Gemfields generated USD 52 million from its October 5–16, 2026 auction of mixed-quality rough rubies recovered from Montepuez Ruby Mining (MRM) in Mozambique. The sale recorded an average price of USD 564.54 per carat, with strong demand for larger, fine-quality stones.

The auction saw 90 of the 99 lots offered sold, representing a sell-through rate of 90.9%. Of the 102,099 carats offered, buyers purchased 92,153 carats, equivalent to approximately 90% of the available volume.

The auction was held in Bangkok, Thailand, where customers inspected the lots in person before submitting sealed bids through an online platform. Gemfields reported robust demand across the sizes and qualities offered, with particularly strong prices for larger, fine-quality rubies.

The October sale was smaller than previous auctions and comprised a higher proportion of better-quality stones. Its results reflected operational challenges at the mine and Gemfields’ Trade Select strategy, introduced in June 2026 to offer selected gemstone grades and categories separately. The company said the approach allows auction offerings to be aligned more closely with available production and market demand.

Gemfields owns 75% of MRM, while Mozambican partner Mwiriti Limitada holds the remaining 25%. Proceeds from the auction will be repatriated to MRM in Mozambique, with government royalties payable on the full sales value.

Despite the auction performance, consistent recovery of premium-quality rubies remains a key challenge for the business. Gemfields has identified lower-than-expected recovery of valuable stones as a significant operational and financial concern.