Wrap Text
Ruby Auction Results
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")
Ruby Auction Results
LONDON, 9 DECEMBER 2022
Gemfields is pleased to announce the results of a ruby auction held in Bangkok from 21 November
– 8 December 2022. The auction contained a selection of grades that are typically offered at
Montepuez Ruby Mining Limitada’s (“MRM”) auctions of mixed quality rubies.
The auction lots were made available for in-person and private viewings by customers in Bangkok.
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.
The rough rubies sold were extracted from the mining licence held and operated by MRM (which
is 75% owned by Gemfields and 25% by 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 prices achieved at the
auction.
Highlights – December 2022 Ruby Auction
- Total auction revenues of USD 66.8 million
- 104 lots were offered for sale, of which 98 were sold (94%)
- Average price of USD 154.84 per carat
- 82% of the carats offered were sold
- MRM’s 2022 auction revenues have set a new annual record of USD 166.7 million (beating
the prior record - set in 2021 - of USD 147.4 million)
- The 18 auctions of MRM rubies held since June 2014 have generated USD 898.1 million
in aggregate revenues
- Gemfields’ total auction revenues for the year, with MRM and the Kagem emerald mine,
have set a new annual record of USD 316 million, up 32% from 2021
Adrian Banks, Gemfields’ Managing Director of Product & Sales, commented:
“Our final auction for 2022 has yielded another strong result for Mozambique rubies, topping off a truly glittering
year for Gemfields. With the ruby auction bringing in USD 66.8 million, MRM’s total auction revenue for 2022
stands at USD 166.7 million, a 13% improvement on last year’s record despite the challenging conditions in
Cabo Delgado. When combined with the Kagem emerald mine’s auction revenues for 2022 of USD 149.4 million
- a remarkable 62% improvement over 2021 - Gemfields’ total auction revenues for 2022 stand at USD 316
million, an improvement of 32% over 2021’s USD 239.6 million, a record at that time. We extend thanks and
congratulations to our hard-working teams, our partners, our host governments and of course our clients for a
remarkable year.”
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):
AUCTION Dec ’19 Apr ’21 Dec ’21 Jun ’22 Dec ’22
RESULTS AUCTION AUCTION AUCTION AUCTION AUCTION
(MIXED (7 (7 (7 (7
QUALITY) sequential sequential sequential sequential
mini- mini- mini- mini-
auctions) auctions) auctions) auctions)
Dates 10-14 Dec 15 Mar – 8 Nov – 30 May – 17 21 Nov – 8
2019 8 Apr 2021 9 Dec 2021 Jun 2022 Dec 2022
Various/ Various / Bangkok / Bangkok /
Location Singapore
Online Online Online Online
Rough Ruby Rough Ruby Rough Ruby Rough Ruby Rough Ruby
Type (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
1,158,114 726,610 681,013 610,135 525,246
offered
Carats sold 927,130 343,952 667,589 387,681 431,671
No. of lots
104 94 107 119 104
offered
No. of lots
91 89 104 112 98
sold
Percentage
88% 95% 97% 94% 94%
of lots sold
Percentage of
lots sold 80% *47% 98% 64% 82%
by weight
Total sales
USD 71.5 USD 58.9 USD 88.4 USD 95.6 USD 66.8
realised at
million million million million Million
auction
Average per
USD USD USD USD USD
carat sales
77.12 /carat 171.33/carat 132.47/carat 246.69/carat 154.84/carat
value
* One lot of 76,343 grams (representing some 53% of the total weight offered) remained unsold at the March/April 2021 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.
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.
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 finnCap
(AIM) & JOINT BROKER Christopher Raggett / Tim Redfern / Edward Whiley
T: +44(0) 20 7220 0500
JOINT BROKER Liberum
Scott Mathieson / Kane Collings
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 miner of responsible 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 and trading
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: 09-12-2022 09:01:00
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