The market for rough rubies showed resilience amid global economic headwinds at the most recent Gemfields auction, setting a record high per-carat price for mixed-quality stones.
The company generated $46.2 million from the sale of 97 lots from its Montepuez mine in Mozambique between November 25 and December 11, with only five lots going unsold, it said Thursday. The auctions, which took place in Bangkok, comprised mixed-quality rough rubies.
“Despite ongoing economic challenges in China and geopolitical turbulence worldwide, the results of this auction represent a positive outcome under the current market conditions,” said Adrian Banks, managing director of product and sales at Gemfields. “These results reaffirm the stability of demand for Gemfields’ rubies, with prices for fine-quality aligning well with the limited supply of these rare and precious gemstones.”
Gemfields sold 143,613 carats of rubies at an average price of $322 per carat, up from $317 per carat at the previous series of ruby auctions in June. The figure is the highest average price per carat realized to date.
The miner’s total revenue for the six months that ended June 30 fell 17% to $128 million while profit slid 25% to $13.7 million, according to the company’s most recent interim report.
Image: Rough rubies. (Gemfields)
