Sunday, July 7, 2024

Gemfields’ June Ruby Auction Nets $68.7 Million

London—Gemfields has announced that its recent mixed-quality ruby auction generated $68.7 million in sales.

With 97 percent of the lots sold and nearly 100 percent sold by weight, the auction saw 94 out of 97 lots, comprising 217,044 carats, find buyers. The sale achieved an average price of $316.95 per carat.

“We are pleased to announce another strong result, demonstrating the confidence that loyal customers have in our product offering and auction platform,” said Adrian Banks, Gemfields’ managing director of product and sales. Banks highlighted that the company surpassed an average selling price of $300 per carat at its June 2024 auction.

The rough rubies were sourced by Montepuez Ruby Mining Limitada (MRM), a venture 75 percent owned by Gemfields and 25 percent by Mozambican partner Mwiriti Limitada. The auction, consisting of seven mini-auctions, ran from June 3-18 via Gemfields’ online platform, with lots available for private viewings in Bangkok before the sale. Fifty-two companies participated in the bidding.

Although the auction’s total was lower than the $80.4 million garnered in the June 2023 sale, which featured 446,202 carats, the June 2024 event did not include a “low ruby” category. This category was present in the June 2023 sale and the December 2023 auction, affecting direct comparisons of results.

Gemfields noted that auction outcomes vary due to differences in the size, color, and clarity of lots, influenced by mined production and market demand. The June 2023 auction was 97 percent sold by lot but only 68 percent by weight, with an average price of $265.99 per carat. Notably, a lot representing about 30 percent of the total weight offered in June 2023 did not sell, which significantly impacted the average price per carat.

The June sale marks the 10th anniversary of Gemfields’ first ruby auction from MRM in Mozambique. Since June 2014, Gemfields has held 22 auctions of MRM gemstones, generating a cumulative $1.12 billion in revenue.

“While the industry is currently facing some headwinds, partly due to a softening market in China, we hope this result provides reassurance to stakeholders in our sector. We extend our gratitude to the hardworking team at MRM, our partners Mwiriti, and the Government of Mozambique, whose support makes these achievements possible,” said Banks.

The proceeds from this auction will be fully repatriated to MRM in Mozambique, with all due royalties paid to the Government of Mozambique based on the full sales price achieved.

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