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Gemfields Earns $69.5M from Latest Ruby Auction, Proceeds Fully Repatriated to Mozambique

Gemfields Earns $69.5M from Latest Ruby Auction, Proceeds Fully Repatriated to Mozambique

Ruby and emerald miner Gemfields has announced that total auction revenues of $69.5-million were accrued after all 97 lots, comprising 239 591 ct of ruby, offered for sale at its latest auction of mixed-quality rough rubies, were sold.

The average realised price of the rubies was $290.02/ct.

The rough rubies were extracted by Montepuez Ruby Mining (MRM), which is 75% owned by Gemfields and 25% by its Mozambican partner Mwiriti. The proceeds of this auction will be fully repatriated to MRM in Mozambique, with all royalties owed to the Mozambique government being paid on the full sales price achieved at the auction.

The auction lots were made available in Bangkok for private, in-person viewings by customers from November 20 to December 5.

Following the viewings, the auctions took place via an online auction platform specifically adapted for Gemfields and which permitted customers from multiple jurisdictions to participate in a sealed bid process.

The 21 auctions of MRM gemstones held since June 2014 have now generated more than $1-billion in total revenue.

“We’ve seen ruby prices at our auctions go from strength to strength in recent years, and our final auction of 2023 has further endorsed that trend. This auction has shown that the demand and pricing for rough rubies are decidedly healthy,” Gemfields product and sales MD Adrian Banks said.

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Gemfields’ total auction revenue for the year stands at $242-million, the second highest in the company’s history.

“This auction also takes Gemfields past the milestone of $2-billion in cumulative emerald and ruby auction sales, an achievement that the Gemfields team and our stakeholders can be very proud of, particularly given the remittance of these sales revenues in full to the countries of origin, and the payment of nearly $400-million in mineral royalties and corporation taxes to the combined governments of Mozambique and Zambia,” Banks said.

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