Gemfields has announced the outcomes of its most recent mixed-quality ruby auction, which was held from November 25 to December 11. The sale was conducted by the auction house in New York City and yielded over 46 million US dollars, with 97 of 102 lots finding their owners. The collective volume of the sold precious stones is equal to almost 168,000 carats – an equivalent of 74 pounds!
While the overall profits were lower than at the previous auctions, Gemfields stated the decrease was due to only a few top-quality rubies being offered this year. Yet there was a significant silver lining: an average per-carat cost rose to $322, which is by far the highest for their mixed-quality ruby parcels.
As for the bidding dynamics, it had a slightly less heated environment than discretionary price levels. On a more positive note, new buyers with existing supply chains performed well, proving that they can leverage the available opportunities.
Adrian Banks, Gemfields’ Sales Director, said when reflecting on the results that geopolitical and economic tensions across the globe are yet to subside. That said, the auction’s results can be considered promising. He added that the ongoing focus on the company’s rubies and strong pricing for its best-quality stones have once again reaffirmed the rarity and desirability of these gems in a not-so-easy global jewelry environment.
