Gemfields Group Limited has published the results of their recent auction of mixed-quality rough rubies, which took place between November 25th and December 11th, 2024.
Total auction income was $46.2 million, with 97 out of 102 offered lots (167,865 carats) sold (95% success rate). The reduced earnings compared to prior auctions was owing to a smaller number of premium rubies available. Gemfields auctioned mixed-quality rubies at a record high average price per carat of $321.94/carat.
The company stated that bidding activity was lower than typical, with some softer prices seen. New market entrants with established supply chains participated successfully.
Adrian Banks, Gemfields’ Managing Director of Product & Sales, stated: “Despite ongoing economic challenges in China and geopolitical turbulence around the world, the results of this auction represent a positive outcome under current market conditions.” These findings confirm the constancy of demand for Gemfields rubies, with fine-quality pricing commensurate with the limited supply of these rare and valuable gemstones.”