Gemfields has announced record-breaking results from its latest Mozambique ruby auction, reaffirming the enduring demand for high-quality gemstones despite global economic and geopolitical challenges.
Ruby Auction Achieves Historic Highs
Held from November 25 to December 11, 2024, the auction featured mixed-quality rough rubies from Mozambique. Key highlights include:
- Total Revenue: $46.2 million.
- Average Price: $321.94 per carat, marking the highest per-carat price ever achieved for mixed-quality rubies by Gemfields.
- Lots Sold: 97 out of 102, showcasing robust market interest.
Adrian Banks, Gemfields’ Executive Director of Product and Sales, stated:
“Despite ongoing economic challenges in China and global geopolitical uncertainties, this auction underscores the steady demand for Gemfields rubies.”
New Entrants and Market Trends
The auction attracted new bidders, reflecting growing market interest across all quality levels. However, Banks noted a slight decline in prices for lower-quality rubies, accompanied by reduced bidding intensity. Despite this, the historic per-carat average highlights the strong appetite for premium gemstones.
Emeralds Shine in Dubai
Meanwhile, Grizzly Mining Ltd., a Zambian mining company, achieved impressive results at its latest emerald auction in Dubai:
- Auction Revenue: $22.4 million.
- Lots Sold: 157 out of 164.
- Client Representation: 87 participants from Europe, Asia, and Africa.
Abdoulaye Ndiaye, Grizzly’s chairman, credited the success to recent expansions at their Zambian mines, which boosted production capacity and allowed the company to offer a range of mid- to high-grade emeralds.