LONDON – Gemfields, the renowned British colored gemstone miner, has announced the unprecedented success of its latest ruby auction, generating a staggering $69.5 million in total revenue. The online auction, conducted from November 20 to December 5, 2023, showcased mixed-quality rough rubies sourced from the Montepuez mine in Mozambique, operated by Gemfields in collaboration with Mwiriti Limitada.
The auction’s triumph was evident as all 97 lots presented for sale found buyers, achieving an extraordinary average price of $290.02 per carat. This sets a new record for Gemfields, marking the highest average price per carat ever attained for its rubies. The outstanding result underscores the robust demand and appreciation for the quality and origin of Gemfields’ gemstones.
In addition to this notable achievement, the auction also signifies a significant milestone for Gemfields. The cumulative emerald and ruby auction sales have now surpassed the $2 billion mark. Gemfields has further contributed nearly $400 million in mineral royalties and corporation taxes to the governments of Mozambique and Zambia, the locations where the company operates its mines.
Adrian Banks, Gemfields’ Managing Director of Product & Sales, expressed his satisfaction with the auction’s outcome, stating, “We’ve seen ruby prices at our auctions go from strength to strength in recent years, and our final auction of 2023 has further endorsed that trend. This auction has shown that the demand and pricing for rough rubies are decidedly healthy. Gemfields’ total auction revenue for 2023 stands at USD 242 million, the second highest in our history.” The success of this auction cements Gemfields’ position as a leader in the colored gemstone market, reflecting the ongoing upward trajectory of ruby prices and strong market demand.
