have you converted your keyring to pubring.kbx and moved away the old pubring.gpg?
I started from a brand new install, right down to emptying out my old %APPDATA%\Roaming\GnuPG directory. I reloaded keys the "hard" way, by --import \path\to\old\pubring.gpg and --import \path\to\old\secring.gpg.
As near as I can tell I'm doing things correctly. However, honesty compels me to say that I'm running into a *lot* of problems with the Windows build. It does not appear to me to be ready for prime time.
This was discussed already on gnupg-devel on 10 oct 2014 (subject: performance of gpg --list-secret-keys with large keyrings)
Yes, which is why I reported it again: because I was under the impression that bug had been *fixed*.
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