Roskin Gem News Report

Gemfields’ Ruby Auction Delivers $69.5 Million

In the December ruby auction, Gemfields announced that all 97 lots offered sold, for a total revenue of $69.5 million.

The auction took place after in-person Bangkok viewings went online from November 20th to December 5th, 2023. At auction were mixed-quality ruby rough from Gemfields’ Montepuez Mozambique mine.

Adrian Banks, Gemfields’ Managing Director of Product & Sales, said: “We’ve seen ruby prices at our auctions go from strength to strength in recent years and our final auction of 2023 has further endorsed that trend. This auction has shown that the demand and pricing for rough rubies is decidedly healthy. Gemfields’ total auction revenue for 2023 stands at USD 242 million, the second highest in our history.”

According to all published reports, the rough rubies were extracted by Montepuez Ruby Mining Limitada (“MRM”, which is 75% owned by Gemfields and 25% by its Mozambican partner Mwiriti Limitada).

Auction Process
The auction lots were all made available in Bangkok for private, in-person viewings by clients.

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

According to the Gemfields press release, 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.

Highlights: December 2023 Mixed-Quality Ruby Auction

* Total auction revenues of USD $69.5 million

* All 97 lots (comprising 239,591 carats) offered for sale were sold (100%)

* Average realised price of USD 290.02 per carat

MRM Auction Revenue
The 21 auctions of MRM gemstones held since June 2014 have now generated over one billion dollars (USD $1,049 million) in total revenue

2023 – $242 million
“Gemfields’ total auction revenue for 2023 stands at USD 242 million, the second highest in our history. This auction also takes Gemfields past the milestone of USD 2 billion in cumulative emerald and ruby auction sales, an achievement that the Gemfields team and our stakeholders can be very proud of, particularly given the remittance of these sales revenues in full to the countries of origin, and the payment of nearly USD 400 million in mineral royalties and corporation taxes to the combined governments of Mozambique and Zambia.

The results of the five most recent mixed-quality MRM ruby auctions are summarised in the table
below (and earlier results are available at

** One lot of 26,806 grams (representing some 30% of the total weight offered) remained unsold at the June 2023 auction. As a result, the average price per carat realised at this auction was considerably higher than it would have been had this lot also been sold. These gems were then sold at the September 2023 commercial quality ruby auction.

** The ‘Low Ruby’ category was not offered at this December 2023 auction given that approximately 703,000 carats were sold at the commercial quality ruby auction in September 2023.

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