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Gemfields concludes rough rubies auction in Singapore
The rubies were extracted from the Montepuez ruby deposit
By: Diamond World News Service
Dec 22 2015 9:00AM
Reference: 12453  

Image Courtesy: Gemfields
Image Courtesy: Gemfields
Gemfields plc recently concluded its auction of rough rubies in Singapore, with a total revenue realization of USD 28.8 million. The auction was held from 14 to 18 December 2015, offering rubies extracted by Montepuez Ruby Mining Limitada from the Montepuez ruby deposit in Mozambique.

This is so far the fifth Montepuez auction held by the company since June 2014. Ian Harebottle, CEO of Gemfields, mentioned that, “The outcome of Gemfields' fifth Montepuez ruby auction is pleasing. Demand for fine gems remains healthy and has recently been supported by a commensurate increase in demand for mid-priced and high-production-run gems. The prices Gemfields has achieved in this auction are in line with the company's expectations.”

The average price realized was USD 317.92 per carat, with 90,642 carats being sold of the total of 92,136 carats offered. Thirty-six companies placed bids. The rubies offered were both higher and medium quality rough rubies in both untreated and treated form.

Ian Harebottle further added that, “I have no doubt that the joint efforts to continue to build and expand the reach of the coloured gemstone sector means that all Gemfields' auction clients will be able to achieve healthy margins on their purchases.”

The auction results supported the company's decision to place both higher and medium quality rough rubies on offer. The company placed larger volumes of smaller size and mid-priced gems as a direct response to market feedback, which indicated increased demand for rough rubies for production of calibrated cut-and-polished gemstones. This demand is supported by the request of auction clients to undertake larger production runs, to improve their manufacturing efficiencies and to make the most of the broadening distribution networks available as new downstream customers join an industry now enjoying consistent and reliable supply.

The three auctions Gemfields has hosted so far this financial year, two of emeralds and one of rubies, have yielded aggregate revenues of USD 82.7 million.

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