Gemfields’ Ruby Auction Yields $29.3 Million

The Gemfields ruby auction held June 16–21 in Singapore has yielded $29.3 million, with an average per-carat price of $617.42.

The auction sold only 61 percent of the lots offered, but Gemfields CEO Ian Harebottle said the company was satisfied with the result.

“Demand for fine gems remains very healthy, and the prices obtained are in line with our expectations when compared to the previous high-quality auction,” he said. “Although there has been some softening in demand for certain darker-tone and lower-quality grades, in our view these grades offer remarkable value right now. We believe that this value can be unlocked in the near term through further market education and communication, as shown by the price performance of our similar quality emeralds auctioned from Kagem in recent years.”

A matching pair of rubies totaling 45 cts. that was uncovered from the Montepuez mine in Mozambique was among the lots sold. The pair was purchased by Veerasak Gems of Thailand for an undisclosed price.

For more on rubies and Gemfields: JCK editor-in-chief Victoria Gomelsky explored the stone in a recent blog post, and Rob Bates spoke to Harebottle about Gemfields and the colored-gem market in the June 2014 issue of JCK.