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.
Editors' Picks
Sponsored by
More on Sourcing
The Latest
TrendsSep 23, 2026
Holiday Diamond Jewelry Trends: Layered Looks, PersonalizationThis holiday season, look to pieces that will help to fill out customers’ everyday diamond jewelry wardrobe, experts say.
IndependentsSep 23, 2026
This Milwaukee-Area Jeweler Is Serving the 7CsPaul’s Jewelers sells coffee, chocolate, and cookies from a custom gold-wrapped trailer parked outside the store starting at 7 a.m.
MajorsSep 23, 2026
Kay Jewelers’ New Campaign Goes ‘All In’ on LovePart of its brand relaunch, the marketing around the campaign includes a contest involving a jacket set with 550 diamonds.
Brought to you by
Meet Gemology’s Next Generation Microscope: GIA® Gemolite® NXT Professional EditionExperience gemstones with greater precision and comfort than ever before.
Events & AwardsSep 23, 2026
Tiffany & Co. Exhibition Opening at Arkansas Museum The curation, opening soon at the Crystal Bridges Museum of American Art, honors the jeweler’s heritage through a distinctly American lens.
Weekly QuizSep 17, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsSep 23, 2026
Pucker Up for Pandora’s New Pat McGrath Jewelry CollabThe jewelry giant has partnered with the famed makeup artist to create a colorful new collection of charms and rings.
IndependentsSep 23, 2026
Texas Jewelers Association to Celebrate 120th AnniversaryThe association will mark the milestone at its convention next month.
Brought to you by
Your Piece Could Be the One Editors Talk AboutSubmit your pieces for a chance to win in this year's competition.
IndependentsSep 23, 2026
Sissy’s Log Cabin’s ‘Back to School and Bling’ Event ReturnsThe jeweler donated school supplies to Memphis, Tennessee, students during the event combining basketball and mentorship.
MajorsSep 22, 2026
Foundrae’s Lawsuit Against Pandora Can Continue, Court RulesA federal judge denied Pandora’s motion to dismiss Foundrae’s claim for copyright infringement of its medallions.
ColumnistsSep 22, 2026
Peter Smith: Our Struggle With Emotional SellingPeople aren’t thinking rationally when they are buying luxury products, and we shouldn’t be selling them that way, Peter Smith writes.
IndependentsSep 22, 2026
Constance Polamalu Named to '40 Under 40' ListThe Baltimore Business Journal recognized the entrepreneur for her leadership in business and the jewelry industry.
GradingSep 22, 2026
GCAL by Sarine Opens New Lab in MumbaiThe facility is located within SEEPZ and is GCAL by Sarine’s second location in India, joining its existing grading lab in Surat.
Events & AwardsSep 22, 2026
NYCJAOS Returns for Autumn EditionThe four-day show is slated for Nov. 19-22 at the Metropolitan Pavilion in New York City’s Chelsea neighborhood.
AuctionsSep 21, 2026
Ultra-Rare Cartier Cheich Watch Sells for $3.4M Offered at Sotheby’s Hong Kong, the one-of-a-kind white gold watch now holds the title of most valuable Cartier wristwatch sold at auction.
MajorsSep 21, 2026
Longtime Industry Executive Pamela Bernstein-Gulla to RetireBernstein-Gulla has been working in the jewelry industry for 40 years, most recently as chief engagement officer for Hill & Co.
IndependentsSep 21, 2026
Bhindi Jewelers Moves Into New, Larger California StoreThe relocated Glendale store, now at The Americana at Brand, was designed to be a contemporary “timepiece haven” inspired by luxury resorts.
AuctionsSep 18, 2026
7.52-Carat Unheated Paraíba Tourmaline Sells for $1.3M at Sotheby’s The top lot of the auction house’s Hong Kong jewelry sale was an Art Deco Mauboussin necklace with ruby beads, which sold for $2 million.
Policies & IssuesSep 18, 2026
Tariffs, Retail Crime Top of Mind at JA’s Annual Fly-In Retailers and manufacturers headed to the Capitol this week to discuss tariff exemptions for diamonds and gemstones, among other issues.
CollectionsSep 18, 2026
Nanis Transforms Its ‘Boule’ Into a Mirror Our Piece of the Week is a pair of drop earrings from the “Sway” collection featuring Nanis’ first use of mirror-polished gold.
GradingSep 18, 2026
De Beers Introduces Faster Version of Diamond Screening Machine SynthDetect 2 can scan a full tray in less than five minutes, De Beers said, making it six times faster than its predecessors.
AuctionsSep 18, 2026
Noonans To Auction Medieval Gold Seal Ring Recovered By 2 FriendsTwo metal detectorists discovered the ring, which may have belonged to English noblewoman Matilda of Lancaster, in Suffolk.
Policies & IssuesSep 17, 2026
Tariffs on India Could Increase as Russian Sanctions Bill Heads to Trump’s DeskThe bill has a provision that allows the president to raise tariffs on countries that import Russian oil and gas to as much as 100 percent.
Events & AwardsSep 17, 2026
This Is the Winner of the 2026 Robert M. Shipley AwardThe American Gem Society presented the annual award to a former president of its board.
CollectionsSep 17, 2026
Cynthia Erivo, Zoë Chicco’s Jewelry Collab Is an Ode to TransformationThe “Chrysalis” capsule centers butterfly motifs representing growth, transformation, and the unfolding of who you are.
Events & AwardsSep 17, 2026
Louisiana Retailer Kevin Patton Wins Lifetime Achievement AwardJewelers of Louisiana presented Patton, the third-generation president of Pattons Fine Jewelry, with the award at its annual convention.
PodcastsSep 16, 2026
Episode 9: Remembering Cindy EdelsteinTwo special guests join the podcast to commemorate the 10th anniversary of the designer advocate, mentor, and author’s untimely passing.
