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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, 16 JUNE 2025
Gemfields announces the results of an auction comprised of mixed-quality rough ruby held during
the period 2 – 13 June 2025.
Highlights – Mixed-Quality Ruby Auction – June 2025
• Total auction revenues of USD 31.7 million.
• 78 of the 90 lots offered for sale were sold (87%).
• 99,830 carats were offered for sale with 68,705 carats sold (69%).
• Average sales price of USD 461.48 per carat.
• The auction included rubies from a newer area of MRM which previously hasn't been
represented at auction in meaningful quantities, including a notable 36-carat ruby (pictured
below) which sold well, becoming the third-most-valuable single-gemstone lot in MRM's
history.
• This auction follows a mini-auction of predominantly small-sized gemstones held in April
2025 that achieved auction revenues of USD 7.2 million and which would normally have
been included in the June auction.
Adrian Banks, Gemfields' Managing Director of
Product & Sales, commented:
"While this was our smallest mixed-quality ruby offering by weight to date, and there is clearly ongoing instability in the
market stemming from, inter alia, ongoing geo-political turbulence, China's economic difficulties and considerable tariff
uncertainty, today's auction result demonstrated the resilience of rubies in turbulent times.
Demand and pricing for fine-quality rubies remain strong. Notably, the secondary-type rubies recently recovered from
a newer section of the mine, exhibiting different characteristics, were generally well received by auction customers.
The 36-carat, fine-quality ruby recovered from this newer section of the mine attracted strong interest from all auction
customers and achieved a highly pleasing sale price.
This is a particularly promising development as Montepuez Ruby Mining ("MRM") advances towards the
completion of Processing Plant 2 ("PP2"), enhancing its ability to deliver a consistent and diversified supply of
Mozambican rubies to meet the evolving demands of the market.
It should be noted that the overall average USD per carat price was skewed by a combination of the sale in April
2025 of some predominantly small-sized rubies which would typically be included in the June auction and a number
of higher weight, lower quality lots that remained unsold."
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 Jun '23 Dec '23 Jun '24 Dec '24 Jun '25
RESULTS AUCTION AUCTION AUCTION AUCTION AUCTION
(MIXED (7 sequential (7 sequential (7 sequential (7 sequential (6 sequential
QUALITY) mini-auctions) mini-auctions) mini-auctions) mini-auctions) mini-auctions)
5 – 20 Jun 20 Nov – 3 – 18 Jun 25 Nov – 11 2 – 13 Jun
Dates
2023 5 Dec 2023 2024 Dec 2024 2025
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
Corundum
or Corundum or Corundum or Corundum or Corundum
Gemfields Group Limited
AUCTION Jun '23 Dec '23 Jun '24 Dec '24 Jun '25
RESULTS AUCTION AUCTION AUCTION AUCTION AUCTION
(MIXED (7 sequential (7 sequential (7 sequential (7 sequential (6 sequential
QUALITY) mini-auctions) mini-auctions) mini-auctions) mini-auctions) mini-auctions)
Carats
446,202 239,591 217,044 167,865 99,830
offered
Carats sold 302,317 239,591 216,600 143,613 68,705
No. of
companies 51 53 52 46 47
placing bids
No. of lots
94 97 97 102 90
offered
No. of lots
91 97 94 97 78
sold
Percentage of
97% 100% 97% 95% 86.7%
lots sold
Percentage of
lots sold by 68% 2 100% 99.8% 86% 68.8%
weight
Total sales
USD 80.4 USD 69.5 USD 68.7 USD 46.2 USD 31.7
realised at
million million million Million Million
auction
Average per
USD USD USD USD USD
carat sales
265.99/carat 290.02/carat 316.95/carat 321.94/carat 461.48/carat
value
1 - The 'Low Ruby' category was not offered at the December 2023, June 2024, December 2024 or June 2025 auctions.
2 - 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 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, please contact us on:
ir@gemfields.com
Gemfields Group Limited
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 Panmure Liberum
(AIM) & BROKER
Scott Mathieson / Amrit Mahbubani / John More
T: +44(0) 20 3100 2222
PRESS ENQUIRES, GEMFIELDS Helena Choudhury / Albertina Namburete
HEAD OFFICE, LONDON helena.choudhury@gemfields.com / albertina.namburete@gemfields.com
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.COM | INVESTORS |FOUNDATION
INSTAGRAM | FACEBOOK | X | YOUTUBE
FABERGÉ
FABERGÉ.COM | INSTAGRAM | FACEBOOK | X | YOUTUBE
KAGEM MINING LIMITED LINKEDIN
MONTEPUEZ RUBY MINING LINKEDIN
Date: 17-06-2025 07:05:00
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