Gemfields Ruby Auction Breaks Revenue Record with $80.4 Million in Sales

Posted on June 21st, 2023 06:41 PM

Rubies are one of the most desirable and valuable gemstones in the world. It has been proven time and again. The red hue of the ruby stones makes them attractive. It is a stone of love and passion, filling life with power, courage, boldness, positivity, and energy. 

The recent auction once again revealed the value of rubies. The sales of these precious red gems have set a new record, showing the demand for high-quality rubies even when they are rough and loose. The King of Gemstones has become the king of the gemstone industry with its high sales and success rate. 

The power and beauty of ruby attract the eye. People bought the gems in lots at higher prices. Know all the gory details of this auction here - 

When was the Auction Held?

Gemfields, a British gemstone mining company, held the auction from June 5th to June 20th in 2023. It made the headlines for achieving record-breaking sales. 

The rough rubies were mined from Montepeuz Ruby Mining Limitada, which is 75% owned by Gemfields and its 25% partner, Montepuez Ruby Mining Limitada. 

This auction held by the Gemfields was full of gem enthusiasts, collectors, and exquisite buyers, which resulted in an incredible success rate. The fiery gem was called out for a fiery public sale, which shows that there is a strong demand for original ruby gemstones. 

Gem field's Ruby Action - Success Rate 

There were 94 lots of rough rubies to be sold, of every quality. The quality was mixed, from low to medium to high. 

Adrian Banks, the Managing Director of Product & Sales at Gemfields, was happy with their sales revenue, which was $80.4 Million. On average, the rubies were sold at a price of $265.99 per carat, seeing that there were around 302,317 carats in total of rough rubies. The ruby price per carat is astonishingly high and also record-breaking. For the first time in the history of coloured gemstones, rubies have been sold at much higher rates. 

Out of the 94 lots, 91 lots were sold, which makes the sales rates succeed at 97%. It was also stated that if these 3 lots got sold, their revenues would be much higher. 

According to the data, 51 companies bid on these ruby lots, and many took home some of the premium-quality ruby (Manik) stones. 

Also, note that their revenue was increased by a whopping 20% as compared to the last auction they held for rubies in December 2022. 

Since June 2024, 19 auctions have been held for selling gemstones, which generated a total revenue of around $978 million. 

Clearly, these gems are more often in demand than any other since this auction turns in more sales revenue for the Gemfileds than their last auction of emerald stone. The auction for rough emeralds was held from 15th May to 1st June and was record breaking as well for the emerald gems. It generated an all-time revenue of $43 million. 

Although, Gemfield's ruby auction generated almost twice the sales of emeralds, making ruby on of the most desirable coloured gemstones worldwide. 

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