Namanhumbir, 19 October 2026 – Gemfields today announced the results of the latest ruby auction held by Montepuez Ruby Mining (MRM), the proceeds of which will help strengthen the company’s liquidity and support the continuation of its operations during a period marked by significant operational and financial constraints.
Key results of the mixed-quality ruby auction — October 2026
- US$52.0 million in total revenue;
- 90 of the 99 lots offered for sale were sold, representing a sell-through rate of 90.9%;
- 102,099 carats were offered for sale, of which 92,153 were sold, representing 90% of the total;
- US$564.54 per carat was the average selling price.
In recent times, MRM has faced various challenges that have negatively affected production levels and cash flow, including illegal mining, security-related disruptions, lower-than-expected recovery, challenges associated with the commissioning of the second processing plant (PP2), the quality composition of the ruby assortment and delays in value-added tax (VAT) refunds. In this context, the auction results demonstrate solid international demand for the different sizes and qualities of rubies offered, despite the auction volume being lower than that of auctions held in previous years.
MRM’s current operating environment is marked by frequent incursions by illegal miners into the concession area, with more than 1,000 individuals estimated to enter the site daily. These incursions pose significant risks to the safety of MRM employees, contractors and members of local communities, while also jeopardising the preservation of ruby resources and negatively affecting recovery rates. Illegal mining does not contribute to the sustainable development of the province. On the contrary, this practice can expose local communities to exploitation, weaken the social fabric and deprive the Mozambican state of essential tax revenue from the exploitation of its mineral resources.
The proceeds from the recent auction represent an important contribution towards securing funding for MRM’s operations over the coming months. Gemfields and MRM continue to monitor developments closely, maintaining dialogue with government authorities and assessing contingency measures to address the ongoing operational and financial challenges. Maintaining stable and financially sustainable operations at MRM is important for preserving jobs, generating public revenue and ensuring the continuation of community development programmes in Mozambique.
The gemstones offered at this auction were mined in Mozambique by Montepuez Ruby Mining (MRM), a company 75% owned by Gemfields and 25% owned by Mwiriti Limitada. All proceeds from this auction will be repatriated to MRM in Mozambique. Royalties due to the Government of the Republic of Mozambique will be paid on the basis of the full value of sales made at the auction.
About Montepuez Ruby Mining
Montepuez Ruby Mining (MRM), located in north-eastern Mozambique, lies within one of the most significant ruby deposits discovered in the world in recent times. MRM is operated and 75% owned by Gemfields, with the remaining 25% owned by Mwiriti Limitada, a Mozambican company.
Gemfields is a world-leading coloured gemstone mining company. In addition to MRM, Gemfields operates and owns 75% of Kagem Mining (“Kagem”) in Zambia, a world-leading emerald mine.
Gemfields introduced a patented grading system and a pioneering auction platform that have transformed the coloured gemstone industry. The company currently implements and invests in leading sector policies, practices and infrastructure across all its operations; aligns itself with relevant industry standards to support its responsible approach; plays an active role in working groups to modernise the sector; and raises the profile of African gemstones through its global marketing efforts.
Gemfields funds projects to improve the health, education and livelihoods of communities around its mines, supports local conservation partners and established the Gemfields Foundation, its charitable arm, which expands the scale of the work already carried out by Gemfields itself.
Gemfields and MRM value transparency, legitimacy and integrity, and believe that coloured gemstones should create a positive impact for the countries and communities from which they originate.