Gemfields has released its results from two significant gemstone auctions held in September, which showcased commercial-quality sapphires, corundum, rubies, and emeralds. The auctions, conducted from September 2 to 4, yielded a total of $2.3 million, reflecting a notable increase from the $1.5 million generated during the same period in 2023.
The first auction, focusing predominantly on sapphire and corundum, achieved a remarkable 100% sell-through rate, with all 10 lots, totaling 5.7 million carats, successfully sold. The average price per carat reached $0.41, demonstrating strong market interest in these commercial-quality gemstones. The material offered was extracted by Montepuez Ruby Mining Limitada (MRM), in which Gemfields holds a 75% stake alongside its Mozambican partner, Mwiriti Limitada.
Adrian Banks, Gemfields’ Managing Director of Product and Sales, emphasized that the majority of the auction’s offerings consisted of corundum and sapphire, regarded as by-products of MRM. He expressed gratitude to the auction participants for their involvement in what he described as an enjoyable three-day event. “Despite the commercial nature of these goods, the auction saw strong attendance and robust demand,” Banks stated. “The significant volume of lower-priced rough sold will support the cutting centers in Chanthaburi, Thailand, and Jaipur, India.”
Additionally, Banks acknowledged the presence of the Government of Mozambique and partners from Mwiriti at the auction, congratulating them on the healthy results achieved for the material offered. 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 paid based on the total sales price attained.
Overall, the September auctions reflect Gemfields’ continued success in the gemstone market, underscoring the ongoing demand for quality gemstones in both commercial and luxury sectors.
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