**Summary**
Gemfields Group Limited announced the results of a mixed-quality rough ruby auction held from February 9–20, 2026, achieving total revenues of **USD 53 million**. Key highlights include
**90% of lots sold** (121 out of 135) and **88% of carats sold** (189,620 out of 214,509).
**Average price per carat** was **USD 279**, lower than previous auctions.
The auction included material from MRMs (Montepuez Ruby Mining) **second processing plant**, marking its initial contribution before full commissioning.
**Managing Director Adrian Banks** noted strong performance for fine-quality rubies but muted bidding for certain qualities, attributed to increased illegal mining activity in Mozambique and weaker Chinese demand.
**MRM**, 75% owned by Gemfields, continues finalizing its second processing plant to triple ore capacity, with no material cost increases. Auction proceeds will be repatriated to Mozambique, with royalties paid to the government.
The auction utilized an **online sealed-bid platform** in Bangkok, maintaining Gemfields commitment to transparency and market supply. Despite varying auction mixes, the company emphasized its focus on responsible mining and community development through initiatives like the **Gemfields Foundation**.
**Key Figures (Recent Auctions)**
**Feb 26**: USD 53M revenue88% carats sold.
**Jun 25**: USD 31.7M revenue69% carats sold.
**Dec 24**: USD 46.2M revenue86% carats sold.
Gemfields remains a leader in colored gemstone mining, with operations in Zambia, Mozambique, Ethiopia, and Madagascar, and a focus on sustainability and industry modernization.