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
SurveysApr 24, 2026
Mother’s Day 2026 Jewelry Spending to Top $7B, NRF SaysNRF’s annual survey found that 45 percent of consumers plan to purchase jewelry for a loved one this Mother’s Day.
TechnologyApr 24, 2026
TwentyFour’s Digital-Age Locket Is a Virtual VaultThe “Vault” charm, our Piece of the Week, expands on the memories that can be stored in a locket by connecting to your phone.
Events & AwardsApr 24, 2026
Hamptons Jewelry Show to Return in JulyThe open-to-the-public luxury jewelry and timepiece show, in its second year, is slated for July 23-26.
Brought to you by
Discover Timeless Treasures: A Showcase of Antique Jewelry & Timepieces in Las VegasGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
IndependentsApr 23, 2026
Meet the Real Moms of Day’s JewelersThe jeweler’s Mother’s Day campaign highlights the women who work there—mothers, grandmothers, women who want to be mothers, and dog moms.
Weekly QuizApr 23, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Supplier BulletinApr 23, 2026
JM® Shipping Solution: Smarter Shipping for High-Value GoodsSponsored by Jewelers Mutual
Lab-GrownApr 23, 2026
Charles & Colvard May Sell Assets for $1.5MThe proposed agreement follows the moissanite maker’s Chapter 11 bankruptcy protection filing last month.
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.
AuctionsApr 23, 2026
John Jacob Astor IV’s Titanic Pocket Watch Fetches $1MThe Patek Philippe for Tiffany & Co. timepiece Astor brought aboard the ill-fated ship sold for double its estimate at a Freeman’s auction.
CollectionsApr 23, 2026
Adam Neeley’s High Jewelry Collection Steps Into Salvador Dalí’s GardenThe “Dalí’s Garden” collection was inspired by a surreal dream Neeley had after cooking a recipe from Salvador Dalí’s 1973 cookbook.
IndependentsApr 23, 2026
Windsor Jewelers Names New Buying DirectorNatalie Feanny has been appointed to the role.
CrimeApr 22, 2026
New Mexico Couple Pleads Guilty to Selling Fake Native American JewelryThe pair falsely claimed their jewelry was made by Navajo artists, but it was imported from Vietnam.
AuctionsApr 22, 2026
Roberta Flack’s Jewelry Is Going Up for AuctionJulien’s Auctions is selling the musician’s fine and fashion jewelry alongside her clothing, gold records, and other memorabilia.
CollectionsApr 22, 2026
British Museum Curator Pens Book on ‘The Tudor Heart’Rachel King’s book dives into the history of the pendant believed to have belonged to Henry VIII and his first wife, Katherine of Aragon.
Events & AwardsApr 22, 2026
Here’s What Sy Kessler Has on Tap for Las Vegas The company will have deals on precious metals testers as well as the latest in lab-grown diamond detection technology and security.
WatchesApr 21, 2026
Coco Chanel Enters the Game with New Watch CollectionGabrielle “Coco” Chanel is a character in the “Coco Game” collection of watches and the queen in its first haute horlogerie chessboard.
IndependentsApr 21, 2026
Meet Jewelers of America’s 2026 ‘20 Under 40’ ClassThe annual list honors rising professionals on the retail and supply sides of the jewelry industry.
CrimeApr 21, 2026
Customs Nabs 1,500 Pieces of Counterfeit Jewelry Bound for NYCSeized in Kentucky, the packages include fake Cartier, Tiffany & Co., Chanel, and Fendi jewelry.
CrimeApr 20, 2026
Queens Man Convicted in Bludgeoning Death of Pawn Shop OwnerRodolfo Lopez-Portillo faces 25 years to life in prison after being found guilty in the March 2022 beating death of Arasb Shoughi.
TrendsApr 20, 2026
Beth Bernstein, Sonia Esther Soltani Pen New Jewelry Book“Jewelry Creators: Dynamic Duos and Generational Gems” highlights the relationships among 22 influential designers, brands, and gem dealers.
Events & AwardsApr 20, 2026
Atlanta Jewelry Show’s Spring Event Is Hitting the RoadThe AJS Spring 2027 show will be held in Savannah, Georgia, with future shows taking place in other Southeast cities.
MajorsApr 20, 2026
Kendra Scott Names New CFO, Chief Business OfficerThe jewelry retailer plans to open 20 new stores this year and expand into new product categories.
TrendsApr 17, 2026
New (Groundbreaking) Floral Jewelry for Spring 2026Flower motifs are the jewelry trend blooming amongst the new collections that debuted this spring.
MajorsApr 17, 2026
QVC Group Files for Chapter 11 BankruptcyThe retailer reported an 8 percent decline in annual sales as it struggles under the weight of billions of dollars of debt.
CollectionsApr 17, 2026
Edina Kiss’ Earrings Are the Devil on Your ShoulderThe “Devil” drop earrings, our Piece of the Week, are part of designer Edina Kiss’ new namesake jewelry line that she will show at Couture.
CrimeApr 17, 2026
FBI Issues Warning to Refineries, Retailers Due to High Price of GoldThe alert states that burglary crews are targeting jewelry businesses and details how jewelers and refineries can protect themselves.
WatchesApr 16, 2026
Cartier Brings Back the RoadsterThe “watchmaker of shapes” debuted the reworked version of the vintage sports car-inspired timepiece at Watches & Wonders.
