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Gemfields June ‘24 Rubies Auction nets  $68.7mn 

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Gemfields is pleased to announce the results of a ruby auction comprised of mixed-quality rough rubies held during the period 3 to 18 June 2024. 

Highlights:

  • Total auction revenues of USD 68.7 million
  • 94 of the 97 lots (comprising 217,044 carats) offered for sale  were sold (97%)
  • Average realised price of USD 316.95 per carat 
  •  The 22 auctions of MRM gemstones held since June 2014  have now generated USD 1.12 billion in total revenue 

Adrian Banks, Gemfields’ Managing Director of Product & Sales,  commented: “This auction marks the 10th anniversary of Gemfields’ first auction in June 2014 of rubies from the Montepuez  Ruby Mine in Mozambique. We are pleased to announce another strong result demonstrating the confidence that  loyal customers have in our product offering and auction platform. While auction results should not be directly  compared, our team is proud to have crossed the milestone of an average selling price of USD300 per carat at this  auction. 

While the industry is currently facing some headwinds, arising in part from a softening in China, we hope this result  provides good comfort to other stakeholders in our sector. As always, our thanks and appreciation goes out to the  hardworking team at MRM, our partners Mwiriti and the Government of Mozambique, whose support makes  these results and achievements possible.” 

The rough rubies were extracted by Montepuez Ruby Mining Limitada. The proceeds of 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.

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International News

DMCC Launches ‘DMCC FinX’ To bridge institutional capital, trade and technology

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DMCC – the leading international business district that drives the flow of global trade through Dubai – officially launched DMCC FinX today during the 13th Dubai Precious Metals Conference (DPMC) at Atlantis The Palm. Bringing together more than 1,000 senior industry figures, the conference convened global leaders from precious metals, finance, policy and technology to examine the forces reshaping the future of the sector.

Our closing panels at #DPMC2025 discuss regulation and market evolution. Deliberations on artisa (1)

Held under the theme “The Future of Precious Metals: Tariffs, Tokenisation and Trade Flows,” DPMC 2025 explored the rapid transformation of global commodities markets as geopolitical realignment, emerging technologies and reconfigured trade corridors redefine how value moves worldwide. Discussions centred on the convergence of precious metals, digital assets and finance; the rise of tokenisation; and Dubai’s accelerating role as a centre of trust, transparency and innovation for the global gold and precious metals industry.
Keynote speeches were delivered by H.E. Dr Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, Ruth Crowell, Chief Executive of the London Bullion Market Association (LBMA) and global financial commentator Grant Williams. The conference featured senior representatives from leading exchanges, refineries, bullion banks and regulatory bodies, including the World Gold Council, the Shanghai Gold Exchange, CME Group and the UAE Ministry of Economy. Panel sessions explored the realignment of global trade flows, the harmonisation of international standards, responsible sourcing in artisanal mining and the evolving role of bullion banks in a multipolar economy.

Our closing panels at #DPMC2025 discuss regulation and market evolution. Deliberations on artisa (2)

One of the headline announcements of the day was the formal launch of DMCC FinX – a strategic expansion designed to connect capital market participants, trade finance professionals and fintech innovators with DMCC’s rapidly growing community of more than 26,000 companies. Built on DMCC’s established financial and commodities infrastructure – including the Dubai Gold & Commodities Exchange (DGCX), its central counterparty and clearinghouse the Dubai Commodities Clearing Corporation (DCCC), DMCC Crypto Centre, DMCC Tradeflow platform, and key industry partnerships with regulatory players such as the Dubai Virtual Assets Regulatory Authority (VARA) – DMCC FinX will bridge real-world commerce, capital markets and digital assets, reinforcing Dubai’s position as a global hub where finance and trade intersect

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