Ruby Market "Firing on all Cylinders" says Gemfields
June 22, 23
(IDEX Online) - Gemfields yesterday reported a 17 per cent increase in revenue at its latest auction of rubies, amid what it described as a "significant rebound in market prices".
The UK-based colored gems miner sold $80.4m of mixed-quality rough at a series of online and physical auctions in Bangkok earlier this month, up from $66.8m last December.
"The ruby market is clearly firing on all 12 cylinders and the step-change in market pricing which we reported in 2022 is notably enhanced," said Adrian Banks, Gemfields' managing director of product and sales.
The average price realized per carat was $265.99, up over 40 per cent on December, although that figure was artificially high, said Gemfields, because one 26.8kg lot, representing 30 per cent of the total weight offered, remained unsold.
Earlier this month Gemfields reported record $43.7m sales of emeralds from its Kagem mine, in Zambia.
Gemfields reported record $341m earnings for 2022, thanks to a post-Covid spike in demand for emeralds and rubies.
Pic of rough rubies, courtesy Gemfields