Delayed Gemfields ruby auction generates $53m revenue
By Josh White
Date: Monday 23 Feb 2026
(Sharecast News) - Gemfields announced on Monday that it generated $53m in revenue from its latest mixed-quality rough ruby auction, with strong demand for higher-grade stones offset by softer bidding for certain categories amid weaker Chinese demand and increased illegal supply.
The AIM-traded firm said the auction, held from 9 to 20 February in Bangkok and online, comprised rubies extracted in Mozambique by Montepuez Ruby Mining, which is 75% owned by Gemfields and 25% by Mwiriti.
A total of 214,509 carats were offered, of which 189,620 carats were sold, representing 88% by weight.
Of the 135 lots available, 121 were sold, equating to a 90% sell-through rate.
The average price achieved was $279.39 per carat.
Gemfields said the sale marked the first auction to include material from MRM's second processing plant, ahead of its full commissioning.
It said the plant had demonstrated its ability to reach its design capacity of 400 tonnes per hour, although further adjustments and refinements are required to sustain operations at that level.
The company added that the work had not resulted in any materially increased costs.
"This auction, deferred from December to February, was well attended and comprised a good selection of rubies covering a wide spectrum of sizes and qualities from our Mozambique ruby mine," said Adrian Banks, managing director of product and sales at Gemfields.
"It was particularly pleasing to see that the more fluorescent material from our newer mining areas was well received.
"Fine-quality rubies continued to perform strongly and demonstrated robust pricing."
Banks said bidding for certain qualities was more muted, a development the company attributed in part to the additional product being brought to market from illegal mining networks operating in the MRM area combined with weaker demand from China.
"As MRM's second processing plant approaches final commissioning, we look forward to maintaining Gemfields' consistent supply of rubies to the market.
"We thank our customers for their continued support and wish them every success during the upcoming gemstone show season.
"Sincere appreciation is also extended to the dedicated team at MRM and our partners at Mwiriti for their continued hard work and commitment."
Gemfields said the proceeds of the auction would be fully repatriated to MRM in Mozambique, with royalties due to the Government of Mozambique paid on the full sales prices achieved.
At 0800 GMT, shares in Gemfields Group were down 1.89% at 5.15p.
Reporting by Josh White for Sharecast.com.
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