Gemfields Group Limited has reported strong results from their recent auction of mixed-quality rough rubies, which took place from June 3rd to 18th, 2024. The event, which commemorated the 10th anniversary of Gemfields‘ first ruby auction, demonstrated significant market confidence despite industry concerns.
The auction raised a total of $68.7 million, with 94 of the 97 items sold, totaling 217,044 carats. This performance yields an average realized price of $316.95 per carat.
Adrian Banks, the Managing Director of Product and Sales at Gemfields, “This auction commemorates the tenth anniversary of Gemfields‘ inaugural auction of rubies from Mozambique’s Montepuez Ruby Mine in June 2014. We are thrilled to announce another outstanding outcome, proving loyal clients’ trust in our product offering and auction platform. While auction results should not be directly compared, our team is pleased to have achieved the milestone of an average selling price of $300 per carat at this auction.
“While the industry is now suffering some challenges, owing in part to a weakening in China, we hope this result brings some comfort to other stakeholders in our sector. As always, we applaud and appreciate the diligent team at MRM, our partners Mwiriti, and the Mozambican government for their support in making these outcomes and achievements possible.