British gemstone miner Gemfields concluded a successful auction of mixed-quality rough rubies held from June 5th to June 20th, 2023. The auction yielded remarkable results, showcasing the strong demand and robust market for rubies.
The auction generated a substantial revenue of $80.4 million, indicating a 20% increase compared to Gemfields’ previous ruby auction in December 2022. Out of the 94 lots offered for sale, an impressive 91 lots were sold, reflecting a remarkable sales rate of 97%.
The auction achieved an average realised price of $265.99 per carat, emphasising the growing value and attractiveness of rubies in the market.
Since June 2014, Gemfields’ subsidiary, Montepuez Ruby Mining Limitada, has conducted a total of 19 auctions for gemstones, generating $978.5 million in revenue.
Adrian Banks, Gemfields’ Managing Director of Product & Sales, commented: “With the revenue from this auction up 20% since our last ruby auction in December 2022, today’s results echo the significant rebound in market prices we reported just weeks ago for Zambian emeralds. The ruby market is clearly firing on all twelve cylinders and the step-change in market pricing which we reported in 2022 is notably enhanced. As always, we send our thanks and congratulations to our hard-working teams, our partners, our host governments and of course our clients for their support.”
In a separate statement, Gemfields said its auction of higher-quality rough emeralds, held from 15th May to 1st June, 2023, achieved record-breaking figures. The emerald auction generated an all-time revenue record of $43.7 million, surpassing any previous Kagem emerald auction.
The emerald auction also set an all-time record for price-per-carat paid for a single auction lot of $165.55 per carat. The 45 auctions of Kagem gemstones held since July 2009 have generated $964 million in total revenue.
Banks commented: “We are delighted to see the market rebound sharply once again, underpinning the step-change in market pricing which we reported in 2022. This is our 45th auction of Kagem emeralds since 2009 and to see no fewer than three records fall (the highest-ever revenue, the highest-ever average price per carat for an emerald auction and the highest-ever price per carat paid for a single auction lot) certainly puts the proverbial smile on my dial.”