Sourcing

Gemfields Sold Every Lot in Its Latest Ruby Auction

SourcingDec 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 rough rubies
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 … 
 
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. 

Lauren McLemoreis the associate editor, gemstones at National Jeweler, covering sourcing, pricing and other developments.

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