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Gemfields Sees Highest-Ever Average Price for Rubies

June 20, 2024  |  Suzanne Watkin
Gemfields rubies image

Prices for rubies at Gemfields’ most recent auction passed the $300 per carat mark for the first time. 

The company achieved $68.7 million from the sale of 94 lots from its Montepuez mine in Mozambique, it said Wednesday. The auctions, which took place in Thailand from June 3 to 18, comprised mixed-quality rough gemstones. In total, 97% of lots found buyers. 

“We are pleased to announce another strong result,” said Adrian Banks, managing director of product and sales at Gemfields. “While auction results should not be directly compared, our team is proud to have crossed the milestone of an average selling price of $300 per carat at this auction.” 

Gemfields sold 216,600 carats of rubies at an average price of $317 per carat. That compared to $290 per carat at the previous series of ruby auctions, which it held from November 20 to December 5. The increase comes despite a softening in the Chinese market, Banks explained. 

Gemfields has hosted 22 auctions of rubies from Montepuez since 2014. In total, those sales have garnered $1.12 billion, the miner added.

Image: Rubies from the Montepuez mine. (Gemfields)

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