Ruby Prices Soar at Gemfields Auction, Yields $29.3 Million

Ruby rough pair sold at the auction

The Gemfields ruby auction held June 16–21 in Singapore has yielded $29.3 million, with an average per-carat price of $617.42.

Estimated 47,000 cts. of natural ruby rough was sold at the Singapore auction at an average price of $617.42 totalling US $29.3 Million.

“Demand for fine gems remains very healthy, and the prices obtained are in line with our expectations when compared to the previous high-quality auction,” Gemfields CEO Ian Harebottle said. “Although there has been some softening in demand for certain darker-tone and lower-quality grades, in our view these grades offer remarkable value right now. We believe that this value can be unlocked in the near term through further market education and communication, as shown by the price performance of our similar quality emeralds auctioned from Kagem in recent years.”