Gemfields Ruby Stone (Manik Stone) Auction Makes Headlines with Massive US$80.4 Million Sale

The results of a mixed-quality rough ruby stone auction that took place from June 5 to 20, 2023, have been released by Gemfields.

The term "ruby" comes from the word "ruber," which is Latin meaning crimson. Because they have historically been favoured by those in positions of leadership and by those who are in love, the original ruby stone is said to be a gemstone that evokes a wide range of emotions. Even some tribes have stories about where the stone came from. Supposedly, rubies developed on trees, first as white blossoms and then as ripe red rubies that were ready for harvest. The Bible makes reference to red ruby stone, and some of the oldest civilizations have utilised and valued them.

The majority of the world's rubies were formerly mined in Mozambique and Myanmar (ruby from Burma), more specifically in the Mogok Valley in the country's upper section. In the region of Mong Hsu in the central part of Myanmar, there has been a lot of mining recently. Thailand, Australia, Cambodia, Afghanistan, Brazil, Namibia, India, Japan, and Colombia have also been noted as sources of rubies.

From June 5 through June 20, 2023, the British gemstone miner Gemfields hosted a successful auction of rough rubies of varying quality. The auction's amazing outcomes demonstrated the vibrant market and high demand for the original ruby stone.

The sale brought in a sizable $80.4 million, which represents a 20% increase over Gemfields' prior ruby stone auction in December 2022. An astounding 91 out of the total 94 lots that were up for sale were sold, representing a phenomenal 97% sales rate.

Although it looks to be wondrous, if we the benefits of the natural ruby stone into account then we can rationalise why Gemfields have made such massive success.

After the viewings, the auctions were conducted online using a technology that had been specially tailored for Gemfields. This allowed clients from different countries to take part in a sealed-bid procedure.

MRM was tasked with extracting the raw rubies.The proceeds of this auction will be entirely transferred to MRM in Mozambique, along with all royalties due to the Government of the Republic of Mozambique on the full sales price realised at the auction.

Let's take a look at the highlights of the auction:

• The auction's average realised price of $265.99 per carat highlighted the market for rubies' rising worth and allure.
• The revenue suggests that a massive $80.4 million was made overall from the auction.
• Gemfields' subsidiary, Montepuez Ruby Mining Limitada, has held a total of 19 gemstone auctions since June 2014, netting $978.5 million.
• One 26.8 kg lot, or around 30% of the whole weight offered, was unsold. Since this lot was sold along with the others, the average price per carat attained at this auction was significantly greater than it would have been otherwise.

“With the revenue from this auction up 20% since our last ruby auction in December 2022, today’s results echo the significant rebound in market prices we reported just weeks ago for Zambian emeralds,” comments Adrian Banks, Gemfields’ MD of Product & Sales. He later added, “As always, we send our thanks and congratulations to our hard-working teams, our partners, our host governments and of course our clients for their support.”

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