Auction Results: Mixed-Quality Rubies
Gemfields announces the results of an auction comprised of mixed-quality rough ruby held during the period 2 – 13 June 2025
Highlights – Mixed-Quality Ruby Auction – June 2025
- Total auction revenues of USD 31.7 million.
- 78 of the 90 lots offered for sale were sold (87%).
- 99,830 carats were offered for sale with 68,705 carats sold (69%).
- Average sales price of USD 461.48 per carat.
- The auction included rubies from a newer area of MRM which previously hasn’t been represented at auction in meaningful quantities, including a notable 36-carat ruby (pictured below) which sold well, becoming the third-most-valuable single-gemstone lot in MRM’s history.
- This auction follows a mini-auction of predominantly small-sized gemstones held in April 2025 that achieved auction revenues of USD 7.2 million and which would normally have been included in the June auction.
Adrian Banks, Gemfields’ Managing Director of Product & Sales, commented
“While this was our smallest mixed-quality ruby offering by weight to date, and there is clearly ongoing instability in the market stemming from, inter alia, ongoing geo-political turbulence, China’s economic difficulties and considerable tariff uncertainty, today’s auction result demonstrated the resilience of rubies in turbulent times.
Strong Demand for Fine-Quality Rubies
Demand and pricing for fine-quality rubies remain strong. Notably, the secondary-type rubies recently recovered from a newer section of the mine, exhibiting different characteristics, were generally well received by auction customers.
Highlight: 36-Carat Fine-Quality Ruby
The 36-carat, fine-quality ruby recovered from this newer section of the mine attracted strong interest from all auction customers and achieved a highly pleasing sale price.
Significance of Processing Plant 2 (PP2)
This is a particularly promising development as Montepuez Ruby Mining (“MRM”) advances towards the completion of Processing Plant 2 (“PP2”), enhancing its ability to deliver a consistent and diversified supply of Mozambican rubies to meet the evolving demands of the market.
Impact of Auction Timing and Lot Composition
It should be noted that the overall average USD per carat price was skewed by a combination of the sale in April 2025 of some predominantly small-sized rubies which would typically be included in the June auction and a number of higher weight, lower quality lots that remained unsold.
Ownership and Repatriation
The gemstones were extracted in Mozambique by Montepuez Ruby Mining Limitada (“MRM”) which is 75% owned by Gemfields and 25% by Mwiriti Limitada. 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 prices achieved at the auction.
Auction Format and Participation
The auction lots were made available in Bangkok for private, in-person viewings by customers. 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.
Recent Auction Summary Table
The results of the five most recent Mixed-Quality MRM ruby auctions are summarised in the table below (and earlier results are available at www.gemfieldsgroup.com):
| Jun ’23 AUCTION (7 sequential mini-auctions) | Dec ’23 AUCTION (7 sequential mini-auctions) | Jun ’24 AUCTION (7 sequential mini-auctions) | Dec ’24 AUCTION (7 sequential mini-auctions) | Jun ’25 AUCTION (6 sequential mini-auctions) | |
|---|---|---|---|---|---|
| Dates | 5 – 20 Jun 2023 | 20 Nov – 5 Dec 2023 | 3 – 18 Jun 2024 | 25 Nov – 11 Dec 2024 | 2 – 13 Jun 2025 |
| Location | Bangkok / Online | Bangkok / Online | Bangkok / Online | Bangkok / Online | Bangkok / Online |
| Type | Rough Ruby (Higher, Medium and Commercial Quality), no Corundum | Rough Ruby (Higher, Medium and Commercial Quality), no ‘Low Ruby’ or Corundum | Rough Ruby (Higher, Medium and Commercial Quality), no ‘Low Ruby’ or Corundum | Rough Ruby (Higher, Medium and Commercial Quality), no ‘Low Ruby’ or Corundum | Rough Ruby (Higher, Medium and Commercial Quality), no ‘Low Ruby’ or Corundum |
| Metric | Jun ’23 | Dec ’23 | Jun ’24 | Dec ’24 | Jun ’25 |
|---|---|---|---|---|---|
| Carats offered | 446,202 | 239,591 | 217,044 | 167,865 | 99,830 |
| Carats sold | 302,317 | 239,591 | 216,600 | 143,613 | 68,705 |
| No. of companies placing bids | 51 | 53 | 52 | 46 | 47 |
| No. of lots offered | 94 | 97 | 97 | 102 | 90 |
| No. of lots sold | 91 | 97 | 94 | 97 | 78 |
| Percentage of lots sold | 97% | 100% | 97% | 95% | 86.7% |
| Percentage of lots sold by weight | 68%¹ | 100% | 99.8% | 86% | 68.8% |
| Total sales realised at auction | USD 80.4 million | USD 69.5 million | USD 68.7 million | USD 46.2 million | USD 31.7 million |
| Average per carat sales value | USD 265.99/carat | USD 290.02/carat | USD 316.95/carat | USD 321.94/carat | USD 461.48/carat |
¹ 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.
Notes on Auction Comparability
The specific auction mix and the quality of the lots offered at each auction vary in characteristics such as size, colour and clarity on account of variations in mined production and market demand. Therefore, the results of each auction are not always directly comparable.
Regulatory Disclosure
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) no. 596/2014 which forms part of domestic UK law pursuant to the European Union (withdrawal) act 2018 (“MAR”).
About Gemfields:
Gemfields is a world-leading responsible miner and marketer of coloured gemstones. Gemfields is the operator and 75% owner of both the Kagem emerald mine in Zambia (believed to be the world’s single largest producing emerald mine) and the Montepuez ruby mine in Mozambique (one of the most significant recently discovered ruby deposits in the world). In addition, Gemfields also holds controlling interests in various other gemstone mining and prospecting licences in Zambia, Mozambique, Ethiopia and Madagascar.
Gemfields’ outright ownership of Fabergé – an iconic and prestigious brand of exceptional heritage – enables Gemfields to optimise positioning, perception and consumer awareness of coloured gemstones through Fabergé designs, advancing the wider group’s “mine and market” vision.
Gemfields has developed a proprietary grading system and a pioneering auction platform to provide a consistent supply of coloured gemstones to downstream markets, a key component of Gemfields’ business model that has played an important role in the growth of the global coloured gemstone sector.
About SVAR Media Network – India’s Best Source for Jewellery News, Magazines, Newsletters and Media
SVAR Media Network is India’s No. 1 Destination for Jewellery News, setting the gold standard in timely, trusted, & trend-driven coverage across the Gems & Jewellery industry. As the Most Followed Jewellery Magazine & Media House in India, SVAR delivers Daily Jewellery News India Updates, market insights, & global developments through its platforms like Jewellery Magazine, Newsletters, AI Powered News Bulletins, Website, Social Media, Podcasts, & much more.
Recognized as Asia’s one of the Best Media in Jewellery & one of the World’s Best Jewellery Media, SVAR Media Network sets Unparalleled Standards in the Gems & Jewellery industry. SVAR is the Most Trusted & Widely Read Voice in the Gems & Jewellery Community.
Renowned as India’s Best Jewellery Magazine & Leading Jewellery Media, SVAR blends legacy with cutting-edge innovation by delivering:
- Best in class Jewellery Magazine for the Gems & Jewellery Industry & Jewellery Enthusiasts
- Real-time AI-Powered Jewellery News via SVARA AI, the World’s First AI Anchor in Fashion, Gems & Jewellery Industry
- India’s One of the First Gems & Jewellery Podcasts
- Digital Jewellery Newsletters for professionals and enthusiasts
- ISO 9001:2015 Certification, the first in the jewellery-media sector, proving our commitment to excellence
- Asia’s First & World’s Second Meta Verified Jewellery Media Brand
Ranked #1 among the Top 5 Gems & Jewellery News Websites, Top 10 Jewellery Magazines in India, & Most Influential Jewellery Media Brands, SVAR Media Network is your Trusted Source for Accurate, Fast, & Future-Focused Jewellery News.
SVAR Media Network is India’s No 1 Digital Media in Jewellery Industry & continues to be the Leading Jewellery Magazine & a Global Leader in Jewellery Media. SVAR Media Network offers a diverse range of services, including: Monthly Magazines, Digital Newsletters, Al-Driven News Bulletins, Social Media Promotions, Website Blogs & Articles, WhatsApp Updates, Podcasts & more…
Whether you seek updates on New Launches, Trade Shows, Celebrity Campaigns, Trends or Market Movements, SVAR is the Authority in Jewellery News India & beyond.
Explore the World of Gems & Jewellery with SVAR Media Network — Your Best Source for Trusted, Trend-Setting Jewellery News & Mediapp Updates, Podcasts & more…
