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Gemrock’s Maiden Ruby Auction Garners Great Response
Gemrock, the leading colour gemstone mining company, is pleased to announce the success of its inaugural auction, held 3-7 October 2022 in Bangkok, with buyers from 56 companies showing keen interest in the inventory that was on offer
By: Diamond World News Service
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Oct 10 2022 4:28PM
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Reference: 26561  

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Gemrock is pleased to announce the results of its successful maiden auction of the finest quality, commercial Mozambican rough rubies held at Bangkok from October 3 – 7. The 5-day auction witnessed a robust sentiment with buyers expressing great interest in the inventory that was on offer. 

With over 56 buyers from in and around Asia and Europe, the maiden auction was reflective of good demand for fine-quality rubies from Mozambique. In all 442 bids were placed. Buyers requested for larger quantities in the future auctions. These exceptional, gem-quality rubies of intense colour and saturation were extracted from Montepuez district.

Mr. Rishabh Tongya, Founder & Chairman, Gemrock with Dr A.Peretti from GRS Lab

Rishabh Tongya, Founder & Chairman, Gemrock, commented:

“We are delighted that our inaugural auction went extremely well and was attended by some of the top line buyers from Asia and Europe. The market for good-quality gemstones is upbeat and we are confident that our future auctions will gain more traction.”   

Tim Denning, Bonas Group, commented:

“We are absolutely thrilled by the response we’ve had at Gemrock’s inaugural tender with one of the highest number of attendees. There is a strong demand for Mozambican Rubies and we look forward to working with them closely for their next auction.”

François Garaude, Garaude, commented:

It has been a very interesting exhibit. For an inaugural auction, the response we have been seeing is very good. We liked the goods and it has been a good show.”

Henry Ho, Founder and Chairman, AIGS, commented:

“It has been an extremely interesting experience; especially the sorting part. The way the goods were sorted was very efficient – we could see all colours ranging from deep red, to light red, pink and purple shades, as well as the fancy variety. The auction also had some very good, busy buyers who very intensely investigating the inventory.”

Chang Hatta of Hatta Fine Jewellery, commented:

“The price was very attractive as compared to other auctions. In other auctions, the prices just seem to be on an incline, while here the pricing was reasonable. The range of colours we saw was also good, especially good for the European market.

The company achieved the expected prices for its finest quality and is now planning to have the next auction in First Quarter of 2023. The proceeds of this auction will be fully repatriated to Moza Minerals in Mozambique with all royalties being paid in full on the sales price.

Highlights

  • 56 buyers from in and around Asia and Europe attended the auction
  • The companies placed 442 bids in total
  • Buyers requested larger quantities in terms of the future auctions














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