Gemfields Group reports record ruby auction results
LONDON – Gemfields has announced the results of a ruby auction comprised of seven sequential mini-auctions held during the period 8 November – 9 December 2021. The auction delivered an all-time high for MRM ruby auctions and contained a selection of grades that are typically offered at Montepuez Ruby Mining (MRM) auctions of mixed quality rubies.
Selected lots were made available for in-person and private viewings by customers in Bangkok, Dubai and Jaipur. 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 rough rubies were all extracted from the mining licence held and operated by MRM (which is 75% owned by Gemfields and 25% by Mozambican partner Mwiriti Limitada).
HIGHLIGHTS – NOVEMBER & DECEMBER 2021 RUBY AUCTION
- Total auction revenues of USD 88.4 million, an all-time high for MRM ruby auctions
- Average price of USD 132.47 per carat
- Of the 107 lots offered, 104 were sold (97%)
- 98% of the carats offered at the auction were sold
- The 15 auctions of MRM gemstones held since June 2014 have generated USD 731.5 million in total revenues
- Gemfields’ annual gemstone auction revenues reach an all-time high of USD 239.6 million (across emeralds and rubies), with the prior record having been USD 200.6 million in 2019.
Adrian Banks, Gemfields’ Managing Director of Product & Sales, commented: “This has been the strongest ruby auction in Gemfields’ history and we’re very pleased with the trajectory and growth of the downstream ruby sector. Professionalised and dependable supply has always been the key to unlocking growth. The strength of the results we’ve seen this week for both emeralds and rubies means that Gemfields has achieved a new record for annual gemstone auction revenues of USD 239 million, a very pleasing result for 2021. We extend sincere thanks to our 2,500 team members worldwide, to our host governments in Mozambique and Zambia, to our business partners and of course to our customers for their ongoing support.”
The auction saw 49 companies placing bids and generating record revenues of USD 88.4 million with an overall average value of USD 132.47 per carat. The auction saw 97% of the number of lots, and 98% of the offered carats, being sold. Gemfields’ annual gemstone auction revenue reached a new record of USD 239.6 million in 2021, the prior record having been USD 200.6 million in 2019).