A method is provided which uses an improved emulsion to imparting water-resistance to gypsum products. In one embodiment, gypsum products comprise calcium sulfate dihydrate and an emulsion which comprises a saponified wax, a nonsaponifiable wax, an alkyl phenol, a surfactant/dispersant salt of polynaphthalenesulfonic acid, and carboxymethylcellulose. Optionally, the emulsions may contain a preservative, e.g., a biocide (mildewcide, fungicide, etc.). These gypsum products resist the uptake of water and therefore resist biological infestation without addition of a preservative.