Gemfields said that the company's last ruby auction in 2023 was vigourously, indicating that the ruby market continued to be strong.
The auction was held from November 20 to December 5, 2023, presenting different quality Mozambican ruby raw stones, all mined by Montepuez Ruby Mining Limitada (MRM). Gemfields owns 75% of MRM, and the remaining 25% is held by Mozambique partner Mwiriti Limitada.
The laetst auction sold a total of 97 lots, with a total weight of 239.591 carats and a revenue of $69.5 million. The average transaction price per carat is $290.02.
The auction preview was held in Bangkok, and the auction was held through an online platform specially designed for Gemfields. According to Gemfields, together with the auction, MRM has held 21 auctions since June 2014, with a total revenue of $1.05 billion.
Adrian Banks, executive director of products and sales at Gemfields, said that the price of rubies at Gemfields auctions has continued to rise in recent years. He added: "This auction shows that the demand and price of ruby raw stone remain stable. The total revenue of Gemfields auction in 2023 was $242 million, the second highest level in the company's history. This auction has made Gemfields' cumulative turnover of emeralds and rubies exceed $2 billion.
