London – Gemfields raised $80.4 million at its June rough ruby auction, a 20 percent increase on its last ruby sale in December 2022, the company announced last week.
The rough rubies were mined by Montepuez Ruby Mining Limitada (MRM), which is 75 percent owned by Gemfields and 25 percent by Mozambican partner Mwiriti Limitada.
All but three of the 94 lots of mixed quality stones found buyers, the company said, adding that 51 companies submitted bids.
The company sold 302,317 carats of rubies at an average of $266 per carat, a 72 per cent increase over the average of $155 per carat at the December sale.
One lot weighing 26.8 grams – representing approximately 30 percent of the total weight offered – was not sold. As a result, the average price per carat realised at this auction was “significantly higher” than if that lot had sold, Gemfields said.
The auction took place from 5 to 20 June, with lots made available for private viewing in Bangkok.
“Today’s [ruby] results mirror the significant recovery in market prices we reported for Zambian emeralds just a few weeks ago,” said Gemfields’ managing director of product and sales Adrian Banks.
“The ruby market is clearly firing on all 12 cylinders, and the step change in market prices we reported in 2022 has been significantly reinforced.”The Gemfields auction follows the record-breaking $30 million sale of the 55.22 carat Mozambican ruby mined by Fura Gems, which was founded by a former Gemfields executive.
Mozambican rubies have been commercially available since 2009.
In GIA’s 2021 report on Fura’s first ruby sale, the laboratory said the industry was “struggling” for rough stones as regular supply chains were disrupted by COVID-19.
“Producers have a clear hunger for rough rubies, although they also have limited financial reserves,” she said, noting that the presence of Mozambican rough ruby suppliers “makes for an exciting change in the gemstone scene”.
The 19 MRM gemstone auctions held since June 2014 have raised a total of $978.5 million.
“The proceeds from this auction will be fully repatriated to MRM in Mozambique, with all royalties due to the Government of the Republic of Mozambique being paid on the full sales price achieved at the auction,” Gemfields said.
