Gemfields Earns $68.7 Million from June Ruby Auction
London-listed Gemfields Group reported total auction revenues of $68.7 million from the June auction of mixed-quality rough rubies recovered from the Montepuez ruby mine in Mozambique.
The auction saw 94 of the 97 lots offered for sale—comprising 217,044 carats—successfully sold, achieving a 97% sales rate. An average price of $316.95 per carat was realized.
The rough rubies were extracted by Montepuez Ruby Mining (MRM), a joint venture with Gemfields owning 75% and its Mozambican partner Mwiriti holding the remaining 25%.
The proceeds from the auction will be fully repatriated to MRM in Mozambique, with all royalties due to the government of Mozambique paid on the full sales price achieved at the auction.
Since June 2014, MRM gemstone auctions have generated a total of $1.12 billion in revenue.
“This auction marks the tenth anniversary of Gemfields’ first auction in June 2014 of rubies from the Montepuez mine. We are pleased to announce another strong result demonstrating the confidence that loyal customers have in our product offering and auction platform.
While auction results should not be directly compared, our team is proud to have crossed the milestone of an average selling price of $300 per carat at this auction,” said Adrian Banks, Managing Director of Products and Sales at Gemfields.
“While the industry is currently facing some headwinds, partly due to a softening market in China, we hope this result provides good comfort to other stakeholders in our sector.
As always, our thanks and appreciation go out to the hardworking team at MRM, our partners Mwiriti, and the government of Mozambique, whose support makes these results and achievements possible,” he added.
The auction lots were made available for private, in-person viewings by customers in Bangkok. Following the viewings, the auctions were conducted via an online platform specifically adapted for Gemfields, allowing customers from multiple jurisdictions to participate in a sealed-bid process.
