Gemfields has reported total revenues of US$53 million from its latest mixed-quality ruby auction, with fine-quality gems performing strongly at the event.
The sale, held from February 9 to 20, 2026, saw 121 of 135 lots sold, representing 90 per cent of the total offered, with 189,620 carats purchased at an average price of US$279 per carat.
This is also the first auction to include material from a new processing plant at Montepuez Ruby Mining Limitada (MRM) in Mozambique, underscoring the contribution it is already making ahead of full commissioning, according to Gemfields.
MRM is 75 per cent owned by Gemfields while Mwiriti Limitada holds the remaining 25 per cent.
Adrian Banks, Gemfields’ managing director of Product & Sales, said the auction was well attended and featured a good selection of rubies covering a wide spectrum of sizes and qualities.
“The more fluorescent material from our newer mining areas was well received,” revealed Banks. “Fine-quality rubies continued to perform strongly and demonstrated robust pricing.”
However, he cited “muted” bidding for certain qualities, which he attributed to the impact of “additional product being brought to market from illegal mining networks” and “weaker demand from China.”
The auction was conducted online following in-person viewings in Bangkok.
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Shaping India’s $100 Billion Gems & Jewellery Future
At the Chintan Shivir on the 2040 Roadmap, Commerce Secretary Shri Rajesh Agrawal outlined a vision to grow India’s gems & jewellery sector from ~$29B to $100B, driven by innovation, technology, design, global branding.
Shaping India’s $100 Billion Gems & Jewellery Future
At the Chintan Shivir on the 2040 Roadmap, Commerce Secretary Shri Rajesh Agrawal outlined a vision to grow India’s gems & jewellery sector from ~$29B to $100B, driven by innovation, technology, design, global branding.
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