21 May 2019
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Gemfields’ Singapore Ruby Auction Garners US$55.3 million
The eleven Gemfields auctions of MRM rubies held since June 2014 have generated US$462.6 million in aggregate revenues.
By: Diamond World News Service
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Dec 22 2018 12:04PM
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Reference: 16872  

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Gemfields announced the results of an auction of rough rubies in Singapore from 10 – 14 December 2018. The rough rubies were extracted from the licence held and operated by Montepuez Ruby Mining Limitada (“MRM”), which is 75 per cent owned by Gemfields and 25 per cent by local partner Mwiriti Limitada.

Highlights of the auction are:

  • Auction revenues of USD 55.3 million;
  • Of the 90 lots offered, 88 were sold (98 per cent);
  • Average price of US$84.32 per carat;
  • 655,623 carats sold out of the 685,363 carats offered (96 per cent); and

The eleven Gemfields auctions of MRM rubies held since June 2014 have generated US$462.6 million in aggregate revenues.

Gemfields’ eleventh auction of rough rubies from Montepuez saw 51 companies placing bids. The auction offered high, medium and commercial grade rough rubies exclusively in untreated form.

The consistency of supply and the reliability of the Gemfields’ grading system continues to be well received by buyers given that it reduces risk, improves manufacturing efficiencies and aids their ability to meet demand for larger orders.

The auction generated total revenues of US$55.3 million at an average realised price of US$84.32 per carat. The proceeds of this auction will be fully repatriated to MRM in Mozambique, with the production tax due to the Government of Mozambique being paid on the full sales price achieved at the auction.

The specific auction mix and quality composition of the lots offered at each auction vary in characteristics such as size, colour and clarity on account of variations in mined production and market demand. Therefore the results of each auction are not always directly comparable.

On a quality‐for‐quality basis however, the per carat prices demonstrated continuing strong demand.

Adrian Banks, Gemfields’ Managing Director of Product & Sales, commented “Our latest Singapore auction has yielded yet another compelling outcome, evidencing the ongoing robust demand for Mozambican rubies mined and marketed by Gemfields and Montepuez Ruby Mining Lda. The 41 Gemfields auctions held since July 2009, 30 of Zambian emeralds and 11 of Mozambican rubies, have now surpassed US$1 billion of combined auction revenue, a remarkable benchmark for the coloured gemstone sector. We thank our clients, our host countries, our local partners and the Gemfields team for their tireless efforts and support in building the platform that underpins a promising future for our industry.”

 

 

 

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