africa commodities Economy FDI Mining Mozambique Natural Resources Ruby Trade

Gemfields achieves record revenues at ruby auction

Gemfields has reported record revenues from the auction of rough ruby extracted by 75%-owned Montepuez Ruby Mining at the Montepuez ruby deposit in Mozambique.

The auction was held in Singapore from 10 to 14 June and was the second ruby and final auction of this financial year.

Highlights

  •  Record auction revenues of USD 54.8 million, an all-time high for any Gemfields auction;
  • Of the 83 lots offered, 78 were sold;
  • Average realised price of USD 61.13 per carat;
  • 895,848 carats sold (85% by weight or 98% by market value) out of the total of 1,048,687 carats offered

Gemfields said the eight Montepuez auctions held since June 2014 had generated $280.5m in aggregate revenues.

Chief executive Ian Harebottle said: “We are thrilled with the results of Gemfields’ eighth Montepuez ruby auction.

“Achieving revenues of $54.8m is an all-time high for any Gemfields auction and a pleasingly 24% increase to our prior auction revenue record.

“The prices achieved at this auction, combined with the high percentage of goods sold, highlight our belief in the ongoing increase in demand for responsibly sourced Mozambican rubies across key markets and jewellery categories.

“The response received from our customers was very encouraging and they share our excitement about the future potential for the ruby industry.

“As always, we thank our customers, our business partners, our host government and give credit to every member of our loyal and hard-working global team.”

Source: StockMarketWire

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