Record Ruby Prices at Gemfields Auctions

Record Ruby Prices at Gemfields Auctions
Pic courtesy Gemfields.

Gemfields, the British gemstone miner, says it achieved the highest ever average price per carat for rubies sold at its June auctions.

The sale of 216,600 carats raised a total of £68.7m – an average $316.95 per carat.

Gemfields cautioned that varying mixes of size, color and clarity means the results of each auction are not always directly comparable.

“While auction results should not be directly compared, our team is proud to have crossed the milestone of an average selling price of $300 per carat at this auction,” said Adrian Banks, managing director of product and sales.

Gemfields, which this week announced the appointment of former CEO at De Beers Group Bruce Cleaver as its new chair and independent non-executive director, is 75 per cent owner of the Montepuez Ruby Mine in Mozambique, as well as the Kagem Emerald Mine in Zambia.

It reported near-record revenues of $262m for FY2023, despite lowered production of both emeralds and rubies, and the cancellation of an emerald auction.

Gemfields raised marginally less this month than at its previous auctions, in December 2023 ($68.7m rather than $69.5m) but the average per carat price was $316.95, as against $290.02.

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