Gemfields’ latest auction of mixed-quality rough rubies generated US$68.7 million, reflecting strong market confidence in Mozambique rubies amid industry challenges.

The auction, held from June 3 to 18, 2024, featured 97 lots, 94 of which were sold, translating to 216,600 carats. The average selling price reached US$316.95 per carat.

Adrian Banks, Gemfields’ managing director of product and sales, said strong results were achieved despite a “softening” in the China market.

“While auction results should not be directly compared, our team is proud to have crossed the milestone of an average selling price of US$300 per carat at this auction,” added Banks.

Rough rubies offered at the sale were extracted by Montepuez Ruby Mining Limitada (MRM), where Gemfields has a 75 per cent stake. The remaining 25 per cent of MRM belongs to Gemfields’ Mozambican partner, Mwiriti Limitada.

This latest ruby auction marked the 10th anniversary of Gemfields’ first auction of rubies from the Montepuez Ruby Mine in Mozambique back in June 2014. The 22 auctions since then achieved a total of US$1.12 billion in revenues, revealed Gemfields.

Proceeds of the June 2024 auction will be fully repatriated to MRM in Mozambique, according to the coloured gemstone miner.