Gemfields closed its latest rough ruby auction in Bangkok with sales totalling $53 million, reaffirming the market’s enduring appetite for high-grade Mozambique material. Originally slated for December 2025, the rescheduled February event still drew strong participation, with 121 of 135 lots finding buyers and fine-quality rubies fetching an average of $279 per carat.
According to Adrian Banks, Managing Director of Product and Sales, the auction benefited from a well-curated mix of goods and solid buyer turnout. Notably, fluorescent rubies from newly developed mining zones outperformed expectations, highlighting the premium buyers are willing to pay for visually distinctive stones.
That said, the auction was not uniformly buoyant. Gemfields acknowledged softer demand for certain categories, pointing to weak Chinese buying sentiment and an influx of unofficially mined material in local markets, which has diluted pricing power for lower-tier goods.
Looking ahead, the company is positioning itself for greater consistency and scale. A new processing facility is nearing completion, and production from a second mine is expected to broaden supply. The underlying takeaway from Bangkok is clear: while market dynamics are shifting, top-tier Mozambican rubies continue to hold their ground as a high-value asset class.