Gemfields Generates $53 Million from Mozambique Ruby Auction
Gemfields Ruby Auction Raises $53M as Montepuez Mine Expands Processing Capacity
Gemstone producer Gemfields reported revenue of $53 million from a mixed-quality rough ruby auction held from February 9 to 20.
The rubies were sourced from Montepuez Ruby Mining (MRM), Gemfields’ 75%-owned operation in Mozambique and one of the world’s leading ruby deposits.
At the auction, 121 of the 135 lots offered were sold, representing a 90% sales rate. In volume terms, 189,620 carats of the 214,509 carats available were purchased, equivalent to 88% of total carats on offer. The average achieved price was $279 per carat.
Notably, this marked the first auction to feature material processed through MRM’s second processing plant, highlighting its growing contribution ahead of full commissioning.
Gemfields’ product and sales managing director, Adrian Banks, said the auction attracted strong attendance and featured a diverse range of ruby sizes and qualities.
He noted particularly positive demand for more fluorescent stones from newly developed mining areas, while fine-quality rubies continued to command firm prices.
However, bidding for certain categories was softer. The company attributed this partly to increased supply entering the market from illegal mining activity in the Montepuez region, as well as subdued demand from China.
MRM is continuing to collaborate with engineering firm Consulmet and equipment manufacturers to complete the final commissioning stages of its second processing plant. Once fully operational, the plant is expected to triple ore processing capacity.
Although the facility has demonstrated its ability to reach its design throughput of 400 tonnes per hour, further refinements and component adjustments are required to ensure consistent, sustained performance at that level.
The expanded processing capacity is expected to strengthen Montepuez Ruby Mining’s production profile and support future auction volumes as Gemfields continues to optimise operations in Mozambique.
