Gemfields reports $31.7m in revenue from latest ruby auction
Supplier of coloured gemstones Gemfields reported total revenues of $31.7 million (R566m) from its latest mixed-quality ruby auction, as 78 of the 90 lots offered were sold, representing a sales rate of 87% by lot and 69% by carat weight.
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Supplier of coloured gemstones Gemfields reported total revenues of $31.7 million (R566m) from its latest mixed-quality ruby auction, as 78 of the 90 lots offered were sold, representing a sales rate of 87% by lot and 69% by carat weight.
A total of 99 830 carats were offered, with 68 705 carats successfully sold at an average price of $ 461.48 per carat, the company said in a statement on Tuesday.
The auction, which included rubies from a newly developed section of the Montepuez Ruby Mining (MRM) site in Mozambique, featured a standout 36-carat fine-quality ruby. The stone attracted strong interest and achieved one of the highest prices ever for a single gemstone from MRM, ranking third in the mine’s history, Gemfields said.
Adrian Banks, Gemfields' managing director of product and sales, said, "While this was our smallest mixed-quality ruby offering by weight to date, and there is clearly ongoing instability in the market stemming from, inter alia, ongoing geo-political turbulence, China's economic difficulties and considerable tariff uncertainty, today's auction result demonstrated the resilience of rubies in turbulent times."
The auction follows a mini-sale held in April 2025 that generated $7.2m, which under normal circumstances would have been included in the June event. The company said that the April sale and some unsold lower-quality, higher-weight lots contributed to a skew in the overall average price per carat.
All rubies were extracted by MRM, a joint venture 75% owned by Gemfields and 25% by local partner Mwiriti Limitada. Auction proceeds will be fully repatriated to Mozambique, with all applicable royalties paid to Mozambique based on gross sales prices.
Gemfields continues its development of Processing Plant 2 (PP2) at MRM, aimed at bolstering production consistency and supporting the evolving global demand for Mozambican rubies.
BUSINESS REPORT