Gemfields Announces the Results of An Auction Comprised of Mixed-Quality Rough Ruby.
Total auction revenues of USD 52.0 million.
90 of the 99 lots offered for sale were sold (90.9%).
102,099 carats were offered for sale with 92,153 carats sold (90%).
Average sales price of USD 564.54 per carat.
Adrian Banks, Gemfields’ Managing Director of Product & Sales, commented:
“The results achieved at this auction reflect robust demand across the range of sizes and qualities offered, with particularly strong prices for larger, fine-quality rubies. This underscores the premium customers place on these exceptionally rare and precious rubies.
At slightly over 20 kilograms, this Mixed-Quality auction was smaller than those held in previous years and comprised predominantly higher-quality rubies. The lower volume reflects the year’s operational challenges and the ‘Trade Select’ auction strategy introduced in June, under which selected grades and categories are now offered separately. This change in auction strategy gives customers a more focused offering while enabling MRM to align the timing and composition of its auctions more closely with available production and market demand.
We greatly value our customers’ continued participation and constructive feedback as the auction.
system evolves. We thank the MRM team for the considerable effort that contributed to this successful outcome and acknowledge the valued support of our partner, Mwiriti.
We look forward to building on this outcome at the next Trade Select auction, planned for December.”
The gemstones were extracted in Mozambique by Montepuez Ruby Mining Limitada (“MRM”) which is 75% owned by Gemfields and 25% by Mwiriti 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 prices achieved at the auction.
The auction lots were made available in Bangkok for private, in-person viewings by customers. Following the viewings, the auctions took place via an online auction platform specifically adapted for Gemfields and which permitted customers from multiple jurisdictions to participate in a sealed-bid process.
The results of the five most recent Mixed-Quality MRM ruby auctions are summarised in the table below
The specific auction mix and the quality of the lots offered at each auction vary in characteristics such as size, colour and clarity on account of variations in mined production and market demand. Therefore, the results of each auction are not always directly comparable.
