SourcingDec 14, 2023
This 108-Carat Pink Diamond Is Beginning a New ChapterSourcingDec 15, 2023
Gemfields Sold Every Lot in Its Latest Ruby Auction
Its final sale this year brought the miner’s annual auction revenue to the second highest in its history.
Gemfields’ December mixed-quality rough ruby sale, its last auction of the year, raised its total auction revenue for the year to $242 million, the second highest in its history, and brought its cumulative emerald and ruby auction sales total to more than $2 billion.
London—Gemfields announced that its latest mixed-quality ruby auction, its last sale of the year, garnered $69.5 million, with every lot sold.
Total revenue from the sale was down 13 percent from the June sale, which brought in $80.4 million, but was slightly higher than the December 2022 auction, which brought in $66.8 million.
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.
The sale offered mixed-quality rough rubies in 97 lots totaling 239,591 carats with an average realized price of $290 per carat, about 87 percent higher than last December ($155) and 9 percent higher than June ($266).
Even though the miner canceled its November emerald auction, Gemfields’ total auction revenue for 2023 rose to $242 million, the second highest in its history, said Adrian Banks, Gemfields’ managing director of product and sales.
“We’ve seen ruby prices at our auctions go from strength to strength in recent years and our final auction of 2023 has further endorsed that trend,” said Banks. “This auction has shown that the demand and pricing for rough rubies is decidedly healthy.”
Related stories will be right here …
Total revenue from the sale was down 13 percent from the June sale, which brought in $80.4 million, but was slightly higher than the December 2022 auction, which brought in $66.8 million.
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.
The sale offered mixed-quality rough rubies in 97 lots totaling 239,591 carats with an average realized price of $290 per carat, about 87 percent higher than last December ($155) and 9 percent higher than June ($266).
Even though the miner canceled its November emerald auction, Gemfields’ total auction revenue for 2023 rose to $242 million, the second highest in its history, said Adrian Banks, Gemfields’ managing director of product and sales.
“We’ve seen ruby prices at our auctions go from strength to strength in recent years and our final auction of 2023 has further endorsed that trend,” said Banks. “This auction has shown that the demand and pricing for rough rubies is decidedly healthy.”
The December auction took place Nov. 20-Dec. 5, with lots made available in Bangkok for private, in-person viewings.
Following the viewings, the auctions took place via an online auction platform Gemfields said was specifically adapted for the company and permitted customers from multiple jurisdictions to participate in a sealed bid process.
The company said the “low ruby” category was not offered at the December auction, given that approximately 703,000 carats were sold at the commercial-quality ruby auction in September 2023.
The 21 auctions of MRM gemstones held since June 2014 have now generated $1.05 billion in total revenue.
“This auction also takes Gemfields past the milestone of $2 billion in cumulative emerald and ruby auction sales, an achievement the Gemfields team and our stakeholders can be very proud of, particularly given the remittance of these sales revenues in full to the countries of origin, and the payment of nearly $400 million in mineral royalties and corporation taxes to the combined governments of Mozambique and Zambia,” Banks said.
“As always, our thanks go to our hard-working colleagues, our partners, our host governments and of course our clients for their ongoing support and confidence in Gemfields.”
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, according to Gemfields.
More on Sourcing
The Latest
MajorsMay 16, 2025
Saks Fifth Avenue, Amazon Partner on Luxury Online StorefrontPlus, parent company Saks Global announces plans to cut ties with up to 600 vendors.
Recorded WebinarsMay 16, 2025
Watch: Physical Retail Is Not DeadPeter Smith joined Michelle Graff to chat about the state of brick-and-mortar stores and share a few book and podcast recommendations.
CollectionsMay 16, 2025
Piece of the Week: Tejen’s ‘Candy Bowl’ Torque NecklaceThe necklace features a candy-colored Australian white opal in 18-karat Fairmined gold, as the brand was named a Fairmined ambassador.
Brought to you by
Las Vegas Antique Jewelry & Watch Show: Showcasing the Most Collectible Merchandise from Across the GlobeGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
Supplier BulletinMay 15, 2025
Treasure Hunting at the Las Vegas Antique Jewelry and Watch ShowSponsored by the Las Vegas Antique Jewelry and Watch Show
Weekly QuizMay 15, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
AuctionsMay 15, 2025
'The Mediterranean Blue' Diamond Sells for $21M at Sotheby’sA private American collector purchased the 10-carat fancy vivid blue diamond.
CollectionsMay 15, 2025
Jessica McCormack’s ‘Fruit Salad’ Collection Is Fresh for SummerThe designer has taken the appeal of freshly picked fruit and channeled it into a capsule collection of earrings, necklaces, and pendants.
Brought to you by
Watch: The Winston Red: GIA Examines the Smithsonian’s Newest AdditionSupplier Spotlight Sponsored by GIA
Policies & IssuesMay 15, 2025
State of Retail: How to Better Serve Customers With DisabilitiesAround 54 million Americans and counting live with a disability. Here’s how to make your jewelry store and website more accessible.
Events & AwardsMay 15, 2025
Poet Sekou Andrews to Give Closing Keynote at ConvergeThe event is also accepting poster submissions now through June 16.
Policies & IssuesMay 14, 2025
Here’s What Happened to Pope Francis’ RingBefore Pope Leo XIV was elected, a centuries-old procedure regarding the late pontiff’s ring was followed.
AuctionsMay 14, 2025
Custom Rolex Pulled From Sotheby’s SaleThe one-of-a-kind platinum Rolex Cosmograph Daytona was estimated to fetch up to $1.7 million.
Lab-GrownMay 14, 2025
State of Diamonds: What’s Next for Lab-Grown Diamonds?While the product has entrenched itself in the market, retailers and consultants are assessing the next phase of the category’s development.
CrimeMay 14, 2025
Seattle Detectives Seek Public’s Help in Tiffany & Co. Robberies The police are trying to identify the man suspected of robbing two Tiffany & Co. locations in the area.
MajorsMay 14, 2025
Jeff Corey Elected Chair of JBT Board The well-known Maine jeweler takes over for Brian Fleming and will serve a one-year term.
Policies & IssuesMay 14, 2025
Foundrae Donates $11K to Ethical MetalsmithsThe donation was the result of the brand’s annual Earth Day Ingot event.
IndependentsMay 13, 2025
Eiseman Jewels’ Renovated Dallas Store Is Bigger and BetterLocated in NorthPark Center, the revamped store is nearly 2,000 square feet larger and includes the first Tudor boutique in Dallas.
MajorsMay 13, 2025
DCA Announces New Learning Platform, Course UpdatesThe nonprofit has made updates to the content in its beginner and advanced jewelry sales courses.
MajorsMay 13, 2025
BIJC Launches New Education FundBIJC President Malyia McNaughton will shift roles to lead the new foundation, and Elyssa Jenkins-Pérez will succeed her as president.
TrendsMay 13, 2025
State of Jewelry Design: The Top 10 Jewelry Trends of the Past DecadeAs a nod to the theme of JCK Las Vegas 2025, “Decades,” National Jeweler took a look back at the top 10 jewelry trends of the past 10 years.
Lab-GrownMay 12, 2025
Lightbox to Go Dark by Summer, De Beers Says The company plans to halt all consumer-facing activity this summer, while Lightbox factory operations will cease by the end of the year.
Policies & IssuesMay 12, 2025
Tariffs on Chinese Imports Temporarily Slashed as U.S.-China Reach Deal Following weekend negotiations, the tax on Chinese goods imported into the United States will drop by 115 percent for the next 90 days.
Events & AwardsMay 12, 2025
Jewelry By Picasso, Dalí on Display at Florida Art Museum “Artists’ Jewelry: From Cubism to Pop, the Diane Venet Collection” is on view at the Norton Museum of Art through October.
Events & AwardsMay 12, 2025
CASE Awards Now Accepting Entries For 2025The deadline to submit is June 16.
IndependentsMay 09, 2025
Lugano Diamonds CEO Resigns Amid Internal InvestigationMoti Ferder stepped down Wednesday and will not receive any severance pay, parent company Compass Diversified said.
CollectionsMay 09, 2025
Pieces of the Week: Marie Lichtenberg’s Collaborations for Mother’s DayLichtenberg partnered with luxury platform Mytheresa on two designs honoring the connection between mothers and daughters.
CrimeMay 08, 2025
Former NYC Jewelry Store Employee Arrested in 2017 Choking Death of Boss Michel Desalles allegedly murdered Omid Gholian inside World of Gold N Diamond using zip ties and then fled the country.
