REG - Gemfields Group Ltd - Auction Results: Mixed-Quality Rubies

GemfieldsAnnouncement

23/02/2026 07:00

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RNS Number : 9201T  Gemfields Group Limited  23 February 2026

Incorporated in Guernsey. Guernsey registration number: 47656

South African external company registration number: 2009/012636/10

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

ISIN: GG00BG0KTL52   |   LEI: 21380017GAVXTCYS5R31

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

 

Auction Results: Mixed-Quality Rubies

LONDON, 23 FEBRUARY 2026

Gemfields announces the results of an auction comprised of mixed-quality rough
ruby held during the period 9 - 20 February 2026.

Highlights - Mixed-Quality Ruby Auction - February 2026

·    Total auction revenues of USD 53 million.

·    121 of the 135 lots offered for sale were sold (90%).

·    214,509 carats were offered for sale with 189,620 carats sold (88%).

·    Average sales price of USD 279 per carat.

·    This is the first auction to include material from MRM's second
processing plant, underscoring the contribution it is already making ahead of
full commissioning.

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

"This auction, deferred from December 2025 to February 2026, was well attended
and comprised a good selection of rubies covering a wide spectrum of sizes and
qualities from our Mozambique ruby mine. It was particularly pleasing to see
that the more fluorescent material from our newer mining areas was well
received. Fine-quality rubies continued to perform strongly and demonstrated
robust pricing.

Bidding for certain qualities was more muted, a development we attribute in
part to the additional product being brought to market from illegal mining
networks operating in the MRM area combined with weaker demand from China.

As MRM's second processing plant approaches final commissioning, we look
forward to maintaining Gemfields' consistent supply of rubies to the market.
We thank our customers for their continued support and wish them every success
during the upcoming gemstone show season. Sincere appreciation is also
extended to the dedicated team at MRM and our partners at Mwiriti for their
continued hard work and commitment."

The gemstones were extracted in Mozambique by Montepuez Ruby Mining Limitada
("MRM") which is 75% owned by Gemfields and 25% by 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 prices achieved at the auction.

The auction lots were made available in Bangkok for private, in-person
viewings by customers. Following the viewings, the auctions took place via an
online auction platform specifically adapted for Gemfields and which permitted
customers from multiple jurisdictions to participate in a sealed-bid process.

The results of the five most recent Mixed-Quality MRM ruby auctions are
summarised in the table below (and earlier results are available at
www.gemfieldsgroup.com (http://www.gemfieldsgroup.com) ):

 

 AUCTION RESULTS (MIXED QUALITY)    Dec '23 AUCTION                                                           Jun '24 AUCTION                                                           Dec '24 AUCTION                                                           Jun '25 AUCTION                                                           Feb '26 AUCTION

                                    (7 sequential mini-auctions)                                              (7 sequential mini-auctions)                                              (7 sequential mini-auctions)                                              (6 sequential mini-auctions)                                              (7 sequential mini-auctions)
 Dates                              20 Nov -                                                                  3 - 18 Jun 2024                                                           25 Nov - 11 Dec 2024                                                      2 - 13 Jun 2025                                                           9 - 20 Feb 2026

                                    5 Dec 2023
 Location                           Bangkok / Online                                                          Bangkok / Online                                                          Bangkok / Online                                                          Bangkok / Online                                                          Bangkok / Online
 Type                               Rough Ruby (Higher, Medium and Commercial Quality), no 'Low Ruby' (1) or  Rough Ruby (Higher, Medium and Commercial Quality), no 'Low Ruby' (1) or  Rough Ruby (Higher, Medium and Commercial Quality), no 'Low Ruby' (1) or  Rough Ruby (Higher, Medium and Commercial Quality), no 'Low Ruby' (1) or  Rough Ruby (Higher, Medium and Commercial Quality), no 'Low Ruby' (1) or
                                    Corundum                                                                  Corundum                                                                  Corundum                                                                  Corundum                                                                  Corundum
 Carats offered                     239,591                                                                   217,044                                                                   167,865                                                                   99,830                                                                    214,509
 Carats sold                        239,591                                                                   216,600                                                                   143,613                                                                   68,705                                                                    189,620
 No. of companies placing bids      53                                                                        52                                                                        46                                                                        47                                                                        46
 No. of lots offered                97                                                                        97                                                                        102                                                                       90                                                                        135
 No. of lots sold                   97                                                                        94                                                                        97                                                                        78                                                                        121
 Percentage of lots sold            100%                                                                      97%                                                                       95%                                                                       87%                                                                       90%
 Percentage of lots sold by weight  100%                                                                      99.8%                                                                     86%                                                                       69%                                                                       88%
 Total sales realised at auction    USD 69.5                                                                  USD 68.7                                                                  USD 46.2                                                                  USD 31.7                                                                  USD 53.0 Million

                                    million                                                                   million                                                                   Million                                                                   Million
 Average per carat sales value      USD                                                                       USD                                                                       USD                                                                       USD                                                                       USD

290.02/carat
316.95/carat
321.94/carat
461.48/carat
279.39/carat

 

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

The specific auction mix and the quality of the lots offered at each auction
vary in characteristics such as size, colour and clarity on account of
variations in mined production and market demand. Therefore, the results of
each auction are not always directly comparable.

 

MRM's Second Processing Plant

MRM continues to work in close collaboration with Consulmet and the relevant
OEMs on the final commissioning of MRM's second processing plant to triple the
mine's ore processing capacity. While the plant has demonstrated its ability
to attain design capacity of 400 tonnes per hour, a number of further
adjustments, refinements and component substitutions are required to deliver
sustained operation at those levels. This work has not given rise to any
materially increased costs for MRM.

 

 

-ENDS-

 

Further information on Gemfields Group Limited can be found at:

 GEMFIELDSGROUP.COM (http://WWW.GEMFIELDSGROUP.COM)

 

To join our investor mailing list, please contact us on:
ir@gemfields.com (mailto:ir@gemfields.com)

 

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) no. 596/2014 which forms part of domestic UK
law pursuant to the European Union (withdrawal) act 2018 ("MAR").

 

ENQUIRIES

 

 GEMFIELDS                                      Sean Gilbertson / David Lovett / Heinrich Richter

                                                ir@gemfields.com (mailto:ir@gemfields.com)

T:  +44(0) 20 7518 3400
 SPONSOR (JSE)                                  Investec Bank Limited
 NOMINATED ADVISER                              Panmure Liberum

(AIM) & BROKER
Scott Mathieson / Amrit Mahbubani / John More
                                                T: +44(0) 20 3100 2222
 PRESS ENQUIRES, GEMFIELDS HEAD OFFICE, LONDON  press@gemfields.com (mailto:press@gemfields.com)

T:  +44(0) 20 7518 3400

 

NOTES TO EDITORS

 

About Gemfields Group Limited

Gemfields is a world-leading miner of coloured gemstones, which is dual-listed
on the Johannesburg and London AIM stock exchanges.

Gemfields is the operator and 75% owner of both Kagem Mining in Zambia (a
world-leading emerald mine) and Montepuez Ruby Mining in Mozambique (situated
on one of the most significant recently discovered ruby deposits in the
world). In addition, Gemfields holds controlling interests in various other
gemstone mining and prospecting licenses in Zambia, Mozambique, Ethiopia and
Madagascar.

Gemfields introduced a proprietary grading system and pioneering auction
platform, which have transformed the coloured gemstone industry. Today, the
company implements and invests in industry-leading policies, practices and
infrastructure across its operations; aligns with relevant industry standards
to underpin its responsible approach; plays an active role in working groups
to modernise the sector; and raises the profile of African gems through its
global marketing efforts.

Gemfields funds projects to improve health, education and livelihoods for
communities around its mines, supports local conservation partners and created
the Gemfields Foundation, its charitable arm, which magnifies the scale of the
work already carried out by Gemfields itself.

Gemfields values transparency, legitimacy and integrity, and believes that
coloured gemstones should create a positive impact for the countries and
communities from which they originate.

 

GEMFIELDS.COM (https://gemfields.com/) (https://gemfields.com/) | INVESTORS
(https://www.gemfieldsgroup.com/) (https://www.gemfieldsgroup.com/) |
FOUNDATION (https://www.gemfieldsfoundation.org/) | INSTAGRAM
(https://www.instagram.com/gemfields/) (https://www.instagram.com/gemfields/)
| FACEBOOK (https://www.facebook.com/Gemfields/)
(https://www.facebook.com/Gemfields/) | X
(https://twitter.com/GemfieldsLtd?lang=en) | YOUTUBE
(https://www.youtube.com/channel/UCArCE0JFtakTP-tHq6v0KVg)

KAGEM MINING LINKEDIN (https://www.linkedin.com/company/kagem-mining-ltd) |
FACEBOOK (https://www.facebook.com/KagemMiningLtd/)

MONTEPUEZ RUBY MINING LINKEDIN
(https://www.linkedin.com/company/montepuez-ruby-mining) | FACEBOOK
(https://web.facebook.com/MontepuezRM?mibextid=wwXIfr&_rdc=1&_rdr)

 

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