Gemfields Group Limited announced the results of its recent auction of mixed-quality rough rubies, held between November 25th and December 11th, 2024.
Total auction revenue reached $46.2 million, with 97 out of 102 offered lots (167,865 carats) being sold (95% success rate). The lower revenue compared to previous auctions was due to a smaller quantity of premium rubies offered. Average price per carat reached a record high of $321.94/carat for mixed-quality ruby auctions by Gemfields.
The company said bidding activity was thinner than usual, with some softer prices observed. New market entrants with established supply chains participated successfully.
Adrian Banks, Gemfields’ Managing Director of Product & Sales, commented: “Despite ongoing economic challenges in China and geopolitical turbulence worldwide, the results of this auction represent a positive outcome under the current market conditions. These results reaffirm the stability of demand for Gemfields’ rubies, with prices for fine-quality aligning well with the limited supply of these rare and precious gemstones.”