Auction Results - October Mixed Quality Rubies

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

Auction Results: Mixed-Quality Rubies

LONDON, 19 OCTOBER 2026

Gemfields announces the results of an auction comprised of mixed-quality rough ruby held during the period 5 - 16 October 2026.

Highlights - Mixed-Quality Ruby Auction - October 2026

• Total auction revenues of USD 52.0 million.
• 90 of the 99 lots offered for sale were sold (90.9%).
• 102,099 carats were offered for sale with 92,153 carats sold (90%).
• Average sales price of USD 564.54 per carat.

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

"The results achieved at this auction reflect robust demand across the range of sizes and qualities offered, with particularly strong prices for larger, fine-quality rubies. This underscores the premium customers place on these exceptionally rare and precious rubies.

At slightly over 20 kilograms, this Mixed-Quality auction was smaller than those held in previous years and comprised predominantly higher-quality rubies. The lower volume reflects the year's operational challenges and the 'Trade Select' auction strategy introduced in June, under which selected grades and categories are now offered separately. This change in auction strategy gives customers a more focused offering while enabling MRM to align the timing and composition of its auctions more closely with available production and market demand.

We greatly value our customers' continued participation and constructive feedback as the auction system evolves. We thank the MRM team for the considerable effort that contributed to this successful outcome and acknowledge the valued support of our partner, Mwiriti.

We look forward to building on this outcome at the next Trade Select auction, planned for December."