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
MajorsDec 19, 2025
MadaLuxe Group Acquires Ippolita The luxury goods company said founder Ippolita Rostagno will remain at the brand’s helm.
MajorsDec 19, 2025
LVMH Names New Bulgari CEOLaura Burdese, who joined the Italian luxury brand in 2022, will take on the role in July.
EditorsDec 19, 2025
2025 Jewelry Superlatives: A Yearbook-Style Year in Review The National Jeweler editors revisit the most noteworthy industry happenings and design trends from 2025.
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.
AuctionsDec 19, 2025
Jean Schlumberger’s ‘African Cat’ Is Purr-Fection Need a gift for the cat lover who has everything? Look no further than our latest Piece of the Week.
Weekly QuizDec 18, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
AuctionsDec 18, 2025
Audemars Piguet Reclaims Historic Pocket Watch at AuctionIt purchased the “Grosse Pièce,” an ultra-complicated Audemars Piguet pocket watch from the ‘20s, for a record-breaking price at Sotheby’s.
Lab-GrownDec 18, 2025
Kira Jewels Debuts Custom Lab-Grown Diamond Jewelry ServiceThe lab-grown diamond grower now offers custom engagement and fashion jewelry through its Kira Custom Lab Jewelry service.
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.
EditorsDec 18, 2025
Terry Chandler Looks Back on 40 Years of Opportunity, Change, and FriendsChandler got his start at Michelson Jewelers and has served as DCA president and CEO since 2001. He will retire at the end of the month.
WatchesDec 18, 2025
Bob’s Watches to Open Store in New York’s JFK AirportThe boutique is slated to open this week inside Terminal 8, offering pre-owned Rolex watches and more to international travelers.
Supplier BulletinDec 18, 2025
Cell Jammers Are Targeting Your Business. Here's How to Beat ThemSponsored by Digital Monitoring Products
CrimeDec 17, 2025
Man Pleads Not Guilty to Swallowing Fabergé PendantThe special-edition egg pendant ingested in a New Zealand jewelry store was recovered after a six-day wait.
EditorsDec 17, 2025
2025 Jewelry Rewind: The Best Piece of the Week PicksAssociate Editor Natalie Francisco plays favorites with Piece of the Week, selecting a standout piece of jewelry from each month of 2025.
CollectionsDec 17, 2025
Lucy Hale Stars in Jacquie Aiche’s Holiday CampaignThe “Love and Desire” campaign is inspired by the magic that follows when one’s heart leads the way, said the brand.
GradingDec 17, 2025
SSEF Announces 2025 Scholarship WinnersTwo awardees will receive free tuition for an educational course at the Swiss lab, with flights and lodging included.
MajorsDec 16, 2025
Pandora’s New CEO Will Step Up EarlyBerta de Pablos-Barbier will replace Alexander Lacik at the start of January, two months earlier than expected.
AuctionsDec 16, 2025
Suzanne Belperron, JAR Shine in Sotheby’s First Auctions at New HQSotheby’s held its first two jewelry sales at the Breuer building last week, and they totaled nearly $44 million.
Events & AwardsDec 16, 2025
TJS Now Accepting Scholarship Applications for 2026Winners will receive free registration and lodging for its fourth annual event in Detroit.
ColumnistsDec 16, 2025
Beyond Unboxing: Creative Reveals to Drive Reach and EngagementHere are six ideas for making more engaging content for Instagram Reels and TikTok, courtesy of Duvall O’Steen and Jen Cullen Williams.
Events & AwardsDec 16, 2025
Diamonds Do Good Names 2026 Award RecipientsThe honorees include a notable jewelry brand, an industry veteran, and an independent retailer.
CrimeDec 15, 2025
Men Receive Life Sentences in Home Invasion Murder of Jeweler Carlos Jose Hernandez and Joshua Zuazo were sentenced to life without the possibility of parole in the 2024 murder of Hussein “Sam” Murray.
Policies & IssuesDec 15, 2025
Sara Yood Named Co-Chair of RJC Standards CommitteeYood will serve alongside Eduard Stefanescu, the sustainability manager for C.Hafner, a precious metals refiner in Germany.
IndependentsDec 15, 2025
M.S. Rau to Open Store in AspenThe New Orleans jeweler is also hosting pop-up jewelry boutiques in New York City and Dallas.
AuctionsDec 12, 2025
13.54-Carat Paraíba Tourmaline Sets Records at Christie’sSet in a Tiffany & Co. necklace, it sold for $4.2 million, the highest price and price per carat paid for a Paraíba tourmaline at auction.
MajorsDec 12, 2025
David Webb Reveals Ice-Cold Holiday Window DisplayThe jeweler’s “Deep Freeze” display showcases its iconic jewelry designs frozen in a vintage icebox.
CollectionsDec 12, 2025
Piece of the Week: Oscar Heyman’s Sphene RingTake luxury gifting to new heights this holiday season with the jeweler’s showstopping 12-carat sphene ring.
Events & AwardsDec 12, 2025
IGI Jewelry Design Contest Now Accepting SubmissionsThis year's theme is “Unveiling the Depths of the Ocean.”
