark in quality management, environment, health & safety, and information security
Community impact:
12
projects reaching
4
Awards & Recognition: Best
Mine in Safety (Zambia Chamber of Mines, 2024), Permanent Secretary’s Award (2024–2025), first-ever Safety Trophy recipient; VPI membership guides VPSHR- led approach to security & human rights
Kagem’s Green Legacy:
Biodiversity in action:
10,000
8,000
native miombo woodland trees planted in 2024, in 2025; vetiver grass stabilises and greens disturbed land
15,200+
lives — from health centres and schools to agricultural and fish-farming associations
Wildlife protection:
USD 400k
Multi-year partnership with the Zambian Carnivore Programme, pledging to safeguard large mammals and combat poaching
Community engagement: Awareness campaigns on deforestation and charcoal risks, inspiring responsible stewardship beyond the mine
Kagem Emerald Auctions
First auction:
July 2009
pioneering transparent Zambian emerald supply
Proceeds to origin:
100%
of auction revenues repatriated, with zero transfer pricing
Grading excellence:
200+
unique grades in Gemfields’ proprietary rough grading system
No. of emerald auctions held to date:
2 million times
Zambian emerald price: is the increase in price between the lowest and the highest quality of rough emeralds mined at Kagem
9
years of verifiable proof of origin, backed by blockchain and DNA technology — that’s the quiet assurance behind every 1 of our emeralds
169,400 tonnes
Elephant at a conservation project in Zambia
From rock to emerald: In 2024, Kagem processed roughly the weight of yielding just
0.002%
28,000 of that in emeralds and beryl. A vivid reminder of how much earth it takes to uncover a little green magic
African elephants
MRM – ‘the most important discovery of the 21st century’ (quoting GIA)
Area covered:
349 km²
roughly the size of Koh Samui in Thailand or slightly larger than the city of Goa in India, ruby red
Largest investment:
USD 70 million
in second processing plant (“PP2”)
Extraordinary finds:
Eyes of the Dragon and Rhino Ruby — once-in-a-lifetime, unforgettable rubies
Global supply: of the world’s faceted rubies
50%
Contribution to Mozambique:
in taxes, royalties, and dividends to 31 Dec 2024 of total revenue
USD 285.5 million 24%
Awards & Recognition:
4
Best Company in Mozambique (KPMG, 2021); 2nd Most Transparent Extractive Company (CIP, 2025; 3rd in 2024, 4th in 2023); Largest Taxpayer in Cabo Delgado (various years); 2nd Largest Mining Exporter (Govt. Mozambique, 2022–2024)
Community impact:
8
1
ISO certifications: certifications setting the benchmark in quality management, environment, and health & safety
3
11 77+
Borewells
vocational training centre, resettlement village, conservation partnerships Schools Mobile health clinic
Farming associations
36,000+ USD 12.5 million
lives touched invested in education, health, resettlement, and conservation
MRM Biodiversity
A Living Landscape:
181
plant species, including prized African Blackwood and Pod Mahogany
An Elephant Passage:
Edges of MRM’s concession form a vital corridor for Africa’s iconic elephants
Tinker Reed MozambiqueFrog,
All animals found in dangerous areas (e.g., on the road) or themselves having dangerous qualities (e.g., venomous puff adder snake) are relocated to safe parts of the concession, in line with MRM's biodiversity protection plans and procedures.
Skies in Motion: Habitat for
148
bird species, from rare Southern Snake Eagle to Near-Threatened Pallid Harrier
Life at Every Level:
26 &
18
including the protected Southern African Rock Python (CITES II) reptile amphibian species,
First auction:
marking the debut of Mozambican rubies on the international market
Proceeds to origin:
100%
of auction revenues repatriated, with zero transfer pricing
Ruby price:
30 million times
is the increase in price at auction between the lowest and highest quality of rough produced by MRM
9 years of blockchain-backed traceability — that’s the story behind every 1 of our rubies
Grading excellence:
500+
unique grades in Gemfields’ proprietary rough grading system
No. of ruby auctions held to date:
27
1,072,000 tonnes
From rock to ruby: In 2024, MRM processed of ore — roughly the weight of
170,000
to recover just
0.00015% of that in rubies. Rarity at its finest double-decker buses
