Gemfields Reports Strong Results in June Ruby Auction
The numbers indicate a rebound in the market for the rough stone.
The rough rubies were extracted by Montepuez Ruby Mining Limitada (MRM), which is 75 percent owned by Gemfields and 25 percent by Mozambican partner Mwiriti Limitada.
All but three of the 94 lots of mixed-quality stones found buyers, the company said, adding that 51 companies placed bids.
The company sold 302,317 carats of rubies averaging $266 per carat, a 72 percent increase compared with the $155-per-carat average seen in the December auction.
One lot weighing 26.8 grams—representing around 30 percent of the total weight offered—did not sell. As a result, the average price per carat realized at this auction was “considerably higher” than if the lot also sold, Gemfields said.
The auction took place June 5-20, with lots made available in Bangkok for private, in-person viewings.
“Today’s [ruby] results echo the significant rebound in market prices we reported just weeks ago for Zambian emeralds,” said Gemfields’ Managing Director of Product and Sales Adrian Banks.
“The ruby market is clearly firing on all 12 cylinders and the step-change in market pricing, which we reported in 2022, is notably enhanced.”
The Gemfields auction follows the record-breaking $30 million sale of the 55.22-carat Mozambican ruby mined by Fura Gems, which was founded by a former Gemfields executive.
Mozambican rubies have been available in the trade since 2009.
In GIA’s 2021 coverage of Fura’s inaugural ruby sale, the lab said the industry was “struggling” for rough stones, as regular supply chains were disrupted by COVID-19.
“The manufacturers have a clear hunger for rough rubies, though they also have limited financial reserves,” it said, noting the presence of Mozambican rough ruby suppliers, “makes for an exciting change in the gem scene.”
The 19 MRM gemstone auctions held since June 2014 have generated $978.5 million in total revenue.
“The proceeds of this auction will be fully repatriated to MRM in Mozambique, with all royalties due to the Government of the Republic of Mozambique being paid on the full sales price achieved at the auction,” Gemfields said.
The Latest
The announcement coincided with its full-year results, with growth driven by its jewelry brands.
Looking ahead, the retailer said it sees “enormous potential” in Roberto Coin’s ability to boost its branded jewelry business.
Jewelry trade show veterans share strategies for engaging buyers, managing your time effectively, and packing the right shoes.
Despite the rising prices, consumers continue to seek out the precious metal.
This little guy’s name is Ricky and he just sold for more than $200,000 at Sotheby’s Geneva jewelry auction.
Though its website has been down for a week, Christie’s proceeded with its jewelry and watch auctions on May 13-14, bringing in nearly $80 million.
Despite the absence of “The Allnatt,” Sotheby’s Geneva jewelry auction totaled $34 million, with 90 percent of lots sold.
Tradeshow risks are real. Get tips to protect yourself before, during and after and gain safety and security awareness for your business.
Lilian Raji gives advice to designers on how to make the most of great publicity opportunities.
Why do so many jewelers keep lines that are not selling? Peter Smith thinks the answer lies in these two behavioral principles.
The “Argyle Phoenix” sold for more than $4 million at the auction house’s second jewels sale.
The annual list recognizes young professionals making an impact in jewelry retail.
Owner David Mann is heading into retirement.
While overall sales were sluggish, the retailer said its non-bridal fine jewelry was a popular choice for Valentine’s Day.
Christie's is selling one of the diamonds, moving forward with its Geneva jewelry auction despite the cyberattack that took down its website.
The ad aims to position platinum jewelry as ideal for everyday wear.
Retailers can customize and print the appraisal brochures from their store.
The move follows a price-drop test run in Q4 and comes with the addition of a “quality assurance card” from GIA for some loose diamonds.
The site has been down since Thursday evening, just ahead of its spring auctions.
The late former U.S. Secretary’s collection went for quadruple the sale’s pre-sale estimate.
Three fifth graders’ winning designs were turned into custom jewelry pieces in time for Mother’s Day.
Kimberly Adams Russell is taking over the role from her father, David Adams, marking the third generation to hold the title.
As a token of womanhood, this necklace depicts when Venus was born from the sea.
The deal gives the retailer control over the distribution of Roberto Coin jewelry in the U.S., Canada, Caribbean, and Central America.
Show your mother some love with a piece of fine jewelry.
The company’s Easton location will remain open.
Brian D. Fleming of Carla Corporation was elected to serve a one-year term in the role.