Editor’s Note
Gemfields’ latest mixed-quality rough ruby auction set a new benchmark, achieving a record average price of $321.94 per carat and generating $46.2 million in revenue. The strong demand underscores the continued vitality of the colored gemstone market.
Gemfields announced that its latest mixed-quality rough ruby auction generated $46.2 million. The sale achieved a record average price per carat of $321.94 for the company’s mixed-quality ruby auctions. The auction, conducted via an online platform from November 25 to December 11, 2024, sold 95% of the 102 lots offered, totaling 167,865 carats.
While the total revenue was lower than the $68.7 million achieved in June 2024, Gemfields attributed this primarily to a lower quantity of “premium” rubies being offered in this sale, rather than a decline in market value. The company noted that auction results are not always directly comparable due to variations in the size, color, and clarity of the lots offered.
Adrian Banks, Gemfields’ Managing Director of Product and Sales, commented on the market conditions:
He also noted the company was encouraged to see new entrants with well-developed supply chains participating successfully. Forty-six companies placed bids in the auction.
The rubies were extracted by Montepuez Ruby Mining Limitada (MRM) in Mozambique, which is 75% owned by Gemfields. Banks addressed the situation in Mozambique, where civil unrest following a contested election has caused supply chain disruptions:
He confirmed that the company’s mining operations remain unaffected by the conflict. The auction proceeds will be fully repatriated to MRM in Mozambique, with all due royalties paid to the Mozambican government.
