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Rising ruby prices come as no surprise, insists Gemfields

Rubies

Gemfields has announced that last month’s ruby auction saw prices for the gems hit a new all-time price-per-carat record.

And the leading coloured gemstone supplier said that this came as no surprise, given they had observed demand, price and supply rising consistently year on year.

The company’s CEO said: “Demand for Mozambican rubies is at an all-time high. The industry now has growing confidence in a consistent and reliable supply of rubies.

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“There is also a growing understanding of a gemstone’s origin and how gemstones can be responsibly mined to have a positive impact on the countries of source; Gemfields’ Mozambican rubies are the market leader in this regard.”

In 2018, Gemfields enjoyed a record year in auction revenues and achieved an all-time record for the highest revenues achieved from one auction at last June’s sale of high-quality rubies.

Furthermore its 12 auctions of Mozambican rubies – the first in June 2014 – have netted the company a total of USD 512.6 million in aggregate revenues, with well over 90% of the product on offer being sold at each auction.

And the company says that the gems are coming to dominate the market as high-fashion jewellers across the world start to replace colourless diamonds with rich red rubies.

One such company is, Fabergé, who recently added a heart-shaped Mozambican ruby hidden inside an egg-shaped locket pendant to its Imperial fine jewellery collection, while their arresting Dalliance GemAddictRuby timepiece features 32 trapeze-shaped Mozambican rubies.

Josina von dem Bussche-Kessell, global sales director at the firm, said: “We have seen a rise in demand for rubies, with our younger customers, in particular, wishing to look beyond diamonds, because of the sumptuousness of coloured gemstones.

“There’s no doubt that many of our most well-informed clients are investing in coloured gems, because of the appreciation in their value in recent years.”

Rubies have achieved record prices per carat in recent years, with prices tripling in the decade between 2006 and 2016, when they hit a record US$1.2m.

Andrew Shirley, head of luxury research at Knight Frank, said: “The interesting story here is that coloured gemstones are outperforming the wider jewellery market, with some significant sales taking place already in 2019.”

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Patrick Cremona

The author Patrick Cremona

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