Gemfields announces ruby auction results

Jun 22, 2023

GemfieldsGemfields announces ruby auction results
The revenue remained up 20% over the previous!

Gemfields is pleased to announce the results of a ruby auction comprised of mixed-quality rough rubies held during the period 5 – 20 June 2023.

Its’ key takeaways of June 2023, Mixed-Quality Ruby Auction are, 1: Total auction revenues of USD 80.4 million, 2: 91 of the 94 lots offered for sale were sold (97%), 3: Average realised price of USD 265.99 per carat, 4: The 19 auctions of Montepuez Ruby Mining Limitada’s (“MRM”) gemstones held since June 2014 have generated USD 978.5 million in total revenue.

4: One lot of 26.8kg (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.

Adrian Banks, Gemfields’ Managing Director of Product & Sales, commented, “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.

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 MRM (which is 75% owned by Gemfields and 25% by Mozambican partner Mwiriti Limitada). 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.

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