Gemfields raked in $80.4 million in revenue from a ruby auction comprising mixed-quality stones held from 5 to 20 June 2023.
Company managing director of product and sales, Adrian Banks, said revenue from the latest auction was up 20% since their last ruby auction in December 2022.
“[The] results echo the significant rebound in market prices we reported just weeks ago for Zambian emeralds,” he said.
“The ruby market is firing on all twelve cylinders and the step-change in market pricing which we reported in 2022 is notably enhanced.”
The rough rubies were extracted in Mozambique.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
