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
Events & AwardsJun 06, 2025
Here Are the 2025 Retailer Hall of Fame InducteesThis year’s honorees include a Midwest retailer and two multi-store independents, one in New York and the other in New England.
CollectionsJun 06, 2025
Piece of the Week: Harwell Godfrey’s ‘Granny Squares Eleanor’ Necklace As an homage to iconic crochet blankets, the necklace features the nostalgic motif through a kaleidoscope of cabochon-cut stones.
Events & AwardsJun 05, 2025
The 12 Fresh Faces in Couture’s Design AtelierDiscover the dozen up-and-coming brands exhibiting in the Design Atelier for the first time.
Brought to you by
The True Power Behind the Counter: Why Sales Associates Are the Heart of the Jewelry BusinessWhen investing in your jewelry business, it's important not to overlook the most crucial element of success: the sales associates.
Events & AwardsJun 05, 2025
Daymond John to Give Keynote at JCK Las VegasThe entrepreneur and “Shark Tank” star will share his top tips for success.
Weekly QuizJun 05, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsJun 05, 2025
Platinum Guild International Updates Leadership TeamTwo existing executives have been given new roles.
Events & AwardsJun 05, 2025
Zillion Announces 'Women in STEM' Scholarship RecipientMeredith Tiderington, an electrical engineering student, was selected for the award.
Brought to you by
Clienteling Isn’t a Buzzword. It’s an Essential Business Model.More shoppers are walking out without buying. Here’s how smart jewelers can bring them back—and the tool they need to do it right.
Lab-GrownJun 04, 2025
GIA Reverting to More General Terminology for Lab-Grown DiamondsIt will quit assigning the stones specific color and clarity grades in favor of applying “new descriptive terminology.”
Events & AwardsJun 04, 2025
As JCK Talks Returns, Don’t Miss These 12 SessionsFrom design trends to sustainability, here’s a roundup of can’t-miss education sessions at JCK Las Vegas.
CrimeJun 04, 2025
10 Safety Tips for the Las Vegas Shows The Jewelers’ Security Alliance offers advice for those attending the annual trade shows.
MajorsJun 04, 2025
Amy Curran Promoted at Hill & Co.Her new role is director of strategic initiatives.
CollectionsJun 03, 2025
In Her Latest Collection, Viviana Langhoff Is Leaning Into GoldThe designer is embracing bold pieces with weight to them in “AU79,” a collection she celebrated with a creative launch party.
FinancialsJun 03, 2025
Signet Jewelers Sees Turnaround in Q1 With Sales Ticking Up 2%On an earnings call, CEO J.K. Symancyk discussed what’s working for the company and how it’s preparing for the potential impact of tariffs.
SurveysJun 03, 2025
Consumer Confidence Improves in May The index partially rebounded after months of decline, due in part to the U.S.-China deal to temporarily reduce import tariffs.
CollectionsJun 03, 2025
Dakota Johnson Is Roberto Coin’s New Brand AmbassadorThe actress stars in the latest campaign set in Venice, Italy, and is set to participate in other creative initiatives for the jeweler.
GradingJun 03, 2025
Mason-Kay Jade Adds ‘Fei Cui’ to Jade ReportsThe company has joined other labs, including GIA and Lotus Gemology, in adopting the Chinese term for "jadeite jade."
GradingJun 02, 2025
GSI Opens New Lab in Thailand Located in Bangkok, the laboratory is Gemological Science International’s 14th location worldwide.
TrendsJun 02, 2025
Amanda’s Style File: Three Gems for June Those born in June have a myriad of options for their birthstone jewelry.
SourcingJun 02, 2025
David Allouche Joins Grandview Klein DiamondsThe diamond industry veteran has been named its senior sales executive.
FinancialsMay 30, 2025
Movado’s Q1 Sales Slip Amid ‘Challenging’ Retail Environment The company plans to raise the prices of select watches to offset the impact of tariffs.
Policies & IssuesMay 30, 2025
Tariffs & Designers: Navigating Pricing in an Unstable EnvironmentBetween tariffs and the sky-high cost of gold, designers enter this year’s Las Vegas shows with a lot of questions and few answers.
CollectionsMay 30, 2025
Piece of the Week: Renato Cipullo’s ‘Hematite Blaze’ NecklaceDesigned by founder Renato and his daughter Serena Cipullo, it showcases a flame motif representing unity and the power of gathering.
Policies & IssuesMay 30, 2025
Trade Court Declares Trump’s Tariffs InvalidHowever, the tariffs remain in effect in the short term, as an appeals court has stayed the U.S. Court of International Trade’s decision.
CollectionsMay 29, 2025
Britney Spears Files Trademark for New Jewelry LineThe pop icon is one step closer to launching her “B Tiny” jewelry collection, a collection she first began posting about last fall.
Supplier BulletinMay 29, 2025
Inoveo Platinum Grain, Exclusively Distributed by StullerSponsored by Stuller
SourcingMay 29, 2025
Grizzly Auctions 6,620-Carat EmeraldIt was featured in the miner’s latest sale, which brought in $24.8 million.
