SourcingNov 27, 2024
Gemfields Reports 'Disappointing' High-Quality Emerald Auction ResultsSourcingDec 19, 2024
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A lower-quality lot that was withdrawn from the sale had a limited effect, according to Adrian Banks, Gemfields’ managing director of product and sales.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.
Related stories will be right here …
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.
Editors' Picks
Sponsored by
More on Sourcing
The Latest
Events & AwardsOct 30, 2026
Illuminating Carved Paraiba Pendant, Suite of Moonstones Wow at Spectrum AwardsSpectrum’s “Best of Show” honors went to a 101-carat Paraiba carved to look like Medusa that has a magnet-activated LED light.
TrendsOct 30, 2026
Edina Kiss’ Pendants Say ‘Eye’m Watching You’Our Halloween Pieces of the Week are four “Eye” pendants, each set with colorful gemstones.
MajorsOct 30, 2026
The RealReal Hires Former eBay Exec as New Chief Merchandising OfficerAlexis Hoopes expanded eBay’s “Authenticity Guarantee” program during her tenure.
Brought to you by
A Diamond Is Forever Launches 2026 Holiday Campaign Championing Natural DiamondsA Diamond Is Forever's holiday campaign reimagines natural diamond icons for a new generation celebrating individuality.
WatchesOct 29, 2026
Bucherer Opens Rolex Boutique in Washington StateThe Rolex-owned retailer’s new 4,700-square-foot store’s façade honors the Pacific Northwest’s evergreen forests.
Weekly QuizOct 29, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
TrendsOct 29, 2026
Amanda's Style File: All Treats, No Tricks Get into the Halloween spirit with this roundup of 13 spooky jewels.
MajorsOct 29, 2026
Gesswein Hires Longtime Bench Jeweler, Educator Ann CahoonCahoon was appointed strategic account and educational program manager at Gesswein, which recently joined Continental Buying Group.
Brought to you by
Open an Account, Get $50 Off Your First Order. No Code Needed.Built on Relationships. Refined by Craft.
MajorsOct 29, 2026
Amanda Seyfried Stars In Tiffany & Co.’s Holiday CampaignTiffany & Co.’s latest ambassador makes her debut in its “Love Is a Gift” holiday campaign.
EditorsOct 28, 2026
These Wicked Jewels Will Cast a Spell on YouFor her annual Halloween story, Senior Editor Lenore Fedow highlights bewitching jewels fit for a witch that go from day to unholy night.
CrimeOct 28, 2026
Man In Florida Who Swallowed Tiffany & Co. Earrings ConvictedJaythan Gilder was found guilty of robbery and grand theft after stealing and then ingesting nearly $800,000 worth of Tiffany & Co. jewelry.
SurveysOct 28, 2026
Consumer Confidence Up in October as Gas Prices EaseConsumer confidence remains on the long-term downward trend that’s persisted over the past few years, said a Conference Board economist.
MajorsOct 28, 2026
Stuller’s Holiday Campaign Lets the ‘Magic of the Moment’ ShineThe holiday campaign includes key jewelry trends, a curated holiday gift guide, and resources to help jewelers prepare for holiday shoppers.
IndependentsOct 27, 2026
Solomon Brothers Acquires Mervis Diamond ImportersSolomon Brothers, which has three stores in the Metro Atlanta area, said it may continue to acquire other independent jewelers.
IndependentsOct 27, 2026
Gabriel & Co. Supports Charity Partner DKMS With Gala, New JewelsThe fine jewelry brand raised $2.3 million at its annual gala that supports the nonprofit’s fight against blood cancer and blood disorders.
Events & AwardsOct 27, 2026
JFC Announces 2027 ‘Facets’ HonoreesThe annual fundraising event is slated for June 6, 2027, at The Venetian Resort in Las Vegas.
CollectionsOct 26, 2026
Bliss Lau’s ‘Vantage’ Point Is the Hawaiian HorizonIn her “Vantage” collection, Lau explores heritage, identity, and inner strength through designs featuring blue-green Guatemalan jade.
MajorsOct 26, 2026
Tiffany & Co. Takes Consumers Behind the ScenesThe jeweler gave the public backstage tours of its flagship store and its design and innovation workshop as part of LVMH’s open house.
Events & AwardsOct 26, 2026
Support JFC’s ‘Monster Mash Challenge,’ If You DareVote for which jewelry professional should dress up as a monster to support Jewelers for Children’s annual Halloween fundraiser.
MajorsOct 23, 2026
PGI USA Set to Close at Year’s EndThe closure is part of a global restructuring that also includes PGI winding down its operations in Japan, South Korea, and Hong Kong.
TechnologyOct 23, 2026
JA Unveils New Website, LogoThe website offers enhanced member benefit access, industry directories, educational resources, a job board, and access to the MJSA Journal.
FinancialsOct 23, 2026
Kering’s Jewelry Sales Up Double Digits in Q3Boucheron and Pomellato had a strong third quarter, with Kering looking at jewelry as an increasingly important part of its portfolio.
CrimeOct 22, 2026
Jeweler Shot and Killed in His Suburban Cincinnati Store Tara Sinchuri was the owner of Everest Jewels in Fairfield, Ohio, and a father of three. He was found dead in his store on Tuesday.
MajorsOct 22, 2026
Neiman Marcus Has Gifts for the Jewelry Lover Who Has EverythingBespoke experiences from Buccellati and Verdura are on the retailer’s 2026 “Fantasy Gifts” list.
Events & AwardsOct 22, 2026
JIS Fall 2026 Reports Record-Breaking Attendance The number of participants at the fall show was up 12 percent.
CollectionsOct 22, 2026
Billie Eilish, Finneas Co-Design Collection for John HardyThe Academy and Grammy award-winning siblings have collaborated with John Hardy on a new jewelry line inspired by their personal style.
PodcastsOct 21, 2026
Episode 10: This Episode Is Haunted Diana Singer shared the stories of two “cursed” diamonds on this month’s podcast, which was inexplicably riddled with technical issues.
