Mozambique ruby auctions see significant sales and structural shifts

Mozambique is implementing structural changes to the commercialization of its gemstones. In Nacala, Nampula Province, mining company Fura Gems held the country’s first domestic ruby auction, raising $214,490. The auction was won by the Nampula-based firm Zambrock and Mining Exploration, which secured two rubies. This event marks a departure from previous models where Mozambican gemstones were primarily auctioned at international locations.

Separately, Gemfields reported that its October auction of rough rubies from the Montepuez Ruby Mine in Cabo Delgado province raised $52 million. The auction, which included 90 lots, achieved an average price of $564.54 per carat, nearly doubling the average from the company’s February sale. Gemfields noted that while the volume was lower due to operational challenges—including heavy rain, processing plant commissioning issues, and security concerns regarding illegal mining and local attacks—the auction saw participation from 46 companies.

All proceeds from Gemfields’ auctions are repatriated to Mozambique, with royalties paid to the government. The mining sector in the region remains subject to evolving regulations, including potential changes to mining laws that may increase the state’s required stake in mining projects.