Gemfields, the UK-based gemstone miner, has reported a record high price of $322 per carat at its latest series of mixed-quality rough ruby auctions. The auctions, held between 25 November and 11 December in Bangkok and online, raised a total of $46.2 million from the sale of 143,613 carats, with 14% of lots (by weight) remaining unsold.
This achievement is seen as a “positive outcome under the current market conditions,” despite the ongoing economic challenges in China and geopolitical instability in various regions. Notably, the civil unrest in Mozambique, where Gemfields’ Montepuez mine is located, has not had any adverse impact on operations.
Gemfields’ previous auction series in June raised $68.7 million from the sale of 216,000 carats. The average price per carat in the latest auction saw a slight increase, rising from $317 per carat in June to the new record price of $322 per carat.
“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,” said Adrian Banks, Gemfields’ Managing Director of Product and Sales.
In October, Gemfields reported a 16.7% drop in revenue for the six months ending 30 June, citing weaker market sentiment in a “complex year” as the primary reason behind the decline. However, the strong performance at the latest ruby auctions signals resilience amid a challenging global market.
