Gemfields has announced the results of a ruby auction comprised of mixed-quality rough rubies held during the period 5 – 20 June 2023.
“With the revenue from this auction up 20% since our last ruby auction in December 2022, today’s results echo the significant rebound in market prices we reported just weeks ago for Zambian emeralds,” comments Adrian Banks, Gemfields’ MD of Product & Sales.
“The ruby market is clearly firing on all twelve cylinders and the step-change in market pricing which we reported in 2022 is notably enhanced.
“As always, we send our thanks and congratulations to our hard-working teams, our partners, our host governments and of course our clients for their support.”
The auction lots were made available in Bangkok for private, in-person viewings by customers.
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 rough rubies were extracted by Montepuez Ruby Mining. 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.
Highlights:
- Total auction revenues of US$80.4 million
- 91 of the 94 lots offered for sale were sold (97%)
- Average realised price of US$265.99 per carat
- The 19 auctions of Montepuez Ruby Mining Limitada’s gemstones held since June 2014 have generated US$978.5 million in total revenue
- One lot of 26.8 kg (representing some 30% of the total weight offered) remained unsold. As a result, the average price per carat realised at this auction was considerably higher than it would have been had this lot also been sold.
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