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A lower-quality lot that was withdrawn from the sale had a limited effect, according to Adrian Banks, Gemfields’ managing director of product and sales.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.
More on Sourcing
The Latest
AuctionsSep 18, 2026
7.52-Carat Unheated Paraíba Tourmaline Sells for $1.3M at Sotheby’s The top lot of the auction house’s Hong Kong jewelry sale was an Art Deco Mauboussin necklace with ruby beads, which sold for $2 million.
Policies & IssuesSep 18, 2026
Tariffs, Retail Crime Top of Mind at JA’s Annual Fly-In Retailers and manufacturers headed to the Capitol this week to discuss tariff exemptions for diamonds and gemstones, among other issues.
CollectionsSep 18, 2026
Nanis Transforms Its ‘Boule’ Into a Mirror Our Piece of the Week is a pair of drop earrings from the “Sway” collection featuring Nanis’ first use of mirror-polished gold.
Brought to you by
Meet Gemology’s Next Generation Microscope: GIA® Gemolite® NXT Professional EditionExperience gemstones with greater precision and comfort than ever before.
GradingSep 18, 2026
De Beers Introduces Faster Version of Diamond Screening Machine SynthDetect 2 can scan a full tray in less than five minutes, De Beers said, making it six times faster than its predecessors.
Weekly QuizSep 17, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
AuctionsSep 18, 2026
Noonans To Auction Medieval Gold Seal Ring Recovered By 2 FriendsTwo metal detectorists discovered the ring, which may have belonged to English noblewoman Matilda of Lancaster, in Suffolk.
Policies & IssuesSep 17, 2026
Tariffs on India Could Increase as Russian Sanctions Bill Heads to Trump’s DeskThe bill has a provision that allows the president to raise tariffs on countries that import Russian oil and gas to as much as 100 percent.
Brought to you by
Your Piece Could Be the One Editors Talk AboutSubmit your pieces for a chance to win in this year's competition.
Events & AwardsSep 17, 2026
This Is the Winner of the 2026 Robert M. Shipley AwardThe American Gem Society presented the annual award to a former president of its board.
CollectionsSep 17, 2026
Cynthia Erivo, Zoë Chicco’s Jewelry Collab Is an Ode to TransformationThe “Chrysalis” capsule centers butterfly motifs representing growth, transformation, and the unfolding of who you are.
Events & AwardsSep 17, 2026
Louisiana Retailer Kevin Patton Wins Lifetime Achievement AwardJewelers of Louisiana presented Patton, the third-generation president of Pattons Fine Jewelry, with the award at its annual convention.
PodcastsSep 16, 2026
Episode 9: Remembering Cindy EdelsteinTwo special guests join the podcast to commemorate the 10th anniversary of the designer advocate, mentor, and author’s untimely passing.
CollectionsSep 16, 2026
Jessica McCormack, L’Objet Collab on Homewares CollectionMcCormack brings sea-inspired motifs from her “Beaches” collection to L’Objet’s tableware, vanity pieces, and first-ever cutlery set.
CrimeSep 16, 2026
JSA Issues Warning to NJ Jewelers After Rash of Smash and GrabsNine New Jersey jewelers have been victims of smash-and-grab robberies this year, prompting JSA to circulate a list of recommendations.
IndependentsSep 16, 2026
Bromberg & Co. Names New PresidentMarlin “Brian” Hood, who has been with the store for 20 years, will succeed Ricky Bromberg, who died earlier this month.
MajorsSep 16, 2026
Midas Chain Releases ‘House of Midas’ Bridal CatalogThe new bridal catalog features the latest jewelry collections and designs from timeless classics to modern silhouettes.
EditorsSep 15, 2026
2026 Emmys Jewelry: An Either/Or Proposition Stars wore either a necklace or earrings at 78th Primetime Emmy Awards but rarely both, Natalie Francisco notes.
ColumnistsSep 15, 2026
The Levels Your Website Must Clear Before AI Recommends YouJennifer Shaheen compares this new era of AI-powered SEO to a video game: your website must clear one level before advancing to the next.
IndependentsSep 15, 2026
Armadani Launches Retail Support Program for Holiday SeasonThe program highlights “Made in Italy” fine jewelry with digital merchandising, sales education, and local marketing support.
EditorsSep 15, 2026
Q&A: Signet Jewelers’ Joan Hilson on Diamond Demand, the HolidaysHilson, Signet’s chief operating and financial officer, discussed Q2, resurgent natural diamond demand, and why Blue Nile is a standout.
ColumnistsSep 14, 2026
Sherry Smith: Stop Waiting for December to Save Your ChristmasThe stores that have a great December are the ones that made good decisions in August, September, and October, Sherry Smith writes.
AuctionsSep 14, 2026
22 Carats of ‘Sunshine’ Are Up for AuctionThe 22.09-carat fancy yellow “Pragnell Kimberley Sunshine Diamond” is part of the fall jewelry sale at Heritage Auctions.
IndependentsSep 14, 2026
Greenwich St. Jewelers to Unveil Photography Exhibition“Adornos: Jewelry, Memory & What We Pass Down” honors the jewelry’s importance to New York City’s Latine communities.
CollectionsSep 11, 2026
A Sapphire ‘Stardust’ Ring From Greenwich St. Jewelers The Latine-owned New York jeweler is marking two milestones this year: its 50th anniversary and the 25th anniversary of the 9/11 attacks.
MajorsSep 11, 2026
The Wishing Place by JTV OpensThe jewelry retail broadcast network has sponsored a new space for Make-A-Wish East Tennessee on its campus in Knoxville.
Events & AwardsSep 11, 2026
The Edge Awards Scholarships to 2 Young Jewelry ProfessionalsThe recipients were recognized at the 24 Karat Club of the Southeastern United States’ annual banquet.
MajorsSep 10, 2026
Lagos Founder Steven Lagos Steps Down as CEO Keith Rolfe, CFO and COO of Lagos, is now at the jewelry brand’s helm while Steven takes on the role of executive chairman.
