Auction Results - MRM Rubies

Share code on JSE:GML (General Segment of JSE Main Board) / AIM:GEM

("Gemfields" or the "Group" or the "Company")

Auction Results - MRM Rubies

LONDON, 28 APRIL 2025

Gemfields is pleased to announce the results of a mini auction of Mozambican rough rubies from Montepuez Ruby Mining ("MRM") held in Bangkok, Thailand from 21 to 25 April 2025.

Highlights - Mini MRM Ruby Auction - April 2025

• Auction revenues of USD 7.2 million
• 20 of the 21 lots on offer were sold
• 72.8% of the 250,004 carats on offer were sold
• Average sales price of USD 39.47 per carat

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

"We extend our gratitude to all participants who contributed to making this five-day auction both successful and enjoyable. This auction can be described as a hybrid offering, featuring both primary and secondary rubies. Over 90% of the secondary material was under 0.2 grams (1 carat), presented across 13 lots and spanning a broad range of qualities. The primary rubies offered were of commercial quality, predominantly in smaller sizes.

Only one lot remained unsold - a 13.6kg parcel of 'L2' quality, weighing between 0.05 and 0.09 grams (0.25-0.45 carats), expected to yield small, mixed-colour sapphires after cutting and polishing. This parcel, the largest by weight, accounted for 27.2% of the total weight offered.

The auction saw strong attendance and robust demand, providing a timely affirmation of the state of the ruby market against the backdrop of tariff-induced uncertainty in global markets. We extend our thanks and congratulations to the Government of Mozambique and our partners at Mwiriti, both of whom attended, on achieving very healthy results for material of this size and quality."

GEMFIELDS

KAGEM MINING LIMITED LINKEDIN

MONTEPUEZ RUBY MINING LINKEDIN