Gemfields announces auction results for mixed-quality rubies

LONDON: Gemfields has announced the results of a ruby auction comprised of mixed-quality rough rubies held during the period 3 to 18 June 2024.

Highlights: June 2024 Mixed-Quality Ruby Auction

• Total auction revenues of USD 68.7 million
• 94 of the 97 lots (comprising 217,044 carats) offered for sale were sold (97%)
• Average realised price of USD 316.95 per carat
• The 22 auctions of MRM gemstones held since June 2014 have now generated USD 1.12 billion in total revenue

Adrian Banks, Gemfields’ Managing Director of Product & Sales, commented: “This auction marks the 10th anniversary of Gemfields’ first auction in June 2014 of rubies from the Montepuez Ruby Mine in Mozambique. We are pleased to announce another strong result demonstrating the confidence that loyal customers have in our product offering and auction platform. While auction results should not be directly compared, our team is proud to have crossed the milestone of an average selling price of USD300 per carat at this auction.

While the industry is currently facing some headwinds, arising in part from a softening in China, we hope this result provides good comfort to other stakeholders in our sector. As always, our thanks and appreciation goes out to the hardworking team at MRM, our partners Mwiriti and the Government of Mozambique, whose support makes these results and achievements possible.”

The rough rubies were extracted by Montepuez Ruby Mining Limitada (“MRM”, which is 75% owned by Gemfields and 25% by its Mozambican partner Mwiriti Limitada). The proceeds of this auction will be fully repatriated to MRM in Mozambique, with all royalties due to the Government of the Republic of Mozambique being paid on the full sales price achieved at the auction.

The auction lots were made available in Bangkok for private, in-person viewings by customers.

Following the viewings, the auctions took place via an online auction platform specifically adapted for Gemfields and which permitted customers from multiple jurisdictions to participate in a sealed-bid process.

The specific auction mix and the quality of the lots offered at each auction vary in characteristics such as size, colour and clarity on account of variations in mined production and market demand.

Therefore the results of each auction are not always directly comparable.