Wrap Text
Auction Results: Mixed-Quality Rubies
Gemfields Group Limited
Incorporated in Guernsey. Guernsey registration number: 47656
South African external company registration number: 2009/012636/10
Share code on JSE:GML (General Segment of JSE Main Board) / AIM:GEM
ISIN: GG00BG0KTL52 | LEI: 21380017GAVXTCYS5R31
("Gemfields" or the "Group" or the "Company")
Auction Results: Mixed-Quality Rubies
LONDON, 23 FEBRUARY 2026
Gemfields announces the results of an auction comprised of mixed-quality rough ruby held during
the period 9 – 20 February 2026.
Highlights – Mixed-Quality Ruby Auction – February 2026
• Total auction revenues of USD 53 million.
• 121 of the 135 lots offered for sale were sold (90%).
• 214,509 carats were offered for sale with 189,620 carats sold (88%).
• Average sales price of USD 279 per carat.
• This is the first auction to include material from MRM's second processing plant,
underscoring the contribution it is already making ahead of full commissioning.
Adrian Banks, Gemfields' Managing Director of Product & Sales, commented:
"This auction, deferred from December 2025 to February 2026, was well attended and comprised a good selection
of rubies covering a wide spectrum of sizes and qualities from our Mozambique ruby mine. It was particularly
pleasing to see that the more fluorescent material from our newer mining areas was well received. Fine-quality rubies
continued to perform strongly and demonstrated robust pricing.
Bidding for certain qualities was more muted, a development we attribute in part to the additional product being
brought to market from illegal mining networks operating in the MRM area combined with weaker demand from
China.
As MRM's second processing plant approaches final commissioning, we look forward to maintaining Gemfields'
consistent supply of rubies to the market. We thank our customers for their continued support and wish them every
success during the upcoming gemstone show season. Sincere appreciation is also extended to the dedicated team at
MRM and our partners at Mwiriti for their continued hard work and commitment."
The gemstones were extracted in Mozambique by Montepuez Ruby Mining Limitada ("MRM")
which is 75% owned by Gemfields and 25% by 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.
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.
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 '23 Jun '24 Dec '24 Jun '25 Feb '26
RESULTS AUCTION AUCTION AUCTION AUCTION AUCTION
(MIXED (7 sequential (7 sequential (7 sequential (6 sequential (7 sequential
QUALITY) mini-auctions) mini-auctions) mini-auctions) mini-auctions) mini-auctions)
20 Nov – 3 – 18 Jun 25 Nov – 11 2 – 13 Jun 9 – 20 Feb
Dates
5 Dec 2023 2024 Dec 2024 2025 2026
Bangkok / Bangkok / Bangkok / Bangkok / Bangkok /
Location
Online Online Online Online Online
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
Type Commercial Commercial Commercial Commercial Commercial
Quality), no Quality), no Quality), no Quality), no Quality), no
'Low Ruby' [1] 'Low Ruby' [1] 'Low Ruby' [1] 'Low Ruby' [1] 'Low Ruby' [1]
or Corundum or Corundum or Corundum or Corundum or Corundum
Carats
239,591 217,044 167,865 99,830 214,509
offered
Carats sold 239,591 216,600 143,613 68,705 189,620
No. of
companies 53 52 46 47 46
placing bids
No. of lots
97 97 102 90 135
offered
No. of lots
97 94 97 78 121
sold
Percentage of
100% 97% 95% 87% 90%
lots sold
Percentage of
lots sold by 100% 99.8% 86% 69% 88%
weight
AUCTION Dec '23 Jun '24 Dec '24 Jun '25 Feb '26
RESULTS AUCTION AUCTION AUCTION AUCTION AUCTION
(MIXED (7 sequential (7 sequential (7 sequential (6 sequential (7 sequential
QUALITY) mini-auctions) mini-auctions) mini-auctions) mini-auctions) mini-auctions)
Total sales
USD 69.5 USD 68.7 USD 46.2 USD 31.7 USD 53.0
realised at
million million Million Million Million
auction
Average per
USD USD USD USD USD
carat sales
290.02/carat 316.95/carat 321.94/carat 461.48/carat 279.39/carat
value
[1] - The 'Low Ruby' category was not offered at the December 2023, June 2024, December 2024 or June 2025 auctions.
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.
MRM's Second Processing Plant
MRM continues to work in close collaboration with Consulmet and the relevant OEMs on the
final commissioning of MRM's second processing plant to triple the mine's ore processing capacity.
While the plant has demonstrated its ability to attain design capacity of 400 tonnes per hour, a
number of further adjustments, refinements and component substitutions are required to deliver
sustained operation at those levels. This work has not given rise to any materially increased costs
for MRM.
-ENDS-
Further information on Gemfields Group Limited can be found at:
GEMFIELDSGROUP.COM
To join our investor mailing list, please contact us on:
ir@gemfields.com
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 / Heinrich Richter
ir@gemfields.com
T: +44(0) 20 7518 3400
SPONSOR (JSE) Investec Bank Limited
NOMINATED ADVISER Panmure Liberum
(AIM) & BROKER Scott Mathieson / Amrit Mahbubani / John More
T: +44(0) 20 3100 2222
PRESS ENQUIRES, GEMFIELDS press@gemfields.com
HEAD OFFICE, LONDON T: +44(0) 20 7518 3400
NOTES TO EDITORS
About Gemfields Group Limited
Gemfields is a world-leading miner of coloured gemstones, which is dual-listed on the
Johannesburg and London AIM stock exchanges.
Gemfields is the operator and 75% owner of both Kagem Mining in Zambia (a world-leading
emerald mine) and Montepuez Ruby Mining in Mozambique (situated on one of the most
significant recently discovered ruby deposits in the world). In addition, Gemfields holds controlling
interests in various other gemstone mining and prospecting licenses in Zambia, Mozambique,
Ethiopia and Madagascar.
Gemfields introduced a proprietary grading system and pioneering auction platform, which have
transformed the coloured gemstone industry. Today, the company implements and invests in
industry-leading policies, practices and infrastructure across its operations; aligns with relevant
industry standards to underpin its responsible approach; plays an active role in working groups to
modernise the sector; and raises the profile of African gems through its global marketing efforts.
Gemfields funds projects to improve health, education and livelihoods for communities around its
mines, supports local conservation partners and created the Gemfields Foundation, its charitable
arm, which magnifies the scale of the work already carried out by Gemfields itself.
Gemfields values transparency, legitimacy and integrity, and believes that coloured gemstones
should create a positive impact for the countries and communities from which they originate.
GEMFIELDS.COM | INVESTORS | FOUNDATION | INSTAGRAM | FACEBOOK | X | YOUTUBE
KAGEM MINING LINKEDIN | FACEBOOK
MONTEPUEZ RUBY MINING LINKEDIN | FACEBOOK
Date: 23-02-2026 09:00:00
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