Held from 2 to 4 September 2024, the auction generated significant positive outcomes, particularly for lower-priced rough gems.
The auction achieved a total revenue of USD 2.3 million, with 5.7 million carats (equivalent to 1,130 kilograms) offered across 10 lots, all of which were sold—resulting in a 100% sale rate. The average sales price stood at USD 0.41 per carat.
Adrian Banks, Gemfields' Managing Director of Product & Sales, expressed his gratitude to the participants, noting that the majority of the auction's offerings consisted of corundum and sapphire, which are considered by-products of Montepuez Ruby Mining Limitada (MRM). Despite their commercial nature, the auction saw strong demand and robust attendance. He emphasized that the significant volumes of lower-priced rough sold would support cutting factories in both Chanthaburi, Thailand, and Jaipur, India. Banks also extended thanks to the Government of Mozambique and Mwiriti, Gemfields' partner, for their role in the auction’s success.
The gemstones were mined by MRM in Mozambique, with Gemfields holding a 75% stake and Mwiriti Limitada owning the remaining 25%. The proceeds from the auction will be fully repatriated to MRM in Mozambique, with all royalties due to the Government of Mozambique being paid based on the full sales prices achieved at the auction.
