Gemfields has set a new ruby auction record by raising $95.6million at a dedicated event in Bangkok, the capital of Thailand, between May 30 and June 17, 2022.

"Our first ruby auction in 2022 produced real results, setting a new revenue record for any Gemfields auction at $95.6 million," said Gemfields' General Manager of Product and Sales, Adrian Banks.

When combined with the two Kagem emerald auctions held so far this year, Gemfields' auction revenue in the first half of 2022 is $181 million "versus our previous first half record of $93 million, set in 2018."

The company has managed to raise revenues never before achieved in any other auction.

Gemfileds' offering contained properly selected rubies of mixed qualities that are normally offered at Montepuez Ruby Mining (MRM) auctions.

Each carat of ruby had an average price of $246.69, thus a new record for any mixed quality ruby auction. Of the 119 lots offered, 112 were sold (94.1%) 63.5% of the carats offered at the auction were sold.

The raw rubies were all extracted from the mining license owned and operated by MRM (which is 75% owned by Gemfields and 25% owned 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 total sales prices obtained at the auction.