Gemfields Group Limited has reported robust results from its recent auction of mixed-quality rough rubies, held from 3rd to 18th June 2024. The event, marking the 10th anniversary of Gemfields’ inaugural ruby auction, showcased strong market confidence despite industry challenges.
The auction generated total revenues of $68.7 million, with 94 of the 97 lots offered being sold, accounting for 217,044 carats. This achievement translates to an average realised price of $316.95 per carat.
Adrian Banks, Managing Director of Product & Sales at Gemfields, “This auction marks the 10th anniversary of Gemfields’ first auction in June 2014 of rubies from the Montepuez Ruby Mine in Mozambique. We are pleased to announce another strong result demonstrating the confidence that loyal customers have in our product offering and auction platform. While auction results should not be directly compared, our team is proud to have crossed the milestone of an average selling price of $300 per carat at this auction.
“While the industry is currently facing some headwinds, arising in part from a softening in China, we hope this result provides good comfort to other stakeholders in our sector. As always, our thanks and appreciation goes out to the hardworking team at MRM, our partners Mwiriti and the Government of Mozambique, whose support makes these results and achievements possible.”