Gemfields has announced the results of their ruby auction held in Bangkok from November 21– December 8, 2022. The auction contained a selection of grades that are typically offered at Montepuez Ruby Mining Limitada’s or “MRM” auctions of mixed quality rubies. The auction lots were made available for in-person and private viewings by customers in the capital of Thailand. 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 sold were extracted from the mining licence held and operated by MRM which is 75% owned by Gemfields and 25% by Mozambican partner 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.
Highlights of the auction are listed below:
- Total auction revenues of USD 66.8 million.
- 104 lots were offered for sale, of which 98 were sold (94%).
- Average price of USD 154.84 per carat.
- 82% of the carats offered were sold.
MRM’s 2022 auction revenues have set a new annual record of USD 166.7 million, beating the prior record - set in 2021 - of USD 147.4 million. The 18 auctions of MRM rubies held since June 2014 have generated USD 898.1 million in aggregate revenues. Gemfields’ total auction revenues for the year, with MRM and the Kagem emerald mine, have set a new annual record of USD 316 million, up 32% from 2021. Adrian Banks, Gemfields’ Managing Director of Product & Sales, commented, “Our final auction for 2022 has yielded another strong result for Mozambique rubies, topping off a truly glittering year for Gemfields. With the ruby auction bringing in USD 66.8 million, MRM’s total auction revenue for 2022 stands at USD 166.7 million, a 13% improvement on last year’s record despite the challenging conditions in Cabo Delgado. When combined with the Kagem emerald mine’s auction revenues for 2022 of USD 149.4 million - a remarkable 62% improvement over 2021 - Gemfields’ total auction revenues for 2022 stand at USD 316 million, an improvement of 32% over 2021’s USD 239.6 million, a record at that time. We extend thanks and congratulations to our hard-working teams, our partners, our host governments and of course our clients for a remarkable year.”