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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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Sabyasachi, The Metropolitan Museum Of Art Partnered For A Multi-Year Collaboration

The Line Bridges Historic Met Artifacts With Modern Luxury, Weaving Human Themes Of Love, Mortality, and Family Into Extravagant High Jewelry.

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Nearly two decades after making his New York runway debut, renowned Indian designer Sabyasachi Mukherjee is set to return to New York Fashion Week on September 15, 2026, unveiling the first chapter of a multi-year collaboration with The Metropolitan Museum of Art (The Met).

The partnership will debut with an exclusive six-piece high jewellery collection inspired by the museum’s extraordinary holdings of art, sculpture and material culture. The collection reflects Sabyasachi’s belief that history is not static, but continues to evolve as it travels across cultures and generations.

Comprising three necklaces, two wrist cuffs and a pair of earrings, the collection draws from Byzantine and Roman influences while translating historic iconography into contemporary luxury. Crafted in 18k and 22k gold, the pieces feature round brilliant-cut diamonds alongside jade, tourmaline, lapis lazuli, jasper and onyx.

The designs take inspiration from Imperial Roman statuary, ancient medallions and religious artefacts housed in The Met. Among the standout creations is a pendant necklace based on an Imperial Roman marble sculpture depicting a family, inspired by a 2nd–3rd century CE Roman funerary relief from Thrace. Another notable piece is an asymmetrical tiger-claw necklace influenced by the intricate decoration of a 12th-century casket.

Rather than simply recreating historical objects, Sabyasachi reinterprets them through the lens of modern high jewellery, weaving universal themes such as love, mortality and family into each creation.

The New York presentation marks the beginning of a long-term creative dialogue between Sabyasachi and The Met, bringing together Indian design sensibilities and one of the world’s most celebrated museum collections in a collaboration that bridges heritage, craftsmanship and contemporary luxury.

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