Gemfields announces the results of a ruby auction comprised of mixed-quality rough rubies held during the period 20 November to 5 December 2023.
The rough rubies were extracted by Montepuez Ruby Mining Limitada (MRM). 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.
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.
Key takeaways of the December 2023 Mixed-Quality Ruby Auction are, 1: Total auction revenues of USD 69.5 million, 2: All 97 lots (comprising 239,591 carats) offered for sale were sold (100%), 3: Average realised price of USD 290.02 per carat & 4: The 21 auctions of MRM gemstones held since June 2014 have now generated over one billion dollars (USD 1,049 million) in total revenue.
Adrian Banks, Gemfields’ Managing Director of Product & Sales, commented:
“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 is decidedly healthy.
Gemfields’ total auction revenue for 2023 stands at USD 242 million, the second highest in our history. This auction also takes Gemfields past the milestone of USD 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 USD 400 million in mineral royalties and corporation taxes to the combined governments of Mozambique and Zambia.
As always, our thanks go to our hard-working colleagues, our partners, our host governments and of course our clients for their ongoing support and confidence in Gemfields.”
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