Colored gemstone miner Gemfields sold 68.7 million dollars worth of mixed-quality rubies at its June auction, with 97% of the lots up for bid lost, the company announced in a statement.

The raw rubies were mined by Montepuez Ruby Mine, which is 75% owned by Gemfields and 25% by its Mozambican partner, Mwiriti.

The auction marked the 10th anniversary of Gemfields' first sale of rubies from the Montepuez mine in Mozambique, the richest known deposit of precious red stones in the world.

Although the results of the auction should not be compared directly, our team is proud to have surpassed the mark of an average selling price of $300 per carat in this auction," said Adrian Banks, Gemfields' MD of products and sales, in the statement quoted by the Club of Mozambique.

The total was still lower than the 80.4 million dollars Gemfields raised at the same time last year and just below the 69.5 million dollars it made selling rubies in December.

The company, which also produces emeralds at the Kagem mine in Zambia, acknowledged that the gemstone industry, especially the diamond industry, faced substantial challenges last year, with a global decline in demand for rough gemstones affecting prices.

Economic challenges in the main markets, including China and the US, along with an increase in the supply of laboratory-produced diamonds, have led jewelry retailers to adopt a cautious approach. This has impacted sales of diamonds and colored gemstones, contributing to the overall decline in profits for the main producers.

Gemfields' pre-tax profit plummeted by 86% last year, partly due to the cancellation of an emerald auction in November, a lower number of carats sold in general and a reduction in its investments in platinum group metals.