Gemfields has reported revenues of US$53 million from its latest mixed-quality ruby auction, underscoring resilient market appetite for fine-quality stones despite softer demand from parts of Asia.
Held from 9 to 20 February 2026 following a brief postponement, the online auction drew robust participation after viewings in Bangkok. Out of 135 lots offered, 121 were sold — a 90-percent success rate — totalling 189,620 carats at an average carat price of US$279.
The event marked a milestone as the first to feature rubies processed through Gemfields’ new plant at Montepuez Ruby Mining (MRM) in Mozambique, which the company said is already contributing materially ahead of full commissioning. MRM is 75-percent owned by Gemfields and the rest by local partner Mwiriti Limitada.
Adrian Banks, Gemfields’ managing director of product & sales, described the auction as “well attended,” noting strong results for fluorescent rubies from new mining zones and continued robust pricing for fine grades. However, he acknowledged “muted bidding” for certain categories, citing competition from illegal mining supply and weaker Chinese buying activity.
Gemfields added that the new processing facility will soon triple ore capacity at MRM, ensuring a more stable ruby supply to the global market. (Photo courtesy: Gemfields)
23-3-2026
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