Auction Results - Mixed-Quality Rubies

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

Auction Results: Mixed-Quality Rubies

LONDON, 16 JUNE 2025

Gemfields announces the results of an auction comprised of mixed-quality rough ruby held during the period 2 - 13 June 2025.

Highlights - Mixed-Quality Ruby Auction - June 2025

• Total auction revenues of USD 31.7 million.
• 78 of the 90 lots offered for sale were sold (87%).
• 99,830 carats were offered for sale with 68,705 carats sold (69%).
• Average sales price of USD 461.48 per carat.
• The auction included rubies from a newer area of MRM which previously hasn't been represented at auction in meaningful quantities, including a notable 36-carat ruby (pictured below) which sold well, becoming the third-most-valuable single-gemstone lot in MRM's history.
• This auction follows a mini-auction of predominantly small-sized gemstones held in April 2025 that achieved auction revenues of USD 7.2 million and which would normally have been included in the June auction.

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

"While this was our smallest mixed-quality ruby offering by weight to date, and there is clearly ongoing instability in the market stemming from, inter alia, ongoing geo-political turbulence, China's economic difficulties and considerable tariff uncertainty, today's auction result demonstrated the resilience of rubies in turbulent times.

Demand and pricing for fine-quality rubies remain strong. Notably, the secondary-type rubies recently recovered from a newer section of the mine, exhibiting different characteristics, were generally well received by auction customers.

The 36-carat, fine-quality ruby recovered from this newer section of the mine attracted strong interest from all auction customers and achieved a highly pleasing sale price.

This is a particularly promising development as Montepuez Ruby Mining ("MRM") advances towards the completion of Processing Plant 2 ("PP2"), enhancing its ability to deliver a consistent and diversified supply of Mozambican rubies to meet the evolving demands of the market.

It should be noted that the overall average USD per carat price was skewed by a combination of the sale in April 2025 of some predominantly small-sized rubies which would typically be included in the June auction and a number of higher weight, lower quality lots that remained unsold."

1 - The 'Low Ruby' category was not offered at the December 2023, June 2024, December 2024 or June 2025 auctions.

2 - 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.

GEMFIELDS

KAGEM MINING LIMITED LINKEDIN

MONTEPUEZ RUBY MINING LINKEDIN