Gemfields ruby auction yields $7.2m in revenue
Gemstone miner Gemfields’ mini auction of rough rubies recovered from its 75%-owned Montepuez Ruby Mining (MRM) operation, in Mozambique, has generated revenue of $7.2-million at an average sales price of $39.47/ct.
The auction was held in Bangkok, Thailand, from April 21 to 25.
“We extend our gratitude to all participants who contributed to making this five-day auction both successful and enjoyable. This auction can be described as a hybrid offering, featuring both primary and secondary rubies,” Gemfields product and sales MD Adrian Banks says.
“Over 90% of the secondary material was under 0.2 grams (1 ct), presented across 13 lots and spanning a broad range of qualities. The primary rubies offered were of commercial quality, predominantly in smaller sizes,” he adds.
Twenty of the 21 lots on offer were sold and 72.8% of the 250 004 ct on offer were sold.
“Only one lot remained unsold – a 13.6 kg parcel of ‘L2’ quality, weighing between 0.05 and 0.09 grams (0.25 ct to 0.45 ct), expected to yield small, mixed-colour sapphires after cutting and polishing. This parcel, the largest by weight, accounted for 27.2% of the total weight offered,” Banks explains.
He points out that the auction saw strong attendance and robust demand, affirming the state of the ruby market against the backdrop of tariff-induced uncertainty in global markets.
“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,” Banks says.
Mwiriti holds the remaining 25% stake in MRM.
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