Gemfields Sees Strong Demand at Ruby Auction

Gemfields brought in $7.2 million at its most recent auction, as demand for rubies picked up. 

The company sold 20 of the 21 lots of rough rubies on offer from its Montepuez mine in Mozambique between April 21 and 25, it said Monday. The auction, which took place in Bangkok, comprised mixed-quality rough rubies. 

“The auction saw strong attendance and robust demand, providing a timely affirmation of the state of the ruby market against the backdrop of tariff-induced uncertainty in global markets,” said Adrian Banks, managing director of product and sales at Gemfields. “The auction was a hybrid offering, featuring both primary and secondary rubies. The primary rubies offered were of commercial quality, predominantly in smaller sizes.” 

Gemfields sold 250,004 carats of rubies at an average price of $39 per carat. The parcel that remained unsold was the largest on offer, accounting for 27% of total carats available at the auction, Gemfields noted. 

Montepuez is Gemfields’ only mine currently in operation. The miner paused work at its other businesses, including the Kagem emerald deposit in Zambia, to save money amid the challenging market and decrease in demand.