London: Gemfields recently announced the results of its auction, which primarily featured commercial-quality sapphire, corundum, and ruby. Held from 2 to 4 September 2024, the auction generated significant positive outcomes, particularly for lower-priced rough gems.

The auction achieved a total revenue of USD 2.3 million, with 5.7 million carats (equivalent to 1,130 kilograms) offered across 10 lots, all of which were sold—resulting in a 100% sale rate. The average sales price stood at USD 0.41 per carat.

Highlights – MRM Commercial-Quality Auction – September 2024:

>Auction revenues of USD 2.3 million 

>All of the 5.7 million carats (1,130 kilograms) offered in 10 lots were sold (100%) 

>Average sales price of USD 0.41 per carat

Mr. Adrian Banks, Gemfields’ Managing Director of Product & Sales, commented, “We extend our gratitude to the auction participants who made this brief, three-day auction such an enjoyable event. The majority of the auction’s offerings consisted of corundum and sapphire, which are considered by-products of MRM. Despite the commercial nature of these goods, the auction saw strong attendance and robust demand. The significant volumes of the lower-priced rough sold will support the cutting factories in both Chanthaburi, Thailand and Jaipur, India. We thank and congratulate the Government of Mozambique and our partners at Mwiriti – both of whom attended the auction – on what are very healthy results for material of this quality.”

The gemstones were extracted by Montepuez Ruby Mining Limitada in Mozambique (“MRM”, which is 75% owned by Gemfields and 25% by Mwiriti Limitada). The proceeds of this auction will be fully repatriated to MRM in Mozambique, with all royalties due to the Government of the Republic of Mozambique being paid on the full sales prices achieved at the auction.