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Gemfields Group Ltd
Company typeDual Listed Limited Company
JSE: GML / LSE: GEM
IndustryMining
FoundedSeptember 4, 2007; 18 years ago (2007-09-04) in Guernsey, United Kingdom
Headquarters
Key people
  • Sean Gilbertson (CEO)
  • David Lovett (CFO)
  • Bruce Cleaver (former De Beers CEO) (Chairman)
[1]
ProductsRough coloured gemstones (emeralds, rubies, sapphires)
RevenueUSD 213 million(2024)[2]
Number of employees
1,334 (2015) Edit this on Wikidata
Website
Footnotes / references
[2] [3]

Gemfields Group Ltd (formerly Pallinghurst Resources Limited) is a mining company incorporated in Guernsey and headquartered in London, United Kingdom, and is a supplier of coloured gemstones.[4] It is the 100% owner of Gemfields Limited, specialising in the mining, grading, and sale of coloured gemstones, particularly emeralds and rubies. The group sells rough, uncut gemstones and does not operate any cutting and polishing facilities. The company is the majority owner and the operator of Kagem Mining in Zambia and Montepuez Ruby Mining in Mozambique. Industry sources say that the rough emerald volumes produced by Gemfields may potentially contribute roughly 25% to 30% of global emerald supply and rough rubies from their mine in Mozambique may be responsible for around 50% to 60% of global supply.[5][6]

Gemfields holds additional stakes in companies based in Zambia, Mozambique, Ethiopia and Madagascar. It also holds an indirect minority stake of 6.5% in platinum-group metals producer Sedibelo Platinum Mines Limited.

In May 2017, Gemfields Group Limited (then called Pallinghurst Resources Limited) announced the terms of an offer to acquire the entire issued, and to be issued, share capital of Gemfields Ltd (then known as Gemfields plc and listed on AIM), other than the Gemfields Ltd shares already held by Gemfields Group Limited at that time, which was approximately 47%. Under the terms of the offer, each Gemfields Ltd shareholder was entitled to receive 1.91 Gemfields Group Ltd shares for each Gemfields Ltd share. The acquisition completed in late 2017 and Pallinghurst Resources Limited changed its name to Gemfields Group Limited following its annual general meeting in June 2018. Gemfields Ltd thereby became a 100% subsidiary of Gemfields Group Limited.

In February 2020, Gemfields Group Limited relisted on London's AIM stock exchange. The company is currently dual listed on the JSE and AIM.

In July 2009, Gemfields Ltd held its first emerald auction. To date, the company has held 38 auctions of rough emerald and beryl produced from Kagem which have generated revenues totalling USD 712 million.

In June 2014, Gemfields plc held its first auction of rubies and corundum from the Montepuez Ruby Mine in Singapore. To date, the company has held 14 auctions of ruby and corundum produced by Montepuez Ruby Mining Limitada (MRM) and which have generated revenues totalling USD 643 million. [7]

In 2019, Gemfields paid £5.8 million to settle a lawsuit in relation to allegations of human rights abuses against Mozambican and foreign nationals on or around the Montepuez Ruby Mine. The allegations included beatings, shootings, and sexual assault. [8]

Gemfields Authorised Auction Partner

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Gemfields has a special designation for gemstone auction participants who build a track record of winning lots at its auctions. These companies are termed "Gemfields Authorised Auction Partners" and enter into bilateral agreements with Gemfields in relation to that status. Such companies can then use the associated branding & identity in promotional and sales materials.[9]

History

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Mines

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Kagem Mining Limited (Kagem), Zambia

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  • Gemfields holds a 75% stake (remaining 25% held by Zambian government via IDC).
  • Kagem is believed to be the world’s single largest producing emerald mine.
  • Notable emeralds found in the Kagem deposit include the ‘Inkalamu’, the Lion Emerald, a 5,655 carat Zambian emerald crystal with remarkable clarity and a perfectly balanced golden green hue,[10] Chipembele (‘rhino’) which holds the Guinness World Record for largest uncut emerald (World's largest uncut emerald weighs hefty 1.5 kg | Guinness World Records) [11], and Imboo (‘buffalo’) (Massive ‘buffalo’ emerald sold in Gemfields auction | News24) at 11,685 carats[12].

Montepuez Ruby Mining Limitada (MRM), Mozambique

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  • Gemfields holds a 75% stake (remaining 25% held by Mozambican company Mwiriti Limitada).
  • The MRM mine is believed to be situated on one of the most significant recently discovered ruby deposits in the world.
  • Notable rubies found at MRM include the Rhino Ruby (40.23 carats), [13] and the Eyes of the Dragon (45 carats).[14]
  • MRM is constructing a second processing plant (PP2), which is expected to triple the mine's rough ruby processing capacity and estimated to begin operations in 2025.[15]
  • Multiple news reports explain how the mine's location and it's rich ruby deposit have attracted smuggling syndicates to the region. This has resulted in several violent incursions on the MRM concession. [16]

Subsidiaries

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Fabergé

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  • Gemfields Group Limited (then Pallinghurst Resources Limited) bought up the Fabergé trademarks, licenses and associated rights related to the name in 2007, reversing the fragmentation of the brand over the past 90 years, and reinstated connections with the Fabergé family;
  • Gemfields Limited acquired 100% stake in Fabergé in January 2013, enabling high profile marketing of coloured gemstones;
    • Fabergé Completes Merger with Colored Gemstone Company[17]
    • Gemfields buys Fabergé to create gem champion[18]
  • Gemfields Limited sold 100% stake in Fabergé amid Group-wide cash constraints, in order to focus portfolio on the mining of coloured gemstones
    • Gemfields considers selling Fabergé as it cuts costs.[19]
    • Gemfields sells Fabergé for $50m to focus on rubies and emeralds.[20]

Corporate governance

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  • Chairman: Bruce Cleaver (formerly CEO at De Beers)
  • CEO: Sean Gilbertson.
  • CFO: David Lovett.
  • Non-Executive Directors: Bruce Cleaver (Chair); Kieran Daly; Kwape Mmela; Mary Reilly; Patrick Sacco; Simon Scott; Louis du Preez
  • Major shareholders: Assore International Holdings (approximately 26 29%), Rational Expectations, Oasis.

Sustainability and responsibility

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  • Committed to responsible mining, undertaking independent third party audits, attainting International Standards Organization (ISO) certification at operations, and committing MRM to undertake the Initiative for Responsible Mining Assurance (IRMA)[21]
  • Support education, healthcare and livelihood projects near their mine locations.
  • Implements backfilling and environmental rehabilitation at mining sites.
  • Gemfields Foundation is the charitable arm of Gemfields, through which donors can contribute funding to directly support community and conservation projects in Africa.[22]
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  • Anti-Bribery Case in Madagascar: In mid 2024, Romy Andrianarisoa, ex-chief of staff to Madagascar’s president, and associate Philippe Tabuteau were convicted in London for attempting to solicit approximately CHF 270,000 (≈USD 300,000) plus a 5% equity stake from Gemfields in exchange for a sapphire mining license. The pair were arrested in 2023 after Gemfields reported the approach to the UK National Crime Agency. Andrianarisoa received a 3.5-year sentence; Tabuteau received 2 years 3 months. First-ever foreign public official convicted under the UK's Bribery Act 2010.
    • Madagascan presidential aide charged with seeking £225,000 bribe in UK[23]
    • The former chief of staff to the Malagasy president, prosecuted in London, was found guilty of corruption.[24]

Controversies

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  • 2019 Human Rights Settlement: Agreed, on a no-admission-of-liability basis, the settlement of all claims brought by an English law firm on behalf of individuals living in the vicinity of MRM’s mining concession. The settlement figure was GBP 5.8 million comprising the sum to be distributed to the claimants and legal expenses of the law firm acting on their behalf.
  • 2024 Anti-Bribery Scandal: As detailed above.
  • 2024–25 Market Challenges: Strategic cost-cutting has drawn investor attention; share price dropped approximately 50%.
    • Gemfields shares slide as it addresses market challenges - Sharecast.com[25]
    • Gemfields Suspends Emerald Mining Amid Market Pressures and Focuses on Ruby Growth[26]
    • Gemfields to Halt Some Operations and Sell Businesses[27]

References

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  1. ^ "Bruce Cleaver Joins Gemfields Board". 13 June 2024.
  2. ^ a b "London Stock Exchange | London Stock Exchange".
  3. ^ Bruce Cleaver Joins Gemfields Board, 13 June 2024
  4. ^ Thomas Shambler (2016-09-19), The search for sustainable gems, arabianbusiness.com, retrieved 20 September 2016
  5. ^ "Rubies With a Good Heart". Cosmopolitan. Retrieved 12 July 2019.
  6. ^ "Talking Rubies with Gemfields' Gemologist Elena Basaglia". What's on. 10 July 2019. Retrieved 12 July 2019.
  7. ^ "Singapore Ruby Auction Results". Gemfields. 18 June 2019. Retrieved 12 July 2019.
  8. ^ Jamasmie, Cecilia (January 29, 2019). "Gemfields to pay $7.8m to settle human rights abuses claims in Mozambique". Michael McCrae. mining.com. Retrieved 17 October 2020.
  9. ^ "Gemfields Authorised Auction Partner". starlanka.com. Retrieved 12 February 2019.
  10. ^ Adebayo, Bukola (2018-10-30). "1.1 kg and 5,655 carats: An emerald like no other has been unearthed in Zambia". CNN. Retrieved 2025-11-16.
  11. ^ "'Horcrux of Voldemort': World's largest uncut emerald, weighing 1.5 kg, found in Zambia". The Indian Express. 2022-11-09. Retrieved 2025-11-16.
  12. ^ Meirovich, Leah (2025-08-26). "Gemfields Recovers Massive 11,685ct. Emerald". Rapaport. Retrieved 2025-11-16.
  13. ^ "Ruby dubbed the 'Rhino' sells for undisclosed sum". nationaljeweler.com. Retrieved 2025-11-16.
  14. ^ "Thai gem company buys Gemfields' matching rubies". nationaljeweler.com. Retrieved 2025-11-16.
  15. ^ Haripersad, Devina. "Ruby miner nears completion of production-tripling plant". Mining Weekly. Retrieved 2025-11-16.
  16. ^ "A Hard Time for Gemfields in Mozambique". Rapaport. Retrieved 2025-11-16.
  17. ^ DeMarco, Anthony. "Fabergé Completes Merger with Colored Gemstone Company". Forbes. Retrieved 2025-11-16.
  18. ^ Email, Share by; Facebook, Share on; X, Share on; LinkedIn, Share on; Message, Share via Text (2012-11-22). "Gemfields buys Fabergé to create gem champion". Times Colonist. Retrieved 2025-11-16. {{cite web}}: |last= has generic name (help)
  19. ^ Correspondent, Jessica Newman, Leisure Industries (2024-12-24). "Gemfields considers selling Fabergé as it cuts costs". www.thetimes.com. Retrieved 2025-11-16. {{cite web}}: |last= has generic name (help)CS1 maint: multiple names: authors list (link)
  20. ^ Correspondent, Helen Cahill, M&A and Restructuring (2025-08-11). "Gemfields sells Fabergé for $50m to focus on rubies and emeralds". www.thetimes.com. Retrieved 2025-11-16. {{cite web}}: |last= has generic name (help)CS1 maint: multiple names: authors list (link)
  21. ^ IRMA (2025-06-10). "Gemfields commits Montepuez Ruby Mining to IRMA audit". IRMA - The Initiative for Responsible Mining Assurance. Retrieved 2025-11-16.
  22. ^ "Gemfields Foundation". www.gemfieldsfoundation.org. Retrieved 2025-11-16.
  23. ^ "Madagascan presidential aide charged with seeking £225,000 bribe in UK". 2023-08-14. Retrieved 2025-11-16.
  24. ^ "Poursuivie à Londres, l'ex-directrice de cabinet du président malgache reconnue coupable de corruption" (in French). 2024-02-21. Retrieved 2025-11-16.
  25. ^ "Gemfields shares slide as it addresses market challenges". Sharecast. Retrieved 2025-11-16.
  26. ^ service, diamond world news (2024-12-25). "Gemfields Suspends Emerald Mining Amid Market Pressures and Focuses on Ruby Growth". Diamond World. Retrieved 2025-11-16.
  27. ^ Billen, Hugo (2024-12-23). "Gemfields to Halt Some Operations, Sell Businesses Amid Market Woes". Rapaport. Retrieved 2025-11-16.
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