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Gemfields' ruby auction nets US$80.4 mn

Gemfields Group on Wednesday said that it has secured revenue of $80.4 million from a ruby auction held from June 5 to June 20.

The mining company, which produces emeralds and rubies in Africa, said it sold 97% of its lots and booked an average price of $265.99 a carat.

"With the revenue from this auction up 20% since our last ruby auction in December 2022, today's results echo the significant rebound in market prices we reported just weeks ago for Zambian emeralds," said Adrian Banks, managing director of product and sales.

Following the viewings, the auctions took place via an online auction platform specifically adapted for Gemfields and which permitted customers from multiple jurisdictions to participate in a sealed-bid process.

The rough rubies were extracted by MRM. 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.

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