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.
More on Sourcing
The Latest
MajorsJan 09, 2026
Kendra Scott Taps Activewear Exec as CEO Chris Blakeslee has experience at Athleta and Alo Yoga. Kendra Scott will remain on board as executive chair and chief visionary officer.
SurveysJan 09, 2026
U.S. Holiday Retail Sales Up 4%, Visa, Mastercard SayThe credit card companies’ surveys examined where consumers shopped, what they bought, and what they valued this holiday season.
AuctionsJan 09, 2026
Christie’s Names New Global Managing Director for LuxuryKimberly Miller has been promoted to the role.
Brought to you by
Impacting Tomorrow TodayHow Jewelers of America’s 20 Under 40 are leading to ensure a brighter future for the jewelry industry.
CollectionsJan 09, 2026
Piece of the Week: Lionheart’s ‘Serenity’ Opal CharmThe “Serenity” charm set with 13 opals is a modern amulet offering protection, guidance, and intention, the brand said.
Weekly QuizJan 08, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsJan 08, 2026
Pandora’s New ‘Bridgerton’ Jewels Celebrate Bees, Bows, and Blooms“Bridgerton” actresses Hannah Dodd and Claudia Jessie star in the brand’s “Rules to Love By” campaign.
Events & AwardsJan 08, 2026
Ana Khouri To Receive 2026 Gem Award for High Jewelry ExcellenceFounded by jeweler and sculptor Ana Khouri, the brand is “expanding the boundaries of what high jewelry can be.”
Brought to you by
Roseco Releases New Full-Line CatalogRoseco’s 704-page catalog showcases new lab-grown diamonds, findings, tools & more—available in print or interactive digital editions.
TrendsJan 08, 2026
Stuller’s Color of the Year Is a Stark Contrast to Pantone’s WhiteThe jewelry manufacturer and supplier is going with a fiery shade it says symbolizes power and transformation.
CollectionsJan 08, 2026
Gracie Abrams To Front New Chanel Jewelry CampaignThe singer-songwriter will make her debut as the French luxury brand’s new ambassador in a campaign for its “Coco Crush” jewelry line.
MajorsJan 08, 2026
Diamond Council of America Names New Board DirectorsThe nonprofit’s new president and CEO, Annie Doresca, also began her role this month.
ColumnistsJan 07, 2026
Peter Smith: Physical Retail—The Beginning or the End?As the shopping mall model evolves and online retail grows, Smith shares his predictions for the future of physical stores.
Events & AwardsJan 07, 2026
Melee Adds 13 New Designers to NYC ShowThe trade show is slated for Jan. 31-Feb. 2 at The Lighthouse in New York City's Chelsea neighborhood.
TrendsJan 07, 2026
Amanda’s Style File: Go for GarnetJanuary’s birthstone comes in a rainbow of colors, from the traditional red to orange, purple, and green.
CrimeJan 06, 2026
2 Jewelers Arrested After TraxNYC Diamond District BrawlFootage of a fight breaking out in the NYC Diamond District was viewed millions of times on Instagram and Facebook.
MajorsJan 06, 2026
Rio Grande Says These Are the Top Personalization Tools for 2026The supplier has a curated list of must-have tools for jewelers doing in-house custom work this year.
MajorsJan 06, 2026
Zales Tests Out A New LookThe Signet Jewelers-owned store, which turned 100 last year, calls its new concept stores “The Edit.”
MajorsJan 06, 2026
LeachGarner Appoints New Director of SalesLinda Coutu is rejoining the precious metals provider as its director of sales.
TrendsJan 05, 2026
Amanda’s Style File: New Year’s EditionSparkle with festive diamond jewelry as we celebrate the beginning of 2026.
IndependentsJan 05, 2026
Jeweler Ben Nighthorse Campbell Dies at 92The master jeweler, Olympian, former senator, and Korean War veteran founded the brand Nighthorse Jewelry.
TrendsJan 05, 2026
Pinterest 2026 Trend Report: Brooches, Bold Gold, Cool BlueIn its annual report, Pinterest noted an increase in searches for brooches, heirloom jewelry, and ‘80s luxury.
MajorsJan 02, 2026
Marc Metrick Out as CEO of Saks Global Executive Chairman Richard Baker will take over the role as rumors swirl that a bankruptcy filing is imminent for the troubled retailer.
Events & AwardsJan 02, 2026
Jan Mohr, Couture’s ‘North Star,’ Dies at 71Mohr had just retired in June after more than two decades as Couture’s retailer liaison.
SourcingJan 02, 2026
IDCA Elects New President, Board of DirectorsShekhar Shah of Real Gems Inc. will serve as president of the Indian Diamond & Colorstone Association in 2026.
CollectionsJan 02, 2026
Lalaounis’ 2026 Good Luck Charm Speaks to ResilienceThis year’s good luck charm features the mythical horse Pegasus, and is our first Piece of the Week of the new year.
EditorsDec 31, 2025
The Top 5 Stories of 2025Articles about crime, engagement rings, and a necklace worn in the World Series generated the most interest among readers.
MajorsDec 30, 2025
Becka Johnson Kibby to Lead Edge Retail AcademyAs part of the leadership transition, Sherry Smith will take on the role of vice president of coaching strategy and development.
