Gemfields Group has announced that CEO Sean Gilbertson will step down by mutual agreement on 15 July 2026, with Chief Financial Officer David Lovett appointed Interim CEO while retaining his current role. The Board has begun the process of identifying a permanent successor.<\/p>\n
The announcement coincided with the results of Gemfields’ inaugural Trade Select ruby auction, which generated US$23.1 million after selling 82 of 89 lots and 348,409 carats at an average price of US$66.30 per carat.<\/p>\n
Despite the strong auction, Gemfields warned that lower ruby grades at its Montepuez Ruby Mining operation in Mozambique, commissioning delays at its second processing plant, security issues, illegal mining and US$28.3 million in outstanding VAT refunds are expected to adversely affect production and cash flow through the remainder of 2026.<\/p>\n","protected":false},"excerpt":{"rendered":"
Gemfields Group has announced that CEO Sean Gilbertson will step down by mutual agreement on 15 July 2026, with Chief Financial Officer David Lovett appointed Interim CEO while retaining his current role. The Board has begun the process of identifying a permanent successor. The announcement coincided with the results of Gemfields’ inaugural Trade Select ruby…<\/p>\n","protected":false},"author":1,"featured_media":37106,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[83],"tags":[],"thb-sponsors":[],"class_list":["post-37105","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bulletin"],"acf":[],"yoast_head":"\n