Gemfields has raised 52.0 million dollars from its October mixed quality rough ruby auction, held from October 5 to 16 with viewings in Bangkok and sealed bids online. Of 99 lots offered, 90 were sold, and 92,153 of the 102,099 carats offered were sold, a 90 percent sell through by weight, at an average price of 564.54 dollars a carat. That average is the highest of the company’s last five mixed quality auctions, well above 279.39 dollars in February 2026, because this sale skewed to higher quality stones.
The rubies were mined in Mozambique by Montepuez Ruby Mining, 75 percent owned by Gemfields and 25 percent by Mwiriti Limitada. At slightly over 20 kilograms, the auction was smaller than in previous years and comprised predominantly higher quality rubies. Managing director of product and sales Adrian Banks said the lower volume reflects the year’s operational challenges and the Trade Select auction strategy introduced in June, under which selected grades and categories are offered separately, letting Montepuez align timing and composition with available production and demand. “The results achieved at this auction reflect robust demand across the range of sizes and qualities offered, with particularly strong prices for larger, fine quality rubies,” Banks said.
The operating backdrop is difficult. Reporting on the results in Mozambique noted illegal mining incursions into the concession, with more than 1,000 individuals estimated to enter the site daily, alongside lower than expected recovery, commissioning challenges at the second processing plant and delayed value added tax refunds. Gemfields took a large impairment against Montepuez in its half year results, which showed first half revenue of 106 million dollars.
All auction proceeds will be repatriated to Montepuez Ruby Mining in Mozambique, with government royalties paid on the full sales prices. The next Trade Select auction is planned for December. For coloured gemstones, the read is narrow but clear: supply constrained by operations, demand for the best stones intact, and realised prices doing the work that volumes cannot.