Gemfields has announced the results of a ruby auction of mixed-quality rough rubies held from November 20 to December 5, 2023.
Montepuez Ruby Mining Limitada (MRM) extracted the rough rubies. The revenues of this auction will be fully repatriated to MRM in Mozambique, with all royalties owed to the Government of the Republic of Mozambique being paid on the full auction sales price.
The auction lots were made accessible to customers in Bangkok for individual, in-person viewings. Following the viewings, the auctions were held using an online auction platform designed exclusively for Gemfields and allowing consumers from several jurisdictions to engage in a sealed-bid procedure.
The following are the key takeaways from the December 2023 Mixed-Quality Ruby Auction: 1: Total auction revenues of USD 69.5 million, 2: All 97 lots (comprising 239,591 carats) offered for sale were sold (100%), 3: Average realised price of USD 290.02 per carat, and 4: The 21 MRM gemstone auctions held since June 2014 have now generated over one billion dollars (USD 1,049 million) in total revenue.