Gemfields has reported encouraging results from its latest mini-auction of mixed-quality rough rubies from Mozambique's Montepuez Ruby Mining (MRM), generating US$11 million in revenues. Held online following viewings in Bangkok from 29 September to 3 October 2025, the sale featured medium and commercial-grade secondary material from the newly developed 'Maninge Nice' domain, known for its brighter, more open red tones.
Of the 33 lots offered, 26 were sold, representing 62 percent of the 297,449 carats available, at an average realised price of US$59.43 per carat. Adrian Banks, Gemfields' managing director of product & sales, highlighted strong customer engagement and growing interest in this new material. "We are encouraged by the results," he noted, adding that the seven unsold lots—primarily smaller sizes in lower-quality grades—provide valuable market feedback for future refinements.
MRM, 75 percent owned by Gemfields and the rest by Mozambican partner Mwiriti Limitada, will see all proceeds repatriated, with royalties paid to the Mozambican government. However, operational challenges loom large. The usual November/December ruby auction has been deferred to January/February 2026 due to delays in commissioning MRM's second processing plant, now compounded by illegal mining activities.
Over the past two weeks, 250 to 400 illegal miners daily have sabotaged the plant's supply infrastructure, disrupting operations and flooding the market with illicit rubies. This not only depresses prices but also reduces Mozambique's tax revenues. Gemfields continues to liaise with authorities to address the issue, underscoring the vulnerabilities in ruby extraction amid rising demand. (Photo courtesy: Gemfields)
27-10-2025
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