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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.
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