Bangkok: Gemfields announced its latest rough ruby auction, which took place April 21-25 in Bangkok, Thailand, brought in $7.2 million. 

At the sale, 73 percent of the 250,004 carats on offer sold, and the average price per carat was $39.47.  

The auction was held in Bangkok this month and saw Mozambican rough rubies from Montepuez Ruby Mining (MRM) go under the hammer. An overall auction revenue of $7.2m (£5.4m) was recorded.

20 out of the 21 lots on offer were sold as well as 72.8% of the 250,004 carats on offer. The average sale price across the auction was $39.47 (£29.46) per carat.

Gemfields’ managing director of product and sales, Adrian Banks, said, “This auction can be described as a hybrid offering, featuring both primary and secondary rubies.

Over 90% of the secondary material was under 0.2 grams (1 carat), presented across 13 lots and spanning a broad range of qualities. The primary rubies offered were of commercial quality, predominantly in smaller sizes.

The auction saw strong attendance and robust demand, providing a timely affirmation of the state of the ruby market against the backdrop of tariff-induced uncertainty in global markets.”

All of the auction’s gemstones were extracted in Mozambique by MRM, which is 75% owned by Gemfields.

The proceeds from the auction will be fully repatriated to MRM, with all royalties due to the government of the Republic of Mozambique being paid on the full sales prices.