Ruby Auction Yields Record Results for Gemfields

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)