Ruby Auction Results

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("Gemfields" or the "Company")

Final 2023 auction results underscore the ongoing vitality of the ruby market

LONDON, 6 DECEMBER 2023

Gemfields is pleased to announce the results of a ruby auction comprised of mixed-quality rough rubies held during the period 20 November to 5 December 2023.

The rough rubies were extracted by Montepuez Ruby Mining Limitada ("MRM", which is 75% owned by Gemfields and 25% by its Mozambican partner Mwiriti Limitada). The proceeds of this auction will be fully repatriated to MRM in Mozambique, with all royalties due to the Government of the Republic of Mozambique being paid on the full sales price achieved at the auction.

Highlights: December 2023 Mixed-Quality Ruby Auction

• Total auction revenues of USD 69.5 million
• All 97 lots (comprising 239,591 carats) offered for sale were sold (100%)
• Average realised price of USD 290.02 per carat
• The 21 auctions of MRM gemstones held since June 2014 have now generated over one billion dollars (USD 1,049 million) in total revenue

Adrian Banks, Gemfields' Managing Director of Product & Sales, commented:

"We've seen ruby prices at our auctions go from strength to strength in recent years and our final auction of 2023 has further endorsed that trend. This auction has shown that the demand and pricing for rough rubies is decidedly healthy.

Gemfields' total auction revenue for 2023 stands at USD 242 million, the second highest in our history. This auction also takes Gemfields past the milestone of USD 2 billion in cumulative emerald and ruby auction sales, an achievement that the Gemfields team and our stakeholders can be very proud of, particularly given the remittance of these sales revenues in full to the countries of origin, and the payment of nearly USD 400 million in mineral royalties and corporation taxes to the combined governments of Mozambique and Zambia.

As always, our thanks go to our hard-working colleagues, our partners, our host governments and of course our clients for their ongoing support and confidence in Gemfields."

* One lot of 26,806 grams (representing some 30% of the total weight offered) remained unsold at the June 2023 auction. As a result, the average price per carat realised at this auction was considerably higher than it would have been had this lot also been sold. These gems were then sold at the September 2023 commercial quality ruby auction.

** The 'Low Ruby' category was not offered at this December 2023 auction given that approximately 703,000 carats were sold at the commercial quality ruby auction in September 2023.

GEMFIELDS

KAGEM MINING LINKEDIN

MONTEPUEZ RUBY MINING LINKEDIN