Gemfields’ final ruby auction for 2023 saw robust buying activity, demonstrating the ongoing vitality of the ruby market, according to the company.

The auction, held from November 20 to December 5, 2023, featured mixed-quality rough rubies from Mozambique, mined by Montepuez Ruby Mining Limitada (MRM). Gemfields owns 75 per cent of MRM while the other 25 per cent is held by its Mozambican partner Mwiriti Limitada.

Latest auction revenues reached US$69.5 million, with all 97 lots, or a total of 239,591 carats, being sold. The average realised per-carat price was US$290.02. 

Lot viewings were held in Bangkok while the auction proper was conducted via an online platform specifically adapted for Gemfields.

According to Gemfields, the latest event brings total revenues from MRM’s 21 auctions since June 2014 to US$1.05 billion.

Gemfields’ Managing Director of Product & Sales Adrian Banks said ruby prices at Gemfields auctions grew steadily in recent years. He added, “This auction has shown that demand and pricing for rough rubies is decidedly healthy. Gemfields’ total auction revenue for 2023 stands at US$242 million, the second highest in our history. This auction also takes Gemfields past the milestone of US$2 billion in cumulative emerald and ruby auction sales.”