SourcingJun 12, 2024
State of Colored Stones: Why the Market Is More Colorful Than EverSourcingJun 24, 2024
Gemfields' June Ruby Auction Fetches Nearly $69M
The sale marks the miner’s 10th anniversary of its first auction of rubies from the Montepuez Ruby Mine in Mozambique.
Gemfields latest mixed-quality ruby auction brought in $68.7 million.
London—Gemfields announced its latest mixed-quality ruby auction brought in $68.7 million.
It was 97 percent sold by lot and nearly 100 percent sold by weight, with 94 of the 97 lots—comprising 217,044 carats offered—finding buyers.
The sale generated an average price per carat of $316.95.
“We are pleased to announce another strong result demonstrating the confidence that loyal customers have in our product offering and auction platform,” said Adrian Banks, Gemfields’ managing director of product and sales.
Banks said the company is proud to have “crossed the milestone” of an average selling price of $300 per carat at its June 2024 auction.
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 auction, comprised of seven mini auctions, took place June 3-18 via Gemfields’ online auction platform. Lots were made available for private, in-person viewings in Bangkok prior to the sale.
Fifty-two companies placed bids.
The auction’s total was lower than its June 2023 mixed-quality sale, which garnered $80.4 million with 446,202 carats offered.
A “low ruby” category was included in the June 2023 sale, while Gemfields did not offer a “low ruby” category at this mixed-quality sale or at the mixed-quality auction in December 2023, as per its press release about the results.
The miner also said auction results are “not always directly comparable,” as the lots offered vary in size, color, and clarity on account of variations in mined production and market demand.
The June 2023 auction was 97 percent sold by lot and 68 percent sold by weight, fetching an average price per carat of $265.99, against its more-than-$300 price per carat achieved in the June 2024 sale.
Gemfields notes one lot representing around 30 percent of the total weight offered in the June 2023 auction did not sell, and therefore the average price per carat was “considerably higher” than if the lot had sold.
The remaining gems, as well as 703,000 carats of “low ruby,” were sold at the September 2023 commercial quality ruby auction.
Related stories will be right here …
It was 97 percent sold by lot and nearly 100 percent sold by weight, with 94 of the 97 lots—comprising 217,044 carats offered—finding buyers.
The sale generated an average price per carat of $316.95.
“We are pleased to announce another strong result demonstrating the confidence that loyal customers have in our product offering and auction platform,” said Adrian Banks, Gemfields’ managing director of product and sales.
Banks said the company is proud to have “crossed the milestone” of an average selling price of $300 per carat at its June 2024 auction.
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 auction, comprised of seven mini auctions, took place June 3-18 via Gemfields’ online auction platform. Lots were made available for private, in-person viewings in Bangkok prior to the sale.
Fifty-two companies placed bids.
The auction’s total was lower than its June 2023 mixed-quality sale, which garnered $80.4 million with 446,202 carats offered.
A “low ruby” category was included in the June 2023 sale, while Gemfields did not offer a “low ruby” category at this mixed-quality sale or at the mixed-quality auction in December 2023, as per its press release about the results.
The miner also said auction results are “not always directly comparable,” as the lots offered vary in size, color, and clarity on account of variations in mined production and market demand.
The June 2023 auction was 97 percent sold by lot and 68 percent sold by weight, fetching an average price per carat of $265.99, against its more-than-$300 price per carat achieved in the June 2024 sale.
Gemfields notes one lot representing around 30 percent of the total weight offered in the June 2023 auction did not sell, and therefore the average price per carat was “considerably higher” than if the lot had sold.
The remaining gems, as well as 703,000 carats of “low ruby,” were sold at the September 2023 commercial quality ruby auction.
The June sale marks the 10th anniversary of Gemfields’ first auction of rubies from the MRM in Mozambique.
It has held 22 auctions of MRM gemstones since its first sale in June 2014, which together have generated $1.12 billion in total revenue.
“While the industry is currently facing some headwinds, arising in part from a softening in China, we hope this result provides good comfort to other stakeholders in our sector. As always, our thanks and appreciation goes out to the hardworking team at MRM, our partners Mwiriti and the Government of Mozambique, whose support makes these results and achievements possible,” Banks said.
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.
Editors' Picks
Sponsored by
More on Sourcing
The Latest
Recorded WebinarsSep 27, 2024
Watch: Prepare to Shine This Holiday SeasonThree members of JA's 2024 "20 Under 40" class join Amanda Gizzi and Lauren McLemore to share their tips for seasonal retail success.
CollectionsSep 27, 2024
Piece of the Week: Lalaounis’ Necklace is an Archaeological RevivalThe necklace, inspired by ancient artifacts, celebrates strength, endurance, and the natural world.
MajorsSep 27, 2024
Signet-Owned E-Tailer Rocksbox to Launch on AmazonRocksbox is the first banner owned by Signet to sell its jewelry through the retail giant.
Brought to you by
Why You Can't Miss JA New York This FallDon't miss this one-stop-shop in October, curated with buyers’ needs in mind.
EditorsSep 26, 2024
This New Bulova Documentary Is Perfect for History Buffs Like Me “America Telling Time: 150 Years of Bulova” dives into the watchmaker’s storied past, from its ad campaigns to the first women’s wristwatch.
Weekly QuizSep 19, 2024
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsSep 26, 2024
Marco Bicego Adds Stackable Designs to Masai CollectionThe new additions include flat coil rings, bracelets, and necklaces designed to layer elegantly.
MajorsSep 26, 2024
Kendra Scott Eyes Network, Product Expansion Following New Investment 65 Equity Partners has made a “significant” minority investment in the company, though founder Kendra Scott retains a majority stake.
Brought to you by
How to Increase Instagram Followers Naturally in 2024Growing your Instagram following organically is more important than ever in today's technological environment.
Policies & IssuesSep 26, 2024
Columbia Gem House Announces “Pebbles to Pines” FundraiserThe miner will be raffling off jewelry, donating all proceeds to reforestation efforts for some regions of America’s national forests.
Lab-GrownSep 25, 2024
Lab-Grown Diamonds: A Threat or an Opportunity?Many lab-grown manufacturers in India are rethinking the earlier antagonism between lab-grown and natural diamonds.
Policies & IssuesSep 25, 2024
GJNRF: Reaching Out, Rebuilding Futures For 25 years, India’s Gem & Jewellery National Relief Foundation has provided aid in the wake of war, natural disasters, and global crises.
CollectionsSep 25, 2024
Katey Brunini’s New Book Explores a Decade of DesignThe designer has also released a new “Bow” collection, named after the act of bowing down as a sign of respect.
CollectionsSep 25, 2024
Lagos' New Collection Is a Tribute to Its Bangkok StudioThe "Lagos Studio" capsule collection offers elevated statement styles with eclectic designs.
SurveysSep 25, 2024
Consumer Confidence Falls in September, Labor Market Worries PersistRespondents also showed a greater preference for buying goods over services.
ColumnistsSep 25, 2024
The Smart Lab: Increasing Your Click-to-Conversion RateEmmanuel Raheb says your website should be as elegant as your store, with high-quality images and a smooth and secure checkout process.
AuctionsSep 24, 2024
Sotheby’s To Offer 18th-Century Diamond Necklace, a ‘Sublime Survivor’ The jewel, which was worn to two British coronations and may contain diamonds tied to Marie Antoinette, could sell for almost $3 million.
IndependentsSep 24, 2024
Roland Brinker, Founder of Brinker’s Jewelers, Dies at 84He is remembered as a family man with a love for the game of golf.
Events & AwardsSep 24, 2024
The Jewelry Symposium Adds Half-Day to 2025 ShowTJS has added presentations to its now three-day event schedule, which will take place next summer in Detroit.
SourcingSep 23, 2024
Gemfields’ September Auctions Bring Mixed ResultsIts commercial-quality sapphire, corundum, and ruby sale yielded “healthy” results, while its emerald auction was weaker than expected.
Lab-GrownSep 23, 2024
Kay Jewelers, Monique Lhuillier Add Colored Lab-Grown Diamonds to ‘Bliss’ The expanded “Monique Lhuillier Bliss” collection features pink, blue, and yellow lab-grown diamonds.
Events & AwardsSep 23, 2024
The Original Miami Beach Antique Show Returns in JanuaryExhibitors can register now for the show, which is set for Jan. 9-13.
Events & AwardsSep 23, 2024
Longtime New England Jeweler to Receive Gem Award for Lifetime AchievementLux Bond & Green President and CEO John Green is receiving the honor for his devotion and service to the jewelry industry.
CrimeSep 20, 2024
Oregon Jeweler Sentenced to 20 Years for Stealing From, Defrauding Customers The former owner of Timeless Jewelers in West Salem pleaded guilty to nearly two dozen counts of theft and aggravated theft.
SourcingSep 20, 2024
Sally Morrison Takes on Larger Role as De Beers Zeros In On Category Marketing The company is poised to make a big push for natural diamonds this holiday season.
CollectionsSep 20, 2024
Piece of the Week: A Quokka Covered in Argyle Pink DiamondsAustralian jeweler Linneys’ smiling gold Quokka statue holds a leaf pendant with Argyle pink diamonds that detaches, becoming a necklace.
MajorsSep 20, 2024
Stuller Releases New Fine Jewelry CatalogThe 2025-2026 edition of “Fine Jewelry” includes 1,000 new styles with an expanded selection of lab-grown diamond jewelry.
ColumnistsSep 19, 2024
Peter Smith: Is That All There Is? Have We Peaked?Smith addresses fears about a plateaued market with a reminder that retailers who do it right always will have room to grow.
