Ruby Auction Yields Record Results for Gemfields

By Rapaport News / June 21, 2022 / www.diamonds.net / Article Link

RAPAPORT... Gemfields recorded its highest auction revenue for rubies from its Montepuez mine in Mozambique since it started selling in 2014.The company saw revenue of $95.6 million from a series of seven mini-auctions between May 30 and June 17, with 94% of lots finding buyers, it said Monday. The sales took place in Bangkok but were performed via an online auction platform that allowed customers from multiple jurisdictions to participate in a sealed-bid process, Gemfields explained.The miner sold 387,681 carats of rubies at an average price of $247 per carat, a record per-carat figure, it noted. That compared to $132 per carat at the previous set of ruby auctions in December 2021."While we would caution that second-half revenues are unlikely to match the remarkable first half, today's auction results again underscore the extent of the step change being experienced in the market," said Adrian Banks, Gemfields managing director of product and sales.Image: Rubies from the Montepuez mine. (Gemfields)

Recent News

Gold stocks reach new highs on metal price gain

August 25, 2025 / www.canadianminingreport.com

Rise in gold stocks propels TSXV Mining

August 25, 2025 / www.canadianminingreport.com

Market sees gold sector nearing full value overall after target upgrades

August 18, 2025 / www.canadianminingreport.com

Gold stocks gain even as metal pulls back

August 18, 2025 / www.canadianminingreport.com

Gold stocks rocket to new highs, valuations no longer inexpensive

August 11, 2025 / www.canadianminingreport.com
See all >
Share to Youtube Share to Facebook Facebook Share to Linkedin Share to Twitter Twitter Share to Tiktok