SourcingOct 01, 2025
Gemfields’ H1 Revenue Falls 47%SourcingOct 09, 2025
Gemfields’ Mini Mixed-Quality Ruby Auction Garners $11M
The rough on offer was recovered from a newer area at the Montepuez mine.
In the results of its latest rough ruby auction, Gemfields announced the deferment of its November/December ruby auction to early 2026.
London— Gemfields announced that the proceeds from its latest mini mixed-quality rough ruby auction totaled $11 million.
Of the 33 offered lots, 26 sold.
The mini auction, with 297,449 carats on offer, was 62 percent sold by weight, with an average sale price of $59.43 per carat.
The gemstones were extracted from Montepuez Ruby Mining Limitada (MRM), which is 75 percent owned by Gemfields and 25 percent by Mozambican partner Mwiriti Limitada.
The online sale was held in Bangkok and took place from Sept. 29 to Oct. 3.
Adrian Banks, Gemfields’ managing director of product and sales, said the auction was comprised mainly of medium and commercial grades of secondary material sourced from the Maninge Nice area of the concession.
The miner’s processing activities have been concentrated there in recent months.
The rubies found in this area display a brighter, more open red tone.
“We are encouraged by both the results and the strong customer engagement, reflecting growing interest in this new material,” said Banks.
He noted that the seven lots that remained unsold represented the smallest size ranges within the same lower-quality grade. They were being offered for the first time at this auction.
“As this auction is part of the early market discovery process for new material, we will leverage the market feedback received to refine our future offerings,” Banks said.
Gemfields also provided an update on the schedule for future auctions.
The miner's usual November/December ruby auction will take place in January/February 2026.
The deferment is due to an expected delay in the completion of PP2—MRM’s new processing plant designed to triple MRM’s throughput capacity—that has been exacerbated by “illegal miner action.”
The company still expects the final commissioning of PP2 to take place this month.
However, the new plant’s operation has been “materially impacted” during the last week by illegal miners, who presently number between 250 and 400 per day, “sabotaging the plant supply infrastructure,” according to Gemfields.
The miner also noted that the illegally mined rubies leaving the Montepuez region have a “detrimental impact” on market prices and on Mozambique’s tax receipts from its ruby resources.
Gemfields and MRM said they will continue to engage with the Mozambican government.
Related stories will be right here …
Of the 33 offered lots, 26 sold.
The mini auction, with 297,449 carats on offer, was 62 percent sold by weight, with an average sale price of $59.43 per carat.
The gemstones were extracted from Montepuez Ruby Mining Limitada (MRM), which is 75 percent owned by Gemfields and 25 percent by Mozambican partner Mwiriti Limitada.
The online sale was held in Bangkok and took place from Sept. 29 to Oct. 3.
Adrian Banks, Gemfields’ managing director of product and sales, said the auction was comprised mainly of medium and commercial grades of secondary material sourced from the Maninge Nice area of the concession.
The miner’s processing activities have been concentrated there in recent months.
The rubies found in this area display a brighter, more open red tone.
“We are encouraged by both the results and the strong customer engagement, reflecting growing interest in this new material,” said Banks.
He noted that the seven lots that remained unsold represented the smallest size ranges within the same lower-quality grade. They were being offered for the first time at this auction.
“As this auction is part of the early market discovery process for new material, we will leverage the market feedback received to refine our future offerings,” Banks said.
Gemfields also provided an update on the schedule for future auctions.
The miner's usual November/December ruby auction will take place in January/February 2026.
The deferment is due to an expected delay in the completion of PP2—MRM’s new processing plant designed to triple MRM’s throughput capacity—that has been exacerbated by “illegal miner action.”
The company still expects the final commissioning of PP2 to take place this month.
However, the new plant’s operation has been “materially impacted” during the last week by illegal miners, who presently number between 250 and 400 per day, “sabotaging the plant supply infrastructure,” according to Gemfields.
The miner also noted that the illegally mined rubies leaving the Montepuez region have a “detrimental impact” on market prices and on Mozambique’s tax receipts from its ruby resources.
Gemfields and MRM said they will continue to engage with the Mozambican government.
Editors' Picks
Sponsored by
More on Sourcing
The Latest
SurveysAug 21, 2026
These Are 2026’s Hottest Retailers, Says NRFThe retailers at the top of the list offer affordable products and fun, discovery-fueled experiences.
WatchesAug 21, 2026
Bremont Names Former Vacheron Constantin Exec CMODaniel Bing was formerly the marketing director for the Americas at Vacheron Constantin.
CollectionsAug 21, 2026
Bijules, Kamyen Serve Up ‘Topspin’ Tennis Bracelet Ahead of US OpenIn our Piece of the Week, the designers reimagine the tennis bracelet with green enamel wrapped around a strand of “Desert Diamonds.”
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.
PodcastsAug 20, 2026
Episode 8: Diamond Industry Update With David Bonaparte & Ronnie VanderLindenThe industry veterans join the podcast to discuss diamond marketing, the FTC Jewelry Guides, and lobbying for lower tariffs.
Weekly QuizAug 20, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
TechnologyAug 20, 2026
A New AI-Powered Gemstone Identification App Is HereFounder Vik Westermann said the app is a “starting point” to inspire people to work with appraisers and gem labs, not replace them.
AuctionsAug 20, 2026
Storied Unicorn Brooch Up for Auction Gallops to New Home The Verdura brooch, which belonged to the late Virginia Fortune Ryan Ogilvy, was sold to a private collector in Asia.
Brought to you by
Why More Jewelry Retailers Are Hosting Turnkey Estate Buying EventsRetailers are seeking new ways to attract customers, increase traffic, and create revenue – Estate buying events are a popular solution.
Events & AwardsAug 20, 2026
MJSA Education Foundation Names 5 Scholarship WinnersThe five students were awarded a total of $10,000 through the nonprofit’s 2026 “Future of Jewelry Making” scholarship.
MajorsAug 20, 2026
Plumb Club Elects 2026-2027 BoardSteven Lerche is now beginning his term as the youngest member to become president of The Plumb Club’s elected executive committee.
MajorsAug 19, 2026
Mike Alexander To Succeed Scott Murphy as Jewelers Mutual CEO Murphy will retire at the end of the year and Alexander, currently the company’s president, will take over at the start of 2027.
Policies & IssuesAug 19, 2026
Spinelli Kilcollin Embraces Dupes With Trade-In ProgramThe jeweler is encouraging customers who own lookalike rings to come into the store and trade them for credit towards an authentic piece.
MajorsAug 19, 2026
Zales Wants You to Wear Fine Jewelry Every DayThe new campaign, “You Are The Occasion,” discourages shoppers from saving their fine jewelry for special occasions only.
CrimeAug 18, 2026
2 California Men Arrested in Fatal Vehicle Smash RobberyOne is the driver who allegedly crashed a car into a Sacramento jewelry store in April, striking a 71-year-old employee who later died.
ColumnistsAug 18, 2026
Peter Smith: The IKEA Effect and Bridal Branding In a new column, Peter Smith posits that people actually enjoy putting together IKEA furniture, and the same is true for engagement rings.
CrimeAug 18, 2026
Thieves Snatch $1M in Jewelry From New Jersey Jeweler9lakha Jewelers in Iselin, New Jersey, was the target of a smash-and-grab robbery on Aug. 8.
Lab-GrownAug 18, 2026
Ring Concierge, Kendall Jenner’s Tequila Brand Collab on GiveawayThe jeweler has partnered with 818 Tequila to gift lab-grown diamond studs to a bride-to-be and their bridal party.
Events & AwardsAug 17, 2026
Exhibition on Louis Comfort Tiffany’s Studios to Open at The MetThe exhibition will feature more than 100 drawings of stained-glass lampshades, windows, and more, many created by women and émigrés.
CollectionsAug 17, 2026
Marquise Diamonds Dance in Spinelli Kilcollin’s ‘Wren’ CollectionMarquise-cut diamonds in drop charms are the center of the new collection, reflecting the movement of a dancer in modular styles.
Events & AwardsAug 17, 2026
There’s a New Jewelry Show Coming to FloridaThe inaugural Fort Lauderdale Jewelry, Antique, & Object Show will be held from Jan. 28 through Feb. 1, 2027.
IndependentsAug 14, 2026
Smyth Jewelers to Open Fourth LocationThe family-owned jeweler will open a new showroom in Bel Air, Maryland, this fall.
CrimeAug 14, 2026
Wife of Man Convicted in Jeweler’s Murder Sentenced for Conspiracy Amanda Ileana Hernandez is married to Carlos Hernandez, one of two men in prison for the 2024 murder of Michigan jeweler Hussein Murray.
TrendsAug 14, 2026
Paul Morelli’s Latest ‘Wavey Vine’ Earrings Embrace ColorThe reimagined jewel, our Piece of the Week, trades the diamonds in the original 1998 design for blue, pink, yellow, and green sapphires.
Supplier BulletinAug 13, 2026
Your Piece Could Be the One Editors Talk AboutSponsored by American Gem Trade Association
FinancialsAug 13, 2026
Pandora’s ‘Talisman’ Collection Shines, Lab-Grown Diamond Sales FallIn the United States, second-quarter sales were flat amid soft consumer sentiment and lower in-store traffic.
AuctionsAug 13, 2026
This Gold Cadbury ‘Conundrum’ Egg Set a World Auction RecordThe 22-karat gold egg, sold at Batemans Auctioneers in the U.K., was part of a 1980s treasure hunt ad campaign for Cadbury Creme Eggs.
CollectionsAug 13, 2026
John Hardy Infuses ‘Icon,’ ‘Heishi’ Collections with ColorThe expanded collections now feature hand-cut gemstones like topaz, tanzanite, chrysoprase, chalcedony, smoky quartz, and fire opal.
