Ruby Prices Spike at Gemfields Auction

The market for rough rubies continued to strengthen at the most recent Gemfields auction, which garnered the highest per-carat price in over two years.

The company achieved $69.5 million from the sale of 97 lots from its Montepuez mine in Mozambique between November 20 and December 5, with all items finding buyers, it said Wednesday. The auctions, which took place in Thailand, comprised mixed-quality rough gemstones.

“We’ve seen ruby prices at our auctions go from strength to strength in recent years, and our final auction of 2023 has further endorsed the trend,” said Adrian Banks, managing director of product and sales at Gemfields. “This auction has shown that the demand and pricing for rough rubies is decidedly healthy.”

Gemfields sold 239,591 carats of rubies at an average price of $290 per carat. That compared to $266 per carat at the previous series of ruby auctions in June. The figure is also the highest average price per carat realized at any of the six sales that took place since March 2021.

The miner’s auction revenue for 2023 came to $242 million, the second highest in the company’s history, it noted. Including this auction, the cumulative total for rough rubies from Montepuez has passed the $1 billion mark, while the figure for rubies and emeralds combined reached $2 billion, Banks added.