Gemfields nets $23.1M in first "Trade Select" ruby auction as Mozambique output slips
What's the deal? GemfieldsDealroom has a profile for this one. Try Dealroom → raised $23.1 million at an auction of mixed-quality rough rubies held between June 22 and 29, 2026. It was the company's first sale in a new "Trade Select" format, which also introduced sapphire categories for the first time.
By the numbers: The auction sold 82 of 89 lots (92.1%) and 348,409 of 374,008 carats offered (93.2%), at an average price of $66.30 per carat.
How it works: Lots were shown privately in Bangkok, Thailand, then sold via a sealed-bid electronic platform open to buyers across jurisdictions. All proceeds are repatriated to Montepuez Ruby Mining Limitada (MRM)Dealroom has a profile for this one. Try Dealroom → in Mozambique, with royalties paid to the government on the full sale value.
Why the new format? Adrian Banks, general manager of product and sales, said Trade Select sits "between MRM's traditional mixed-quality ruby auctions and the smaller auctions introduced during 2025." He said it offers greater flexibility to align production with demand while widening customer participation.
The trouble spot: MRM — owned 75% by Gemfields and 25% by Mwiriti LimitadaDealroom has a profile for this one. Try Dealroom → — is producing fewer rubies than expected as recovery grades decline. Premium rubies usually make up over 70% of MRM's revenue despite being under 5% of total weight produced.
By the numbers: Average premium ruby grades fell from 0.06 carats per tonne in the year to December 31, 2025, to 0.03 carats per tonne in the five months to May 31, 2026. At Mugloto — 78% of ore processed to date — the grade slipped from 0.03 to 0.02 carats per tonne over the same periods.
What went wrong? Heavy rains in the first quarter of 2026 kept MRM from mining its most favourable zones, compounded by problems commissioning its second processing unit (PP2). A material impact on output is expected.
The signal: Banks acknowledged market conditions "remain challenging in some segments" of the coloured gemstone market, though bidding held up across categories. The next mixed-quality ruby auction is currently planned for October 2026.
Read more: profile.co.mz
Image credit: Gemfields
