Gemfields achieved $80.4 million total auction revenues from the sale of 91 lots in its ruby auction held in Thailand during 5-20 June 2023. Comprised of mixed-quality rough rubies from the miner’s Montepuez mine in Mozambique, the auction saw revenue rose 20 percent from its last sale in December 2022.
Earlier this month, Gemfields saw demand for emeralds from its Kagem mine in Zambia strengthen as well, with the miner notching three records, including highest auction revenue, average price and price per carat paid for a single auction lot.
Adrian Banks, Gemfields’ managing director of Product & Sales, commented: “With the revenue from this auction up 20 percent since our last ruby auction in December 2022, today’s results echo the
significant rebound in market prices we reported just weeks ago for Zambian emeralds. The ruby market is clearly firing on all 12 cylinders and the step-change in market pricing which we reported in 2022 is notably enhanced. As always, we send our thanks and congratulations to our hard-working teams, our partners, our host governments and of course our clients for their support.”
The auction lots were made available in Bangkok for private, in-person viewings by customers.
Following the viewings, the auctions took place via an online auction platform specifically adapted for Gemfields and which permitted customers from multiple jurisdictions to participate in a sealed bid process.
28/06/2023
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