Mozambican ruby auctions have brought in 974 million euros in nine years

Mining company Gemfields announced on Thursday December 7 that auctions of precious stones, particularly rubies, mined in Montepuez, northern Mozambique, have already generated a total revenue of 974 million euros over nine years.
In a statement, Gemfields, which leads Montepuez Ruby Mining (MRM), said that these 21 auctions, held since June 2014, “have already generated” 1,049 million dollars (974 million euros) in total revenue.
The last of these auctions took place between November 20 and December 5, after 97 lots of rubies, comprising 239,591 carats, were presented to investors in Bangkok, generating total revenue of 69.5 million dollars from the trading of raw rubies of mixed quality.
“The proceeds of this auction will be fully repatriated to MRM in Mozambique, with all royalties due to the Government of the Republic of Mozambique being paid on the total sale price achieved at the auction,” said the Gemfields statement.
The raw rubies sold in recent days were mined by Montepuez Ruby Mining, in Cabo Delgado, northern Mozambique, a company 75% owned by Gemfields and 25% by Mozambican partner Mwiriti, reached an average price of 290.02 dollars (269 euros) per carat.
“We’ve seen ruby prices at our auctions rise ever higher in recent years and our final 2023 auction further endorsed this trend. This auction showed that demand and the price of raw rubies are decidedly healthy. Gemfields’ total auction revenue for 2023 is 242 million dollars [224.6 million euros], the second highest in our history,” said Adrian Banks, managing director of products and sales at Gemfields, quoted in the same press release.