Editor’s Note
Gemfields reports robust ruby and emerald sales, with a 20% revenue increase since late 2022, driven by strong demand at recent auctions.
Gemfields has recorded a strong upswing in the ruby market with stones from its Montepuez mine in Mozambique. Prices for emeralds have also risen sharply.
A 20 percent increase in revenue: that is the result the British gemstone supplier Gemfields has been able to record since December 2022. The company recorded a profit of $80.4 million from 91 lots sold between June 5 and June 20. Only three offered lots found no buyer. The gemstone auctions took place in Thailand, offering rough stones in mixed qualities.
At the beginning of the month, demand for emeralds from the Kagem mine in Zambia also increased at Gemfields. Here, the company was able to celebrate three small records. The auction with the highest profit took place, the highest average price was achieved, and the highest price per carat was achieved in a single auction.
Adrian Banks, the Managing Director at Gemfields, commented:
Gemfields auctioned a total of 302,317 carats of rubies at an average price of $266 per carat. At auctions in November and December of last year, the rubies achieved an average of only $155 per carat.
