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.

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A lower-quality lot that was withdrawn from the sale had a limited effect, according to Adrian Banks, Gemfields’ managing director of product and sales.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.
The Latest

A set of four Patek Philippe “Star Caliber 2000” pocket watches is part of Sotheby’s upcoming auction in Abu Dhabi.

The Brazilian jeweler’s latest book marks her namesake brand’s 25th anniversary and tells the tale of her worldwide collaborations.

The Submariner Ref. 1680 with a Tiffany & Co. dial came from the original owner, who won it as a prize on the game show in the 1970s.

With their unmatched services and low fees, reDollar.com is challenging some big names in the online consignment world.

The new integration allows users to manage shipments directly from the Shopify dashboard.


At Converge 2025, Editor-in-Chief Michelle Graff attended sessions on DEI, tariffs, security, and more. Here are her top takeaways.

Six people were shot last week at an Oakland cash-for-gold shop as employees exchanged gunfire with individuals trying to rob the store.

Jewelers of America is leading the charge to protect the industry amidst rising economic threats.

The jeweler has expanded its high jewelry offering, which launched last year, with new pieces featuring its cube motif that debuted in 1999.

Associate Editor Natalie Francisco shares eight of her favorite jewelry looks from the 77th annual Primetime Emmy Awards, held Sunday night.

It’s predicting a rise in retail sales this holiday season despite economic uncertainty and elevated inflation.

The newly elected directors will officially take office in February 2026 and will be introduced at the organization’s membership meeting.

Associate Editor Lauren McLemore headed out West for a visit to Potentate Mining’s operation hosted by gemstone wholesaler Parlé Gems.

Fordite is a man-made material created from the layers of dried enamel paint that dripped onto the floors of automotive factories.

Gilbertson has worked as a researcher, jeweler, lapidary artist, appraiser, and business owner throughout his decades in the industry.

A decision likely won’t come until January 2026 at the earliest, and the tariffs remain in effect until then.

Located in the revamped jewelry hall at the retailer’s New York City flagship, this opening is Tabayer’s first shop-in-shop.

The new, free app offers accessible educational content, like games and podcasts, for U.S. retailers.

As the gold price rises, the manufacturer is offering a 100 percent payout through Sept. 30 for gold clean scrap.

Jacob & Co. partnered with the German technology company on two pairs of headphones, one set with diamonds and the other with sapphires.

Guillermo del Toro’s 2025 “Frankenstein” will feature 27 jewels and objects from the storied brand, including pieces from its archives.

The Waldorf Astoria New York’s grand reopening this past summer means a homecoming for the industry group’s annual event.

Anglo plans to merge with Teck Resources Ltd. to form Anglo Teck. The deal changes nothing about its plans to offload De Beers.

The 9.51-carat fancy vivid blue diamond, which set two world auction records at Sotheby’s in 2014, is estimated to fetch up to $30 million.

The industry veteran joins the auction house as it looks to solidify its footprint in the jewelry market.

The nonprofit awarded four students pursuing a professional career in jewelry making and design with $2,250 each.

The Texas-based jeweler has also undergone a brand refresh, debuting a new website and logo.