Gemfields Mini Ruby Auction Achieves $7M

London—Gemfields announced its latest rough ruby auction, which took place April 21-25 in Bangkok, Thailand, brought in $7.2 million. 

At the sale, 73 percent of the 250,004 carats on offer sold, and the average price per carat was $39.47.  

“This auction can be described as a hybrid offering, featuring both primary and secondary rubies,” said Adrian Banks, Gemfields’ managing director of product and sales. 

“Over 90 percent of the secondary material was under 0.2 grams (1 carat), presented across 13 lots and spanning a broad range of qualities. The primary rubies offered were of commercial quality, predominantly in smaller sizes.” 

Of the 21 lots offered, one lot remained unsold, Gemfields said.  

The lot was a 13.6 kg parcel of L2-quality gemstones weighing between 0.05 and 0.09 grams, or about 0.25 to 0.45 carats. The miner said it was expected to yield small, mixed-color sapphires after cutting and polishing. 

The lot was the largest by weight, accounting for 27 percent of the total carat weight offered at the auction.

Montepuez Ruby Mining Limitada (MRM), which is 75 percent owned by Gemfields and 25 percent by Mozambican partner Mwiriti Limitada, mined the gemstones from the Montepuez mine in Mozambique.

“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,” Banks said.  

“We extend our thanks and congratulations to the government of Mozambique and our partners at Mwiriti, both of whom attended, on achieving very healthy results for material of this size and quality.” 

The proceeds of the auction will be fully repatriated to MRM in Mozambique, with all royalties due to the Mozambican government paid on the full sales price achieved at the auction.