Record auction revenues for Gemfields
Coloured gemstone specialist Gemfields generated a total of US$316 million in auction revenues in 2022, signalling strong market demand for emeralds and rubies.
This year’s auction proceeds were up 32 per cent from 2021, setting a new annual record for the gemstone miner. Gemfields owns a majority stake in the Kagem emerald mine in Zambia and Montepuez Ruby Mining Limitada (MRM) in Mozambique.
Gemfields’ latest mixed-quality ruby auction, held in Bangkok from November 21 to December 8, raked in total auction revenues of US$66.8 million, with an average price per carat of US$154.84. This brings MRM’s 2022 auction revenues to a record US$166.7 million, up 13 per cent from 2021.
Adrian Banks, managing director of Product & Sales at Gemfields, said, “Our final auction for 2022 has yielded another strong result for Mozambique rubies, topping off a truly glittering year for Gemfields.”
Auction proceeds from Kagem mine have reached US$149.4 million in 2022, a 62 per cent improvement over 2021.