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
TrendsJul 31, 2026
These Pieces of the Week Are Sweet Edina Kiss’ “Popsicle” pendant and Karina Choudhrie’s “Ice Cream” charm satisfy that summer craving for a sweet piece of jewelry.
MajorsJul 31, 2026
Macy’s Iconic Red Shopping Bag Sign Torn DownThe massive billboard has been in the same spot on the department store’s Herald Square flagship store for decades.
Policies & IssuesJul 30, 2026
JA Heads Back to Washington as New Wave of Tariffs Takes Effect David Bonaparte, along with Tim Haake and Ronnie VanderLinden, continue to lobby for tariff exemptions for diamonds, gemstones, and pearls.
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.
SurveysJul 30, 2026
Consumer Confidence Slips in JulySurvey respondents were concerned about the rising prices of food and groceries as well as unemployment.
Weekly QuizJul 30, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsJul 30, 2026
Vicenzaoro Releases 2026 Education LineupThe trade show, slated for Sept. 4-8 in Vicenza, Italy, will feature sessions on trends, AI, gemology, and manufacturing.
Events & AwardsJul 30, 2026
Hillsborough Show Moves to New Location for 2026The public shopping event featuring art, jewelry, watches, and rare collectibles, will take place in Santa Clara, California, this fall.
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.
EditorsJul 29, 2026
Q&A: The Past and Future of Angola’s Diamond Industry Endiama Commercial Director Elton Escrivão knows people have a lot of misperceptions about Angola. He wants to change that.
MajorsJul 29, 2026
Kevin Reilly Retires After 39 Years in the Jewelry Industry Reilly has been with PGI USA for the last 20 years, leading partnership development and professional education.
FinancialsJul 29, 2026
Kering’s H1 Jewelry Sales Up 14%Boucheron reached record sales while Pomellato found success in its signature collections.
Events & AwardsJul 29, 2026
Lauren Harwell Godfrey Designs a Flag for ArkansasShe was one of more than 120 American designers who created flags for the “United Flags of Fashion” project led by CFDA and Vogue.
ColumnistsJul 28, 2026
Peter Smith: Why Your Job Postings May Be Working Against You Smith reveals the method The Retail Smiths use to help retailers and vendors write better job postings.
FinancialsJul 28, 2026
Tiffany & Co., Bulgari Lead the Way for LVMH in H1LVMH’s jewelry and watch brands outperformed the company’s other divisions in an environment the company described as “disrupted.”
CollectionsJul 28, 2026
Lionheart’s New Collection Unites Spiritual Iconography“Sacred Heart” features symbols like crosses, angel wings, the Star of David, and the evil eye as a representation of coexistence.
Events & AwardsJul 28, 2026
The Edge Funding 2 Scholarships Via 24 Karat Club SEUS The scholarships will go to early-career professionals looking to study gemology, bench work and jewelry design, or store operations.
SurveysJul 27, 2026
Jewelry Leads Luxury Market Amid Stabilization, Bain SaysBain & Company delved into the trends shaping the luxury market, the impact of AI, and more in its recent study.
SourcingJul 27, 2026
‘Rubies’ Goes on Display at Harvard MuseumThe exhibition reveals the gemology, geology, and cultural history of the iconic red gemstone.
Policies & IssuesJul 24, 2026
New Trump Tariffs: What They Mean for Jewelry The new sweeping slate of tariffs impacts 60 countries, including India, China, Thailand, Hong Kong, and the United Arab Emirates.
TrendsJul 24, 2026
Amanda’s Style File: Ode to ‘The Odyssey’From coin pendants to diamond shields, these old world-inspired jewels are the perfect accessory for an epic journey.
TrendsJul 24, 2026
Courtney Leidy’s Silk Cord Pendants Center Unexpected Pairings Our Piece of the Week pairs a checkerboard-cut amethyst with an ivy green silk cord.
PodcastsJul 23, 2026
Episode 7: Reinhold Jewelers on the Power of RelationshipsMildred Marcano Abrams and Yael Reinhold join the podcast to talk community connections, holiday plans, and preserving Reinhold’s legacy.
SourcingJul 23, 2026
De Beers’ Production Jumps 88 Percent in Q2 Production also was up in the first half of 2026 but is expected to “substantially” decrease in H2 as two key mines undergo maintenance.
CollectionsJul 23, 2026
Silvia Furmanovich’s New Collection Travels Back to the 1920s“Art Deco” fuses ancestral techniques, rare materials, and modern perspectives as a tribute to the optimism and curiosity of the movement.
IndependentsJul 23, 2026
Sissy's Log Cabin Opens Casino StoreThe jeweler’s newest store is inside Arkansas’ Saracen Casino Resort.
WatchesJul 23, 2026
Movado Inks Licensing Deal With Kate Spade New YorkThe watch company will design, manufacture, and distribute Kate Spade New York watches.
Policies & IssuesJul 22, 2026
Trump to Put 50% Tariff on Canadian Goods The higher tax is set to go into effect in August and will apply to loose polished diamonds as well as precious and base metals jewelry.
