Gemfields Sparkles: Smashing Ruby Auction Records, Surpasses $2B Mileston

  • Gemfields' December 2023 ruby auction achieves a record USD 69.5 million, marking the second-highest annual revenue at USD 242 million.
  • The 100% sales rate for 97 lots, averaging USD 290.02 per carat, propels cumulative auction sales beyond USD 2 billion.
By Lethabo Ntsoane

Gemfields Group Limited, the world-leading miner and marketer of colored gemstones, has announced the outstanding results of its recent ruby auction, reinforcing the continued strength of the ruby market. The auction, which took place from November 20 to December 5, 2023, featured mixed-quality rough rubies extracted by Montepuez Ruby Mining Limitada (MRM), a company in which Gemfields holds a 75% stake.

Financial Triumphs in Ruby Market

The December 2023 auction showcased remarkable financial success, with a total auction revenue of USD 69.5 million. All 97 lots, comprising a total of 239,591 carats, were successfully sold, achieving a 100% sales rate. The average realized price per carat stood at a robust USD 290.02


This auction’s triumph contributes to Gemfields’ total auction revenue for 2023, reaching an impressive USD 242 million, marking the second-highest in the company’s history. Notably, this achievement also propels Gemfields past the significant milestone of USD 2 billion in cumulative emerald and ruby auction sales, a testament to the company’s sustained success and commitment to the industry.

Adrian Banks, Gemfields’ Managing Director of Product & Sales, expressed enthusiasm for the results, stating, “We’ve seen ruby prices at our auctions go from strength to strength in recent years, and our final auction of 2023 has further endorsed that trend. This auction has shown that the demand and pricing for rough rubies are decidedly healthy.”

Auction Overview and Process

The rough rubies auctioned were extracted by MRM, with the proceeds fully repatriated to Mozambique. All royalties owed to the Government of the Republic of Mozambique were promptly paid based on the full sales price achieved at the auction.

To facilitate the auction process, the rough ruby lots were made available for private, in-person viewings in Bangkok. Subsequently, the auctions unfolded via an online platform, specially adapted for Gemfields, allowing participation from customers across multiple jurisdictions through a sealed-bid process.

December 2023 Mixed-Quality Ruby Auction Highlights

Total Auction RevenuesUSD 69.5 million
Lots Offered/Sold97 lots (100%)
Total Carats Sold239,591 carats
Average Realized PriceUSD 290.02 per carat
Cumulative 2023 RevenueUSD 242 million
Cumulative Auction SalesUSD 2 billion

Historical Performance Overview

The table below summarizes the results of the five most recent mixed-quality MRM ruby auctions:

Auction DateCarats Offered/SoldLots Offered/SoldPercentage of Lots Sold
Dec ’21681,013/667,589107/10497%
Jun ’22610,135/387,681119/11294%
Dec ’22525,246/431,671104/9894%
Jun ’23446,202/302,31794/9197%
Dec ’23239,591/239,591**97/97100%

**Note: The ‘Low Ruby’ category was not offered at the December 2023 auction.

Acknowledgments and Future Outlook

Adrian Banks extended appreciation to Gemfields’ colleagues, partners, host governments, and clients for their ongoing support. The company remains committed to responsible mining practices and the full remittance of sales revenues to the countries of origin, emphasizing its role in contributing nearly USD 400 million in mineral royalties and corporation taxes to the combined governments of Mozambique and Zambia.

Gemfields celebrates not only the success of the recent auction but also the cumulative achievements that position the company as a leader in the global coloured gemstone sector. The results underscore the vitality of the ruby market and bode well for the company’s future endeavours.

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Lethabo Ntsoane

Lethabo Ntsoane holds a Bachelors Degree in Accounting from the University of South Africa. He is a Financial Product commentator at Rateweb. He is an expect financial product analyst with years of experience in reviewing products and offering commentary. Lethabo majors in financial news, reviews and financial tips. He can be contacted: Email: Twitter: @NtsoaneLethabo