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Final 2023 auction results underscore the ongoing vitality of the ruby market
Gemfields Group Limited
Incorporated in Guernsey. Guernsey registration Number: 47656
South African external company registration number 2009/012636/10
Share code on JSE: GML / AIM: GEM
ISIN: GG00BG0KTL52 | LEI: 21380017GAVXTCYS5R31
("Gemfields" or the "Company")
Final 2023 auction results underscore the ongoing vitality of the ruby market
LONDON, 6 DECEMBER 2023
Gemfields is pleased to announce the results of a ruby auction comprised of mixed-quality rough
rubies held during the period 20 November to 5 December 2023.
The rough rubies were extracted by Montepuez Ruby Mining Limitada ("MRM", which is 75%
owned by Gemfields and 25% by its Mozambican partner Mwiriti Limitada). 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 full sales price achieved at the auction.
The auction lots were made available in Bangkok for private, in-person viewings by customers.
Following the viewings, the auctions took place via an online auction platform specifically adapted
for Gemfields and which permitted customers from multiple jurisdictions to participate in a sealed-
bid process.
Highlights: December 2023 Mixed-Quality Ruby Auction
- Total auction revenues of USD 69.5 million
- All 97 lots (comprising 239,591 carats) offered for sale were sold (100%)
- Average realised price of USD 290.02 per carat
- The 21 auctions of MRM gemstones held since June 2014 have now generated over one
billion dollars (USD 1,049 million) in total revenue
Adrian Banks, Gemfields' Managing Director of Product & Sales, commented:
"We've seen ruby prices at our auctions go from strength to strength in recent years and our final auction of 2023
has further endorsed that trend. This auction has shown that the demand and pricing for rough rubies is decidedly
healthy.
Gemfields' total auction revenue for 2023 stands at USD 242 million, the second highest in our history. This
auction also takes Gemfields past the milestone of USD 2 billion in cumulative emerald and ruby auction sales, an
achievement that the Gemfields team and our stakeholders can be very proud of, particularly given the remittance of
these sales revenues in full to the countries of origin, and the payment of nearly USD 400 million in mineral royalties
and corporation taxes to the combined governments of Mozambique and Zambia.
As always, our thanks go to our hard-working colleagues, our partners, our host governments and of course our
clients for their ongoing support and confidence in Gemfields."
The results of the five most recent mixed-quality MRM ruby auctions are summarised in the table
below (and earlier results are available at www.gemfieldsgroup.com):
Dec '21 Jun '22 Dec '22 Jun '23 Dec '23
AUCTION
AUCTION AUCTION AUCTION AUCTION AUCTION
RESULTS
(7 sequential (7 sequential (7 sequential (7 sequential (7 sequential
(MIXED
mini- mini- mini- mini- mini-
QUALITY)
auctions) auctions) auctions) auctions) auctions)
Dates 8 Nov – 30 May – 21 Nov – 5 – 20 Jun 20 Nov –
9 Dec 2021 17 Jun 2022 8 Dec 2022 2023 5 Dec 2023
Location Various / Bangkok / Bangkok / Bangkok / Bangkok /
Online Online Online Online Online
Type Rough Ruby Rough Ruby Rough Ruby Rough Ruby Rough Ruby
(Higher, (Higher, (Higher, (Higher, (Higher,
Medium and Medium and Medium and Medium and Medium and
Commercial Commercial Commercial Commercial Commercial
Quality), no Quality), no Quality), no Quality), no Quality), no
Corundum Corundum Corundum Corundum Corundum
Carats 681,013 610,135 525,246 446,202 239,591**
offered
Carats sold 667,589 387,681 431,671 302,317 239,591
No. of
companies 49 49 44 51 53
placing bids
No. of lots 107 119 104 94 97
offered
No. of lots 104 112 98 91 97
sold
Percentage of 97% 94% 94% 97% 100%
lots sold
Percentage of
lots sold by 98% 64% 82% 68%* 100%
weight
Total sales USD 88.4 USD 95.6 USD 66.8 USD 80.4 USD 69.5
realised at million million million million million
auction
Average per USD USD USD USD USD
carat sales 132.47/carat 246.69/carat 154.84/carat 265.99/carat 290.02/carat
value
* One lot of 26,806 grams (representing some 30% of the total weight offered) remained unsold at the June 2023 auction. As a result, the
average price per carat realised at this auction was considerably higher than it would have been had this lot also been sold. These gems were
then sold at the September 2023 commercial quality ruby auction.
** The 'Low Ruby' category was not offered at this December 2023 auction given that approximately 703,000 carats were sold at the
commercial quality ruby auction in September 2023.
The specific auction mix and the quality of the lots offered at each auction vary in characteristics
such as size, colour and clarity on account of variations in mined production and market demand.
Therefore the results of each auction are not always directly comparable.
-ENDS-
Further information on Gemfields Group Limited can be found at:
GEMFIELDSGROUP.COM
To join our investor mailing list, contact us on:
ir@gemfields.com
For any press enquiries please contact us on:
gemfields@camarco.co.uk
This announcement contains inside information for the purposes of Article 7 of the Market Abuse
Regulation (EU) no. 596/2014 which forms part of domestic UK law pursuant to the European Union
(withdrawal) act 2018 ("MAR").
ENQUIRIES
GEMFIELDS Sean Gilbertson / David Lovett / Ian Hughes
ir@gemfields.com
T: +44(0) 20 7518 3400
SPONSOR (JSE) Investec Bank Limited
NOMINATED ADVISER Liberum
(AIM) & BROKER Scott Mathieson / John More / Kane Collings / Anake Singh
T: +44(0) 20 3100 2222
FINANCIAL PR/IR Camarco
Gordon Poole / Emily Hall
T: +44(0) 20 3757 4980
ADDITIONAL INFORMATION ON GEMFIELDS
Gemfields is a world-leading responsible miner and marketer of coloured gemstones. Gemfields is
the operator and 75% owner of both the Kagem emerald mine in Zambia (believed to be the
world's single largest producing emerald mine) and the Montepuez ruby mine in Mozambique (one
of the most significant recently discovered ruby deposits in the world). In addition, Gemfields also
holds controlling interests in various other gemstone mining and prospecting licences in Zambia,
Mozambique, Ethiopia and Madagascar.
Gemfields' outright ownership of Fabergé - an iconic and prestigious brand of exceptional heritage
- enables Gemfields to optimise positioning, perception and consumer awareness of coloured
gemstones through Fabergé designs, advancing the wider group's "mine and market" vision.
Gemfields has developed a proprietary grading system and a pioneering auction platform to
provide a consistent supply of coloured gemstones to downstream markets, a key component of
Gemfields' business model that has played an important role in the growth of the global coloured
gemstone sector.
GEMFIELDS
GEMFIELDS.COM | INVESTORS |FOUNDATION
INSTAGRAM | FACEBOOK | TWITTER | YOUTUBE
FABERGÉ
FABERGÉ.COM | INSTAGRAM | FACEBOOK | TWITTER | YOUTUBE
KAGEM MINING LINKEDIN
MONTEPUEZ RUBY MINING LINKEDIN
Date: 06-12-2023 09:00:00
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