In the current precious gemstone landscape, Mozambique is emerging as a prominent player in the global market. The latest ruby auction, held between 20 November and 5 December this year, marked a new milestone for the country. Organised by the mining company Gemfields, this initiative brought to the international stage 97 lots of rubies, totalling 239,591 carats, an impressive demonstration of the country's mineral wealth.
Since June 2014, Gemfields has been a driving force in the precious stones market, holding 21 auctions dedicated to rubies mined in the Montepuez region of northern Mozambique. These events have generated an impressive total revenue of 1,049 million dollars, a figure that reflects the growing value of these gems on the international market.
This year's final auction not only added 69.5 million dollars to Gemfields' total revenue but also reinforced Mozambique's position as an important centre for high-quality gemstones. These stones, mined by MRM (Montepuez Ruby Mining) – a company 75% of whose shares are owned by Gemfields and 25% by the Mozambican partner Mwiriti – were sold at an average price of 290.02 dollars per carat.
This success is not limited to the corporate sector. According to a Gemfields statement, the total proceeds of the auction will be repatriated to MRM in Mozambique, and all royalties due will be paid to the Government of the Republic of Mozambique, ensuring that the benefits of this economic activity are felt throughout the country.
Adrian Banks, Gemfields' managing director of products and sales, highlighted the upward trend in the price of rubies at the company's auctions, a promising sign for the future of the industry. With total revenue of 242 million dollars in 2023 alone, the company is celebrating its second-best year in terms of sales, surpassing the mark of 2,000 million dollars in cumulative sales.
This triumph in the gemstone market reinforces Mozambique's position as a leader in the mining industry.
