Gemfields Achieves USD 46.2 Million in Mixed-Quality Ruby Auction Amid Global Challenges
Gemfields has concluded its latest mixed-quality rough ruby auction, held between 25 November and 11 December 2024, generating revenues of USD 46.2 million. A total of 167,865 carats were sold across 97 of the 102 lots offered, achieving a 95% sell-through rate.
Despite lower auction revenues, driven by a reduced offering of premium rubies, the average price per carat reached a record high. While softer prices and thinner bidding were observed, new buyers with well-established supply chains entered the market, signaling a positive outlook for ruby demand across quality tiers.
Adrian Banks, Gemfields’ Managing Director of Product & Sales, commented:
“These results underscore the stability of demand for Gemfields’ rubies despite global economic and geopolitical challenges. The record average price per carat reflects the enduring appeal of fine-quality rubies amidst limited supply.”
The auction faced logistical complexities due to Mozambique’s ongoing civil unrest following contested elections. However, Gemfields confirmed its mining operations at Montepuez Ruby Mining Limitada (MRM) remain unaffected. The auction proceeds will be fully repatriated to MRM, with royalties paid to the Mozambican government.
The auction was conducted online, following in-person viewings in Bangkok, allowing global participation via a sealed-bid system.
In related developments, Gemfields’ Zambian emerald subsidiary, Kagem Mining Limited, faces legal claims from competitor Grizzly Mining Limited and its affiliates. Gemfields has expressed confidence in a robust defense.
For more information, visit www.gemfieldsgroup.com.
