Gemfields garnered $52 million at its most recent sale, reflecting robust demand for rough rubies.
The company sold 90 of the 99 lots of rubies on offer from its Montepuez mine in Mozambique between October 5 to 16, it said Monday. The auction took place in Bangkok, and it comprised mixed-quality rough stones.
“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,” said Adrian Banks, managing director of product and sales at Gemfields. “This underscores the premium customers place on these exceptionally rare and precious rubies.”
Gemfields sold 92,153 carats of rubies at an average price of $565 per carat, up 102% from the February sale.
The auction featured a smaller selection following a strategy shift the miner introduced in June, under which it sells selected grades and categories separately. The new system gives buyers a more targeted choice while allowing the Montepuez mine to align auction timing and assortments with production levels and market demand, Banks explained.
Image: Rough rubies. (Gemfields)
