New Price Per Carat Record at Gemfields’ Ruby Auction

Natural Red Ruby Gems. New Price Per Carat Record at Gemfields' Ruby Auction. News

Despite the decline in the production of colored gems, as well as the termination of an emerald auction, the Gemfield’s team showcased the strongest selling prices for rubies in its June auction.

Posted on June 28, 2024

Gemfields, the British supplier and miner of colored gems, has conducted the Ruby Auction this month and already revealed its results. It was indicated in the released statement that the record-high average per-carat cost for red rocks was registered at the event, namely an average of $316.95 per carat. The total sale of 216,600 carats raised £68.7m.

Adrian Banks, managing director of product and sales, stressed that it is not always appropriate to compare the results of auctions because gemstones may vary in a set of factors like size, color, and clarity. He also expressed pride in the team, which made it possible to reach a remarkable threshold and overcome a cost of $300 per carat, which is a typical auction sales value.

These are not the only important news from Gemfields that came out this week: Bruce Cleaver, ex-CEO at De Beers Group, was assigned as the company’s new chair and independent non-executive director.

The decline in the production of rubies and emeralds, as well as the termination of an emerald auction, haven’t influenced Gemfields revenues; on the contrary, close to record income of $262m for FY2023 was reported.

Gemfields, which owns 75 percent of the Montepuez Ruby Mine in Mozambique and the Kagem Emerald Mine in Zambia, earned less in June as opposed to the December 2023 auctions ($68.7m rather than $69.5m). However, the mid-range price per carat increased from $290.02 to $316.95.