Sunday, October 13, 2024

Gemfields Reports Strong Results in June Ruby Auction

London – Gemfields raised $80.4 million at its June rough ruby auction, a 20 percent increase on its last ruby sale in December 2022, the company announced last week.

The rough rubies were mined by Montepuez Ruby Mining Limitada (MRM), which is 75 percent owned by Gemfields and 25 percent by Mozambican partner Mwiriti Limitada.

All but three of the 94 lots of mixed quality stones found buyers, the company said, adding that 51 companies submitted bids.

The company sold 302,317 carats of rubies at an average of $266 per carat, a 72 per cent increase over the average of $155 per carat at the December sale.

One lot weighing 26.8 grams – representing approximately 30 percent of the total weight offered – was not sold. As a result, the average price per carat realised at this auction was “significantly higher” than if that lot had sold, Gemfields said.

The auction took place from 5 to 20 June, with lots made available for private viewing in Bangkok.

“Today’s [ruby] results mirror the significant recovery in market prices we reported for Zambian emeralds just a few weeks ago,” said Gemfields’ managing director of product and sales Adrian Banks.

“The ruby market is clearly firing on all 12 cylinders, and the step change in market prices we reported in 2022 has been significantly reinforced.”The Gemfields auction follows the record-breaking $30 million sale of the 55.22 carat Mozambican ruby mined by Fura Gems, which was founded by a former Gemfields executive.

Mozambican rubies have been commercially available since 2009.

In GIA’s 2021 report on Fura’s first ruby sale, the laboratory said the industry was “struggling” for rough stones as regular supply chains were disrupted by COVID-19.

“Producers have a clear hunger for rough rubies, although they also have limited financial reserves,” she said, noting that the presence of Mozambican rough ruby suppliers “makes for an exciting change in the gemstone scene”.

The 19 MRM gemstone auctions held since June 2014 have raised a total of $978.5 million.

“The proceeds from 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,” Gemfields said.

Alice
Alice
Alice is a seasoned jewelry designer renowned for her exquisite creations that seamlessly blend artistry with elegance. With a passion for craftsmanship and an unwavering commitment to quality, Alice has established herself as a distinguished figure in the world of fine jewelry. Drawing inspiration from diverse cultures and artistic movements, Alice brings a unique perspective to her designs, creating pieces that transcend mere accessories to become timeless works of art. Her meticulous attention to detail and insistence on using only the finest materials ensure that each creation reflects not only her artistic vision but also a commitment to unparalleled craftsmanship. Having honed her skills through years of dedicated practice and a keen understanding of evolving trends, Alice is adept at translating her clients' desires into bespoke, one-of-a-kind pieces. Her portfolio encompasses a range of styles, from classic and timeless to avant-garde and contemporary, showcasing her versatility and ability to cater to a diverse clientele.

Related Articles

Latest Articles