Editor’s Note
Gemfields’ latest ruby auction demonstrates robust demand in the colored gemstone market, achieving a near-perfect sell-through rate and a record $68.7 million in revenue. The strong results highlight continued investor and collector confidence in high-quality gemstones.
UK-based colored gemstone miner Gemfields has announced that its (mixed quality) ruby auction held in June generated a total of $68.7 million in sales.
Out of 97 lots offered, 94 lots (totaling 217,044 carats) were successfully sold, resulting in a sell-through rate of 97% by lot and nearly 100% by weight. The average price achieved was $316.95 per carat.
Following the news on June 23, Gemfields’ share price rose 5% on the London Stock Exchange, closing at 12.75 pence on June 25, giving the company a market capitalization of £149 million.
The rough rubies were mined by Montepuez Ruby Mining Limitada (MRM) in Mozambique, a company in which Gemfields holds a 75% stake, with the remaining 25% held by Mozambican mining company Mwiriti Limitada.