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 & AwardsDec 23, 2025
Bulgari Reimagines Costume Designers Guild AwardThe LVMH-owned brand has partnered with the costume design union to revamp its award for 2026.
MajorsDec 23, 2025
Kering to Acquire Stake in Raselli Franco GroupThe luxury titan inked a deal to acquire an initial minority stake in the jewelry manufacturer with a pathway to full ownership by 2032.
MajorsDec 23, 2025
For Future Reference Vintage Enters Bloomingdale’sThe company’s curation of unsigned vintage and estate jewelry debuted at the Bloomingdale’s in Costa Mesa, California.
Brought to you by
Impacting Tomorrow TodayHow Jewelers of America’s 20 Under 40 are leading to ensure a brighter future for the jewelry industry.
CrimeDec 22, 2025
Customs Seizes Hundreds of Fake Rolex, Cartier WatchesIn the recent multi-shipment seizure, CBP also found counterfeit Audemars Piguet, Moncler, and Chrome Hearts items.
Weekly QuizDec 23, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
EditorsDec 22, 2025
How Helzberg Is Reimagining Its StoresHelzberg’s Chief Retail Officer Mitch Maggart shared details about its tests of a new store concept rooted in an elevated luxury experience.
Recorded WebinarsDec 22, 2025
2025 Jewelry Rewind: Looking Back on an Eventful Year Jewelers of America execs and National Jeweler editors discuss tariffs, the sky-high gold price, and the engagement that broke the internet.
Brought to you by
Roseco Releases New Full-Line CatalogRoseco’s 704-page catalog showcases new lab-grown diamonds, findings, tools & more—available in print or interactive digital editions.
MajorsDec 19, 2025
MadaLuxe Group Acquires Ippolita The luxury goods company said founder Ippolita Rostagno will remain at the brand’s helm.
MajorsDec 19, 2025
LVMH Names New Bulgari CEOLaura Burdese, who joined the Italian luxury brand in 2022, will take on the role in July.
EditorsDec 19, 2025
2025 Jewelry Superlatives: A Yearbook-Style Year in Review The National Jeweler editors revisit the most noteworthy industry happenings and design trends from 2025.
AuctionsDec 19, 2025
Jean Schlumberger’s ‘African Cat’ Is Purr-Fection Need a gift for the cat lover who has everything? Look no further than our latest Piece of the Week.
AuctionsDec 18, 2025
Audemars Piguet Reclaims Historic Pocket Watch at AuctionIt purchased the “Grosse Pièce,” an ultra-complicated Audemars Piguet pocket watch from the ‘20s, for a record-breaking price at Sotheby’s.
Lab-GrownDec 18, 2025
Kira Jewels Debuts Custom Lab-Grown Diamond Jewelry ServiceThe lab-grown diamond grower now offers custom engagement and fashion jewelry through its Kira Custom Lab Jewelry service.
EditorsDec 18, 2025
Terry Chandler Looks Back on 40 Years of Opportunity, Change, and FriendsChandler got his start at Michelson Jewelers and has served as DCA president and CEO since 2001. He will retire at the end of the month.
WatchesDec 18, 2025
Bob’s Watches to Open Store in New York’s JFK AirportThe boutique is slated to open this week inside Terminal 8, offering pre-owned Rolex watches and more to international travelers.
Supplier BulletinDec 18, 2025
Cell Jammers Are Targeting Your Business. Here's How to Beat ThemSponsored by Digital Monitoring Products
CrimeDec 17, 2025
Man Pleads Not Guilty to Swallowing Fabergé PendantThe special-edition egg pendant ingested in a New Zealand jewelry store was recovered after a six-day wait.
EditorsDec 17, 2025
2025 Jewelry Rewind: The Best Piece of the Week PicksAssociate Editor Natalie Francisco plays favorites with Piece of the Week, selecting a standout piece of jewelry from each month of 2025.
CollectionsDec 17, 2025
Lucy Hale Stars in Jacquie Aiche’s Holiday CampaignThe “Love and Desire” campaign is inspired by the magic that follows when one’s heart leads the way, said the brand.
GradingDec 17, 2025
SSEF Announces 2025 Scholarship WinnersTwo awardees will receive free tuition for an educational course at the Swiss lab, with flights and lodging included.
MajorsDec 16, 2025
Pandora’s New CEO Will Step Up EarlyBerta de Pablos-Barbier will replace Alexander Lacik at the start of January, two months earlier than expected.
AuctionsDec 16, 2025
Suzanne Belperron, JAR Shine in Sotheby’s First Auctions at New HQSotheby’s held its first two jewelry sales at the Breuer building last week, and they totaled nearly $44 million.
Events & AwardsDec 16, 2025
TJS Now Accepting Scholarship Applications for 2026Winners will receive free registration and lodging for its fourth annual event in Detroit.
ColumnistsDec 16, 2025
Beyond Unboxing: Creative Reveals to Drive Reach and EngagementHere are six ideas for making more engaging content for Instagram Reels and TikTok, courtesy of Duvall O’Steen and Jen Cullen Williams.
Events & AwardsDec 16, 2025
Diamonds Do Good Names 2026 Award RecipientsThe honorees include a notable jewelry brand, an industry veteran, and an independent retailer.
CrimeDec 15, 2025
Men Receive Life Sentences in Home Invasion Murder of Jeweler Carlos Jose Hernandez and Joshua Zuazo were sentenced to life without the possibility of parole in the 2024 murder of Hussein “Sam” Murray.
