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Gemfields ruby auction raises US$30 million

Gemfields plc has completed its seventh auction of rough rubies from the Montepuez ruby mine, in Mozambique, in which it has a 75% interest (local partner 25%). The auction raised US$30.4m, the fourth highest ruby auction total to date.

The company sold almost 1.1 million carats (85% by value of the total offered) at an average realised price of US$27.79 per carat. In comparison with auctions for similar grades, the per carat prices achieved continue to indicate good overall global demand when compared to previous auctions.

According to the company, “The quality and quantity of the goods placed on offer was developed in response to market feedback which showed growing demand for rough rubies suited to the production of high quality jewellery as well as larger volume production runs, thereby allowing a broad cross-section of product to be placed on offer”.

Gemfields ruby auction raises US$30 million: GEM

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