Gemfields has reported revenues of USD 11 million from its latest mini-auction of rough rubies mined at Montepuez Ruby Mining (MRM) in Mozambique. The auction, conducted via online bidding after viewings in Bangkok from 29 September to 3 October, saw 26 of 33 lots sold, representing 62% of the 297,449 carats on offer. The average realised price was USD 59.43 per carat.
The auction primarily featured medium and commercial grades of rubies from a newly developed area within the ‘Maninge Nice’ domain. Adrian Banks, Gemfields’ Managing Director of Product & Sales, said, “We are encouraged by both the results and the strong customer engagement, reflecting growing interest in this new material. As this auction is part of the early market discovery process for new material, we will leverage the market feedback received to refine our future offerings.”
Proceeds from the sale will be fully repatriated to Mozambique, with royalties paid to the government.
Gemfields also announced that its regular November/December ruby auction has been deferred to January/February 2026 due to delays in commissioning MRM’s second processing plant, compounded by disruptions caused by illegal miner activity. The company noted that between 250 and 400 illegal miners per day have recently sabotaged plant infrastructure, affecting operations and contributing to reduced tax receipts for Mozambique.