SourcingNov 27, 2024
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Gemfields Reports Record Ruby Auction Results Despite Challenges at Source
The average price per carat hit a record high for the miner, which said it remains unaffected by the conflict in Mozambique.
Gemfields achieved $46 million, with an average price per carat of $321.94, at its December mixed-quality rough ruby auction.
London—Gemfields announced its latest mixed-quality rough ruby auction brought in $46.2 million.
It was 95 percent sold by lot, with 97 of the 102 lots—comprising 167,865 carats offered—finding buyers.
The sale generated an average price per carat of $321.94, a record high for Gemfields’ mixed-quality ruby auctions.
The auction, comprised of seven mini auctions, took place Nov. 25 through Dec. 11 via Gemfields’ online auction platform. Lots were made available for private, in-person viewings in Bangkok prior to the sale.
The auction’s total was lower than its June 2024 mixed-quality sale, which garnered $68.7 million with 217,044 carats offered.
While Gemfields noted that 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 miner said a key driver of the lower revenue for this auction was a lower quantity of “premium” rubies on offer.
A lower-quality lot that was withdrawn from the sale had a limited effect, according to Adrian Banks, Gemfields’ managing director of product and sales.
A “low ruby” category was not offered; it was last included in the June 2023 sale and has not been offered in a mixed-quality ruby auction since then.
“Despite ongoing economic challenges in China and geopolitical turbulence worldwide, the results of this auction represent a positive outcome under the current market conditions. These results reaffirm the stability of demand for Gemfields' rubies, with prices for fine-quality aligning well with the limited supply of these rare and precious gemstones,” said Banks.
While softer prices and thinner bidding was noted, Banks said the company was encouraged to see new entrants with “well-developed supply chains” placing successful bids in the auction.
Forty-six companies placed bids.
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It was 95 percent sold by lot, with 97 of the 102 lots—comprising 167,865 carats offered—finding buyers.
The sale generated an average price per carat of $321.94, a record high for Gemfields’ mixed-quality ruby auctions.
The auction, comprised of seven mini auctions, took place Nov. 25 through Dec. 11 via Gemfields’ online auction platform. Lots were made available for private, in-person viewings in Bangkok prior to the sale.
The auction’s total was lower than its June 2024 mixed-quality sale, which garnered $68.7 million with 217,044 carats offered.
While Gemfields noted that 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 miner said a key driver of the lower revenue for this auction was a lower quantity of “premium” rubies on offer.
A lower-quality lot that was withdrawn from the sale had a limited effect, according to Adrian Banks, Gemfields’ managing director of product and sales.
A “low ruby” category was not offered; it was last included in the June 2023 sale and has not been offered in a mixed-quality ruby auction since then.
“Despite ongoing economic challenges in China and geopolitical turbulence worldwide, the results of this auction represent a positive outcome under the current market conditions. These results reaffirm the stability of demand for Gemfields' rubies, with prices for fine-quality aligning well with the limited supply of these rare and precious gemstones,” said Banks.
While softer prices and thinner bidding was noted, Banks said the company was encouraged to see new entrants with “well-developed supply chains” placing successful bids in the auction.
Forty-six companies placed bids.
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.
While the current civil unrest in Mozambique, a result of the contested election, has led to supply chain and logistics interruptions and other material operating challenges, Banks said the company’s mining operations remain unaffected.
“Gemfields’ priority remains the safety and security of our employees and contractors,” he said.
“We praise our circa 1,600 colleagues in Mozambique for their ongoing efforts in this regard. We wish the country and its citizens peace and prosperity, and we are committed to making every effort within our means to further those goals,” he 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.
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