Gemfields' latest ruby auction averaged $564.54 per carat in October 2026. Its latest emerald auctions averaged $146.08 per carat for higher quality and $9.72 for commercial quality. These are averages for rough stones sold to the trade, taken from Gemfields' own announcements.
Updated November 6, 2026. Gemfields publishes five past sales in each announcement, and we gather them here so they can be read side by side.
TL;DR
Mixed-quality ruby averages ran from $279.39 to $564.54 per carat across the six sales since December 2023.
The October 2026 ruby average is about twice February's (our arithmetic), but Gemfields says that sale was smaller and mostly higher quality.
Gemfields itself warns that its auction results are not always directly comparable.
An average for rough says little about what one cut stone costs.
Gemfields Ruby Auction Results
Rough ruby from Montepuez Ruby Mining in Mozambique, which is 75% owned by Gemfields and 25% by Mwiriti. Mixed-quality sales, viewed in Bangkok and bid online.
Auction dates | Carats sold | Revenue | Average per carat |
|---|---|---|---|
5 to 16 Oct 2026 | 92,153 | $52.0M | $564.54 |
9 to 20 Feb 2026 | 189,620 | $53.0M | $279.39 |
2 to 13 Jun 2025 | 68,705 | $31.7M | $461.48 |
25 Nov to 11 Dec 2024 | 143,613 | $46.2M | $321.94 |
3 to 18 Jun 2024 | 216,600 | $68.7M | $316.95 |
20 Nov to 5 Dec 2023 | 239,591 | $69.5M | $290.02 |
Other Ruby Sale Formats
Gemfields also runs smaller or differently composed sales. They sit outside its mixed-quality table, and their lower averages reflect a different mix of material.
Sale | Carats | Revenue | Average per carat |
|---|---|---|---|
Trade Select, 22 to 29 Jun 2026 | 348,409 sold | $23.1M | $66.30 |
Mini-auction, 29 Sep to 3 Oct 2025 | 62% of 297,449 sold | $11.0M | $59.43 |
Mini-auction, 21 to 25 Apr 2025 | 72.8% of 250,004 sold | $7.2M | $39.47 |
Gemfields Emerald Auction Results
Rough emerald from Kagem in Zambia, which is 75% owned by Gemfields and 25% by the Industrial Development Corporation of Zambia.
Higher-Quality Emeralds
Auction dates | Carats sold | Revenue | Average per carat |
|---|---|---|---|
4 to 21 May 2026 | 183,385 | $26.8M | $146.08 |
25 Aug to 11 Sep 2025 | 199,103 | $32.0M | $160.78 |
4 to 21 Nov 2024 | 141,084 | $16.1M | $113.96 |
13 to 30 May 2024 | 208,990 | $35.0M | $167.51 |
15 May to 1 Jun 2023 | 264,132 | $43.7M | $165.55 |
Gemfields keeps one sale out of this table: a February 2025 second round of lots unsold in November 2024, held while Zambia's 15% export duty applied. It brought in $4.8 million at an average of $105.49 per carat.
Commercial-Quality Emeralds
Auction dates | Carats sold | Revenue | Average per carat |
|---|---|---|---|
24 Aug to 10 Sep 2026 | 3,047,650 | $29.6M | $9.72 |
17 Nov to 4 Dec 2025 | 3,406,830 | $25.4M | $7.46 |
11 to 29 Apr 2025 | 2,388,190 | $16.4M | $6.87 |
27 Aug to 13 Sep 2024 | 2,423,550 | $10.8M | $4.47 |
5 to 22 Mar 2024 | 3,854,950 | $17.1M | $4.45 |
Why the Average Moves So Much
The average tracks what was on sale as much as what buyers paid. Gemfields says the mix of lots varies in size, color and clarity from one auction to the next, so results are not always directly comparable.
October 2026 shows why this matters. The ruby average was about twice February's, on about half the carats (our arithmetic). Gemfields described the October sale as slightly over 20 kilograms and mostly higher-quality rubies, and said selected grades now go to its separate Trade Select format. So the jump does not show that the same ruby doubled in price.
How to Read These Numbers
They are rough prices. Gemfields sells uncut stones to trade buyers, through sealed bids after in-person viewings.
They are averages across lots. One figure covers many sizes and qualities.
They are not a retail reference. For cut stones, see Ruby Price Per Carat.
We covered the sales as they happened in the October ruby auction and the Kagem emerald auctions.
FAQ
When is the next Gemfields auction? On October 19, 2026, Gemfields said its next Trade Select ruby auction was planned for December. We have not seen an exact date.
What was the highest average in this table? For rubies, $564.54 per carat in October 2026. For higher-quality emeralds, $167.51 in May 2024. For commercial-quality emeralds, $9.72 in September 2026.
Does a $564 average mean a ruby costs $564 per carat? No. It is the average paid by trade buyers for mixed rough, and it says little about a specific cut stone.
Where do earlier results sit? Gemfields says earlier results are available on its website.
Are Gemfields auction results a guide to investing in gems? We do not give investment advice, and these figures do not establish a return on any stone.
Useful Sources
Carat Brief is editorial and is not investment advice. Get sourced gem prices, free, every Tuesday.