Gemfields has reported solid results from its latest auction of mixed-quality rough rubies, generating total revenues of $31.7 million. The auction, held from 2-13 June in Bangkok, saw 78 of 90 lots sold, representing 69% of the 99,830 carats on offer.
Despite being the smallest mixed-quality ruby auction by weight to date, demand remained strong, with an average sales price of $461.48 per carat—boosted by the sale of a striking 36-carat ruby from a newly explored area of the Montepuez Ruby Mine (MRM). The gem fetched a notable price and became the third-most valuable single-gemstone lot in MRM’s history.
Adrian Banks, Managing Director of Product & Sales at Gemfields, noted, “While this was our smallest mixed-quality ruby offering by weight to date, and there is clearly ongoing instability in the market stemming from, inter alia, ongoing geo-political turbulence, China’s economic difficulties and considerable tariff uncertainty, today’s auction result demonstrated the resilience of rubies in turbulent times.”
Banks added that demand and pricing for fine-quality rubies remain strong. Notably, the secondary-type rubies recently recovered from a newer section of the mine, including a 36-carat fine-quality ruby, exhibiting different characteristics, were generally well received by auction customers.
“This is a particularly promising development as MRM advances towards the completion of Processing Plant 2, enhancing its ability to deliver a consistent and diversified supply of Mozambican rubies to meet the evolving demands of the market.”
This auction followed an April 2025 mini-auction of smaller rubies, which brought in an additional $ 7.2 million. While overall sales volume and carat weight were down compared to previous auctions, the sharp rise in average per-carat value reflects market appreciation for high-quality rubies amid tighter supply.