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.