British coloured-gemstone miner Gemfields achieved a total revenue of $69.5 million at its latest sealed-bid ruby auctions held online from 20 November to 5 December 2023. The auction featured mixed-quality rough rubies from its Montepuez mine in Mozambique, which is operated by Gemfields in partnership with Mwiriti Limitada.
According to Gemfields, in a series of seven online auctions after viewings in Bangkok, Thailand, a total of 239,591 carats of rubies in 97 lots offered for sale were sold at an average price of $290.02 per carat. This is the highest average price per carat ever achieved by Gemfields for its rubies, and reflects the strong demand and appreciation for the quality and provenance of the gemstones. Gemfields’ previous ruby auctions in June 2023 achieved $80.4 million, at an average price of $266 per carat on sales of 302,317 carats.
The miner’s auction revenue for 2023 came to $242 million, the second highest in the company’s history, the miner said. Including this auction, the cumulative total for rough rubies from Montepuez has passed the $1 billion mark. The auction also marked a significant milestone for Gemfields, as it pushed its cumulative emerald and ruby auction sales past the $2 billion mark, with nearly $400 million paid in mineral royalties and corporation taxes to the governments of Mozambique and Zambia, where the company operates its mines.
Adrian Banks, Gemfields’ managing director of product & sales, said: “We have 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 is decidedly healthy.” (Photo courtesy: Gemfields)
12-12-2023
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