Conducted via online sealed bids following in-person viewings in Bangkok, the auction offered 90 lots of rough rubies extracted by Montepuez Ruby Mining (MRM) in Mozambique, of which 78 lots were sold—representing an 87% success rate by number and nearly 69% by carat weight. A total of 68,705 carats were sold out of 99,830 carats offered, with an average sales price of USD 461.48 per carat—the highest average price seen in Gemfields’ mixed-quality ruby auctions to date.
The highlight of the sale was a 36-carat fine-quality ruby from a newly explored area of the Montepuez mine. This gem achieved a strong price, becoming the third-most-valuable single gemstone lot in MRM’s history.
Adrian Banks, Gemfields’ Managing Director of Product & Sales, noted that while the auction presented the smallest volume by weight so far, results showed “the resilience of rubies in turbulent times.” He acknowledged challenges such as geopolitical instability, China’s economic headwinds, and trade tariff uncertainty, yet emphasised sustained demand and solid pricing for fine-quality rubies.
The new area of the mine, which contributed rubies with different characteristics to this auction, is seen as a promising development for Gemfields. Its potential is expected to expand with the upcoming completion of MRM’s second processing plant (PP2), designed to ensure a more consistent and diverse ruby supply to the global market.
The June auction follows a mini-auction in April 2025 that generated USD 7.2 million, largely from smaller gemstones. These would typically have been included in the June sale, influencing this auction’s lower overall weight and skewing average per-carat prices.
Since launching ruby auctions in 2014, Gemfields has built a reputation for its structured, transparent selling platform. All proceeds from this auction will be fully repatriated to Mozambique, with applicable royalties paid to the government.
Gemfields owns 75% of Montepuez Ruby Mining, with the remaining 25% held by local partner Mwiriti Limitada. The company also operates the Kagem emerald mine in Zambia and holds majority interests in gemstone exploration projects across Africa. Through its ownership of luxury brand Fabergé, Gemfields seeks to bridge the gap between mine and market, advancing global consumer engagement with coloured gemstones.
Total revenue: USD 31.7 million
Lots sold: 78 out of 90 (87%)
Carats offered: 99,830
Carats sold: 68,705 (69%)
Average price per carat: USD 461.48
Participating companies: 47
While the ruby auction figures show a decline from previous cycles due to smaller quantities and some unsold lots, the strong per-carat pricing and interest in newer ruby material indicate a positive trajectory as Gemfields continues to diversify its production profile.