London-based mining company Gemfields on Friday announced that it had raised a record 88.4 million US dollars from a series of mini auctions of rubies from its mine in the northern Mozambican district of Montepuez.
The auctions took place online between 8 November and 9 December and customers were able to view the parcels of mixed quality rubies through in-person and private viewings in Bangkok, Dubai, and Jaipur. Of the 107 lots offered, 104 were sold with an average price of 132.47 US dollars per carat.
There have been fifteen auctions of rubies from Montepuez Ruby Mining Ltd (MRM) since June 2014, which have in total raised 731.5 million dollars.
According to Adrian Banks, Gemfields’ Managing Director of Product & Sales, “this has been the strongest ruby auction in Gemfields’ history and we’re very pleased with the trajectory and growth of the downstream ruby sector. Professionalised and dependable supply has always been the key to unlocking growth”.
Montepuez Ruby Mining (MRM) holds a 25 year concession on an area of 340 square kilometres in Montepuez, in Cabo Delgado province. Gemfields holds a 75 per cent stake in the company with the other 25 per cent owned by the Mozambican company Mwiriti.