Red is still the most persuasive color in the gem trade. Gemfields, the miner behind the Montepuez ruby deposit in Mozambique, has sold $52 million of rough rubies at its October auction in Bangkok, and the price paid per carat came in at about $565, a figure that tells collectors more about the ruby market than the headline total.
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At a glance
- The sale: Gemfields’ mixed-quality rough ruby auction, held in Bangkok from October 5 to 16, 2026.
- The result: $52 million in revenue, with 90 of 99 lots sold, according to Rapaport.
- Price per carat: about $565 on average across 92,153 carats sold.
- The source: Montepuez Ruby Mining in northern Mozambique, 75% owned by Gemfields.
- What’s next: another “Trade Select” auction planned for December.
What happened at the Gemfields ruby auction?
Gemfields announced the results on Monday, October 19. Buyers viewed the rough in Bangkok, the capital of the colored-stone cutting trade, and bid over twelve days. The company reported total revenue of $52 million, and Mining Weekly put the average at $564.54 per carat. Rapaport reported that 90 of the 99 lots on offer found buyers, about 91%, and that the average price per carat roughly doubled, up 102%, compared with the February sale.
The offering was smaller than in previous years and weighted toward better material. Adrian Banks, Gemfields’ managing director of product and sales, linked the lower volume to operational challenges during the year and to a new approach introduced in June, called Trade Select, under which chosen grades and categories are offered separately. “The results achieved at this auction reflect robust demand across the range of sizes and qualities offered,” he said, as reported by Rapaport.
Why does the price per carat matter more than the total?
Auction totals rise and fall with how much the mine chooses to offer. The price per carat is a cleaner signal of what cutters will pay for the material. Gemfields’ own published figures show how far it has travelled: its June 2023 mixed-quality auction averaged $265.99 per carat, and the June 2025 sale averaged $461.48, according to the company’s 2025 results announcement. October’s roughly $565 sits above both.
A caution in reading those numbers: Gemfields itself notes that results are not always directly comparable, because the mix of size, color and clarity changes from sale to sale. A smaller parcel weighted toward fine stones will lift the average on its own. In our view, the clearer message is Banks’ comment that demand was strongest for larger, fine-quality rubies, which is exactly the end of the market collectors buy from.
Where do Mozambican rubies come from? A short history
For centuries the benchmark ruby came from the Mogok valley in Myanmar, the source of the saturated, glowing reds that still lead the great jewelry sales. Thailand and Cambodia supplied much of the twentieth-century trade, and Bangkok and Chanthaburi grew into the world’s ruby cutting and heating centers, which is why Gemfields still holds its viewings there.
The Montepuez deposit in Cabo Delgado province changed that map in the late 2000s. Gemfields acquired its stake around 2011 and began selling the rough through competitive auctions in the mid-2010s, a model it had already used for Zambian emeralds. Today Montepuez Ruby Mining is 75% owned by Gemfields and 25% by its Mozambican partner Mwiriti, and the company states that royalties are paid to the Government of Mozambique on the full prices achieved. Mozambican rubies now appear regularly in fine and high jewelry, and the best of them sit comfortably alongside older sources in auction catalogues. For a recent example of where top rubies end up, see our report on Christie’s Hong Kong Magnificent Jewels, where a Burmese ruby brooch carries a multi-million-dollar estimate.
The headline is $52 million. The story is a price per carat that has more than doubled in just over three years.
What does this mean for ruby prices in jewelry?
Rough prices take time to reach the showcase. Rough bought in October will be cut, sometimes heated, graded and set over the following months, and each step adds cost. Rough is also only one input: a finished ruby’s price depends far more on its individual color, clarity, size and treatment than on an auction average. Still, steady increases at the source tend to make retailers firmer on price for fine, untreated or minimally treated stones above two or three carats.
For the Collector
- Ask for an origin report. A report from a major laboratory stating Mozambique as the origin, and whether the stone shows evidence of heating, is the single document that most affects value. Our guide to reading a GIA report explains how lab documents are laid out.
- Treatment drives price. Unheated rubies with strong, even red color command a clear premium over heated stones of similar appearance. Lead-glass-filled “composite” rubies are a different, far less valuable product and should always be disclosed.
- Size is where demand is strongest. Gemfields reported its firmest prices for larger, fine-quality rubies, which matches what auction houses see for stones above five carats.
- Compare stones, not sources alone. A fine Mozambican ruby can outshine an average Burmese one. Our ruby vs emerald vs sapphire guide covers durability and price ranges.
- Keep perspective on value. Rising rough prices do not guarantee a finished ruby will rise in value, and past prices don’t predict future value.
Frequently asked questions
How much did the Gemfields October 2026 ruby auction make?
It brought in $52 million, with 90 of 99 lots sold at an average of about $565 per carat, according to Gemfields’ results as reported by Rapaport and Mining Weekly.
Where are Gemfields rubies mined?
They come from Montepuez Ruby Mining in Cabo Delgado province, northern Mozambique, which is 75% owned by Gemfields and 25% by Mwiriti.
Can private buyers bid at Gemfields auctions?
The auctions are trade sales of rough rubies for cutting companies, so collectors usually buy Mozambican rubies after cutting, through jewelers, dealers or auction houses.
When is the next Gemfields ruby auction?
Gemfields said its next Trade Select ruby auction is planned for December 2026.
Sources: Rapaport · Mining Weekly · Gemfields, June 2025 auction results (RNS)
