SourcingJun 14, 2023
Price, Color and Supply Trends: A Colored Stone Market UpdateSourcingJun 26, 2023
Gemfields Reports Strong Results in June Ruby Auction
The numbers indicate a rebound in the market for the rough stone.
Gemfields’ recent rough ruby auction revenue was up 20 percent compared with the previous ruby sale, indicating a rebound in the market.
London—Gemfields recorded revenue of $80.4 million from its June rough ruby auction, a 20 percent increase from its last ruby sale in December 2022, the company announced last week.
The rough rubies were extracted by Montepuez Ruby Mining Limitada (MRM), which is 75 percent owned by Gemfields and 25 percent by Mozambican partner Mwiriti Limitada.
All but three of the 94 lots of mixed-quality stones found buyers, the company said, adding that 51 companies placed bids.
The company sold 302,317 carats of rubies averaging $266 per carat, a 72 percent increase compared with the $155-per-carat average seen in the December auction.
One lot weighing 26.8 grams—representing around 30 percent of the total weight offered—did not sell. As a result, the average price per carat realized at this auction was “considerably higher” than if the lot also sold, Gemfields said.
The auction took place June 5-20, with lots made available in Bangkok for private, in-person viewings.
“Today’s [ruby] results echo the significant rebound in market prices we reported just weeks ago for Zambian emeralds,” said Gemfields’ Managing Director of Product and Sales Adrian Banks.
“The ruby market is clearly firing on all 12 cylinders and the step-change in market pricing, which we reported in 2022, is notably enhanced.”
Related stories will be right here …
The rough rubies were extracted by Montepuez Ruby Mining Limitada (MRM), which is 75 percent owned by Gemfields and 25 percent by Mozambican partner Mwiriti Limitada.
All but three of the 94 lots of mixed-quality stones found buyers, the company said, adding that 51 companies placed bids.
The company sold 302,317 carats of rubies averaging $266 per carat, a 72 percent increase compared with the $155-per-carat average seen in the December auction.
One lot weighing 26.8 grams—representing around 30 percent of the total weight offered—did not sell. As a result, the average price per carat realized at this auction was “considerably higher” than if the lot also sold, Gemfields said.
The auction took place June 5-20, with lots made available in Bangkok for private, in-person viewings.
“Today’s [ruby] results echo the significant rebound in market prices we reported just weeks ago for Zambian emeralds,” said Gemfields’ Managing Director of Product and Sales Adrian Banks.
“The ruby market is clearly firing on all 12 cylinders and the step-change in market pricing, which we reported in 2022, is notably enhanced.”
The Gemfields auction follows the record-breaking $30 million sale of the 55.22-carat Mozambican ruby mined by Fura Gems, which was founded by a former Gemfields executive.
Mozambican rubies have been available in the trade since 2009.
In GIA’s 2021 coverage of Fura’s inaugural ruby sale, the lab said the industry was “struggling” for rough stones, as regular supply chains were disrupted by COVID-19.
“The manufacturers have a clear hunger for rough rubies, though they also have limited financial reserves,” it said, noting the presence of Mozambican rough ruby suppliers, “makes for an exciting change in the gem scene.”
The 19 MRM gemstone auctions held since June 2014 have generated $978.5 million in total revenue.
“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,” Gemfields said.
More on Sourcing
The Latest
Events & AwardsMar 04, 2026
JIS Miami Spring Show to Feature New Gifts Pavilion, Pop-Up Trends TalksNearly half of buyers are prioritizing silver and fashion collections this season, organizers said.
TrendsMar 04, 2026
Spinelli Kilcollin Rides Free In Year of the Horse CampaignThe “Live Now. Polish Later.” campaign features equestrians wearing the brand’s jewels while galloping across the icy plains of Kazakhstan.
EditorsMar 04, 2026
Q&A: Brilliant Earth’s CEO on the New Beverly Hills StoreBeth Gerstein discusses the vibe of the new store, what customers want when fine jewelry shopping today, and the details of “Date Night.”
Brought to you by
Is This You? Every Jeweler Has This Problem; We Have the Solution.Every jeweler faces the same challenge: helping customers protect what they love. Here’s the solution designed for today’s jewelry business.
Events & AwardsMar 03, 2026
Johnny Nelson Wins David Yurman Gem Awards GrantNelson will be honored as the inaugural grant winner at the Gem Awards gala on March 13.
Weekly QuizFeb 26, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsMar 03, 2026
Swiss Refiner Completes Acquisition of Gannon & ScottThe American precious metals refiner’s day-to-day operations remain the same post-acquisition.
TrendsMar 03, 2026
Amanda’s Style File: AquatopiaThese aquamarine jewels channel the calming energy of the March birthstone.
Brought to you by
DCA Enters a New Chapter in Jewelry EducationWith refreshed branding, a new website, updated courses, and a pathway for growth, DCA is dedicated to supporting retail staff development.
Events & AwardsMar 03, 2026
AGTA Adds Another New Category for SpectrumThe “Innovative Design” category and award will debut in the Spectrum division of this year’s AGTA Spectrum & Cutting Edge Awards.
EditorsMar 02, 2026
Jewelry at the Actor Awards: Reimagining Hollywood GlamourDiamond jewelry was the star of the event formerly known as the SAG Awards.
SurveysMar 02, 2026
Consumer Confidence Edges Up in FebruaryConsumers were somewhat less worried about the future, though concerns about rising prices and politics remained.
Events & AwardsMar 02, 2026
JVC to Honor Rebecca Foerster at Annual LuncheonFoerster is this year’s Stanley Schechter Award recipient.
Events & AwardsMar 02, 2026
JFC Names 2026 ‘Facets’ Honorees Sponsorships and tickets to the annual fundraising event, set for May 31, are available now.
CrimeFeb 27, 2026
Man Charged in Murders of Father, Son Jewelers in ChicagoChicago police and members of the U.S. Marshals Service tracked down the 35-year-old suspect earlier this week in St. Louis.
MajorsFeb 27, 2026
Jewelers Mutual to Donate $10M to Savannah College of Art and DesignA 10-year alliance has also begun to address the shortage of bench jewelers through scholarships, enhanced programs, and updated equipment.
CollectionsFeb 27, 2026
Renato Cipullo Turns Gold into HardstonesThe “Splendente” collection has evolved to feature hardstone letter pendants, including our Piece of the Week, the onyx “R.”
AuctionsFeb 26, 2026
Noonans to Auction Lady Wardington’s JewelryThe jewelry collection belonged to “one of society's most glamorous and beautiful women of the mid-20th century,” said the auction house.
SourcingFeb 26, 2026
Anglo American CEO Gives Insight Into De Beers SaleThe update came as Anglo took its third write-down on the diamond miner and marketer, which lost more than $500 million in 2025.
ColumnistsFeb 26, 2026
Practical Ways Jewelers Can Leverage AI in 2026Emmanuel Raheb discusses the rise of “GEO” and the importance of having well-written, quality content on your website.
CrimeFeb 26, 2026
Three Sentenced in California Jewelry HeistEach received around four years for burglarizing a jewelry store and a coffee shop in Simi Valley, California, last May.
Events & AwardsFeb 26, 2026
GIA Names 2026 Jewelry Design Contest Winner, Retires Annual AwardCatherine Aulick, a GIA graduate, received the ninth and final Gianmaria Buccellati Foundation Award for Excellence in Jewelry Design.
TrendsFeb 25, 2026
Engagement Ring Trends 2026: What’s In, and WhyWe asked a jewelry historian, designer, bridal director, and wedding expert what’s trending in engagement rings. Here’s what they said.
PodcastsFeb 25, 2026
Episode 2: Jewelry Trends & Does the Red Carpet Matter?Are arm bands poised to make a comeback? Has red-carpet jewelry become boring? Find out on the second episode of the “My Next Question” podcast.
WatchesFeb 25, 2026
Private Equity Firms Write Down Value of Breitling, Report SaysThe Swiss watchmaker is battling declining sales amid a rapid retail expansion, according to a Financial Times report.
CollectionsFeb 25, 2026
Rahaminov Diamonds’ New Campaign Honors Its MatriarchThe campaign celebrates Giustina Pavanello Rahaminov, the co-founder’s wife and matriarch of the family-owned brand, for her 88th birthday.
IndependentsFeb 25, 2026
Borsheims Names 2025 ‘Ike-It’ Award WinnerRachel Bennett, a senior jeweler who has been with Borsheims since 2004, earned the award.
Policies & IssuesFeb 24, 2026
IEEPA Tariffs Terminated, New 10% Tariff Already ImposedAfter the Supreme Court struck down the IEEPA tariffs, President Trump imposed a 10 percent tax on almost all imports via a different law.
