Sourcing

Gemfields Reports Strong Results in June Ruby Auction

SourcingJun 26, 2023

Gemfields Reports Strong Results in June Ruby Auction

The numbers indicate a rebound in the market for the rough stone.

Gemfields rough rubies
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 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.

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