Gemfields smashes multiple records with £78m ruby auction

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Gemfields smashes multiple records with £78m ruby auction

Gemfields has broken more than one record with its recent ruby auction, the company announced.

A statement on the company’s website revealed that it had taken revenue of nearly £80 million across seven “mini-auctions”.

The statement read: “Gemfields is delighted to announce the results of a ruby auction comprised of seven sequential mini-auctions held in Bangkok during the period 30 May–17 June 2022.

“The auction delivered all-time high auction revenues for any Gemfields auction and contained a selection of grades that are typically offered at Montepuez Ruby Mining Limitada’s (“MRM”) auctions of mixed-quality rubies.

“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.”

Elsewhere, the average price per carat hit $246.69 (£203.30), a new record for any mixed-quality ruby auction.

Adrian Banks, Gemfields managing director of product and sales, commented: “Our first auction of rubies in 2022 has delivered truly glittering results, setting a new revenue record for any Gemfields auction at $95.6 million (£78.3 million).

“When combined with Kagem’s two emerald auctions so far this year, Gemfields’ auction revenue in the first half of 2022 stands at $181 million (£149.2 million) versus our prior first half record of $93 million (£76.7 million), set in 2018.

“While we would caution that second-half revenues are unlikely to match the remarkable first half, today’s auction results again underscore the extent of the step-change being experienced in the market.

“We thank and congratulate our hard-working teams, our partners, our host governments and of course our clients”.

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