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A lower-quality lot that was withdrawn from the sale had a limited effect, according to Adrian Banks, Gemfields’ managing director of product and sales.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
IndependentsJul 02, 2026
D. Geller & Son Partners with KSU Art Students on Store MuralThe artwork celebrates the Atlanta jeweler’s legacy and symbolizes its commitment to supporting local artists and its community.
Events & AwardsJul 02, 2026
Stratus Estate Buyers Offers Jewelers Turnkey Buying EventsIts team can evaluate jewelry and watches, as well as luxury handbags, artwork, and collectibles.
SurveysJul 01, 2026
Consumer Confidence Ticks Up in JuneFalling oil prices were a factor in the slight month-over-month improvement.
Brought to you by
Wedding Band Trends 2026: Personalization Takes Center StageColored gemstones, artisan finishes, mixed metals, and meaningful details are shaping demand in bridal jewelry.
CollectionsJul 01, 2026
Rio Grande Launches First Finished Bridal CollectionThe new offering comprises more than 120 bridal and engagement ring styles with natural and lab-grown diamonds.
Weekly QuizJul 01, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
WatchesJul 01, 2026
Rolex Unveils Clock at Rockefeller CenterThe clock is part of the celebration for the soon-to-open Rolex headquarters on New York City’s Fifth Avenue.
IndependentsJul 01, 2026
Kristen Cannon of Valobra Master Jewelers Dies at 49The public relations professional is remembered for her benevolent generosity and unwavering commitment to those around her.
Brought to you by
Building the Future of Jewelry Retail: DCA Expands Education, Leadership Development, and Workforce SolutionsDCA is preparing the next generation of professionals by supporting workforce development, leadership growth, and career advancement.
WatchesJun 30, 2026
Pokémon Fans Will Want to Catch This New G-Shock WatchThe new watch commemorates Pokémon’s 30th anniversary.
MajorsJun 30, 2026
Saks Global Emerges From Bankruptcy With New NameThe luxury retailer is now called Exemplar Luxury Group.
CollectionsJun 30, 2026
Jade Ruzzo’s New Collection Embodies the Art of Being a LadyThe “Lady” collection is a new take on old beauty standards with gemstone-adorned hair pins and combs, a compact mirror necklace, and more.
GradingJun 30, 2026
AGS Opens 2026 Recertification ExamAll active members who earned their credential or designation before Dec. 1, 2025, are required to recertify.
CollectionsJun 29, 2026
Briony Raymond’s New Collection Is a ‘Carousel’ of Hard StonesThe new jewelry collection uses a colorful palette of onyx, malachite, tiger’s eye, mother-of-pearl, lapis, turquoise, and coral.
IndependentsJun 29, 2026
Look Inside Lee Michaels’ Revamped Mississippi FlagshipLee Michaels Fine Jewelry is celebrating 30 years in the Ridgeland, Mississippi community.
GradingJun 29, 2026
National Rarities Announces New Gemology ManagerSean Milliner has joined the company.
GradingJun 29, 2026
GIA to Open New London CampusClasses will begin in August at GIA’s new Canary Wharf location.
AuctionsJun 26, 2026
‘Hogback’ Diamond Ring Finds a New Home A ring set with “hogback” diamonds, an early stone cut dating to around the 16th century, sold for more than $20,000 at a U.K. auction.
CollectionsJun 26, 2026
Strength Is Sharpened Into Beauty in Kris Averi’s ‘Prism Thorn’ RingThe rainbow version of the ring, our Piece of the Week, features angel-cut, octahedral lab-grown sapphires designed to be worn as armor.
MajorsJun 26, 2026
Rembrandt Charms Debuts ‘Charms That Give Back’The new initiative donates a portion of the proceeds from select charms to charitable causes.
TrendsJun 26, 2026
Bernard James Celebrates Knicks’ Win with RingThe Brooklyn-based jeweler created a limited-edition version of its “Aura” eternity band, set with gemstones in the team’s colors.
EditorsJun 25, 2026
Out & About: How Jewelers Mutual, SCAD Are Tackling the Bench Jeweler ShortageSenior Editor Lenore Fedow headed to Savannah to learn more about the 10-year, $10 million partnership between JM and the art school.
CollectionsJun 25, 2026
Mejuri Experiments With SteelIts new capsule jewelry collection features gold-finished stainless steel pieces designed for a maximalist look without a luxury price tag.
Events & AwardsJun 25, 2026
Watches & Wonders Announces 2027 DatesThe week-long event in Geneva is slated for April 2027.
SourcingJun 25, 2026
Annie Doresca, Mark Smelzer, Sara Yood Join Gem Legacy BoardThe three industry leaders bring financial, communications, and legal expertise to the nonprofit’s board of directors.
ColumnistsJun 24, 2026
The Revenue Hiding Between Your Counter and Your Online CartJewelers are missing out by not offering this one key add-on at the online point of sale, Emmanuel Raheb writes.
CollectionsJun 24, 2026
Greenwich St. Jewelers, Jewel Boxing’s Latest Drop Is On-TrendThe fourth collaborative collection from the retailer and jewelry content creator focuses on gemstone charms and strands of colorful beads.
Events & AwardsJun 24, 2026
AGTA Accepting Entries for Spectrum 2026This year’s AGTA Spectrum & Cutting Edge Awards will feature two new categories.
