Gemfields achieves record yearly revenue from ruby, emerald auctions

9th December 2022 By: Marleny Arnoldi - Deputy Editor Online

UK-headquartered Gemfields has generated $66.8-million in revenue from 98 lots of rough rubies sold on auction between November 21 and December 8.

The auction lots were made available for in-person and private viewings by customers in Bangkok, following which the auction took place through an online platform.

The rough rubies sold were extracted from Gemfields’ 74%-owned Montepuez ruby mine, in Mozambique.

Gemfields achieved an average price of $154.84/ct during the auction.

The auctions for the year, including for rubies from the Montepuez mine and emeralds from the Kagem mine, in Zambia, have generated a record of $316-million in revenue for this year, which is a 32% increase on the revenues generated from auctions in 2021.

With the ruby auction bringing in $66.8-million, Montepuez’s total auction revenue for 2022 stands at $166.7-million, which is a 13% improvement on last year’s record despite the challenging conflict conditions in the country’s Cabo Delgado province.

Gemfields product and sales MD Adrian Banks says the final auction for this year has yielded another strong result for Mozambican rubies, topping off a “truly glittering” year for Gemfields.