Coloured gemstone miner Gemfields reported encouraging results from its latest ruby auction, signalling stable demand for fine-quality rubies.

Its auction of mixed-quality rough ruby from Mozambique, held from November 25 to December 11, 2024, raked in US$46.2 million in revenues and reached an average price per carat of US$321.94 – a record high for a Gemfields’ mixed-quality ruby sale. The company said 97 out of the 102 lots offered were sold.

Gemfields’ Managing Director of Product & Sales Adrian Banks commented, “Despite ongoing economic challenges in China and geopolitical turbulence worldwide, the results of this auction represent a positive outcome under the current market conditions. These results reaffirm the stability of demand for Gemfields' rubies.”

There were also new companies who placed successful bids during the auction, which highlights a positive outlook across the quality spectrum. Banks added, “While we did observe some softer prices and thinner bidding, the average price per carat reached a record high for our mixed-quality ruby auctions, with the withdrawal of a lower-quality lot having only a limited effect.”

Meanwhile, Grizzly Mining Ltd also reported strong results from its latest international emerald auction held in Dubai in November 2024. Offered at the sale were mid- to high-grade rough emeralds from the Grizzly emerald mine in Zambia.

Auction revenues reached US$22.4 million, with 157 out of 164 lots offered having been sold. In attendance were 87 clients across Europe, Asia and Africa. Grizzly Chairman Abdoulaye Ndiaye said recent expansion initiatives at its Zambian mine resulted in strong production numbers, allowing it to hold another medium- to high-grade auction.