Gemfields noted significant improvement in the market for rubies from its Montepuez mine in Mozambique as revenue rose 20% from its last sale in December.
The company achieved $80.4 million from the sale of 91 lots between June 5 and 20, with all but three of the lots offered finding buyers, it said Wednesday. The auctions, which took place in Thailand, comprised mixed-quality rough gemstones. Earlier this month, Gemfields saw demand for emeralds from its Kagem mine in Zambia strengthen as well, with the miner notching three records, including highest auction revenue, average price and price per carat paid for a single auction lot.
“Today’s results echo the significant rebound in market prices we reported just weeks ago for Zambian emeralds,” said Adrian Banks, managing director of product and sales at Gemfields. “The ruby market is clearly firing on all 12 cylinders and the step change in market pricing which we reported in 2022 is notably enhanced.”
Gemfields sold 302,317 carats of rubies at an average price of $266 per carat. That compared to $155 per carat at the previous series of ruby auctions in November and December. The figure is also the highest average price per carat garnered at any of the five sales held since March 2021. Some 51 companies placed bids, Gemfields added.
Image: Rough rubies from Gemfields’ Montepuez mine in Mozambique. (Gemfields)