15 Aug 2020
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Gemfields' ruby auction in Singapore yields USD 44.3 million
The rubies have been extracted from the Montepuez ruby deposit
By: Diamond World News Service
Jun 21 2016 10:24AM
Reference: 13141  

Gemfields plc set new records at its last auction planned for this financial year. The auction consisted of rough rubies extracted from the Montepuez ruby deposit in Mozambique. The rubies are extracted by Montepuez Ruby Mining Limitada (which is 75 percent owned by Gemfields and 25 percent by local partner Mwiriti Limitada). The auction was held in Singapore from 13th to 19th June 2016 and was the last auction the company has planned for this financial year. Consisting of high and commercial grade rough rubies in both untreated and treated form, this was Gemfields' sixth auction of rough rubies and corundum from Montepuez.

The auction generated record total revenues of USD 44.3 million at an average realised price of USD 29.21 per carat. Altogether 44 companies placed bids.

Of the 1,601,145 carats offered, 1,516,459 carats went down the hammer. On a quality for quality basis, the per carat prices achieved were indicative of improved overall global demand when compared to previous auctions. Although, the company mentioned that given the quality mix offered at this auction comprising a blend of varying qualities and sizes of material, a direct comparison with previous auction results is not possible.

The proceeds of this auction will be repatriated to Montepuez Ruby Mining Limitada in Mozambique, with the royalties due to the Government of Mozambique being paid on the full sales price achieved at the auction. The six Montepuez auctions held since June 2014 have generated USD 195.1 million in aggregate revenues.

Ian Harebottle, CEO of Gemfields, spoke of the sixth auction noting that, “The prices achieved and the high percentage of goods sold fully support our analysis of the market conditions, the quality of Mozambique's rubies and the increasing levels of demand across various markets and categories.” He further elucidated the efforts of the company in building the coloured gemstone sector by the launch of a new global marketing campaign focussing on Mozambican rubies; which the auction attendees were briefed about. The campaign will launch in London on the 22nd June.”

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