15 Aug 2020
DiamondWorld Directory
Home |
News
Home
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  

DecreaseIncrease
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.”

Follow DiamondWorld on Instagram: @diamondworldnet
Follow DiamondWorld on Twitter: @diamondworldnet
Follow DiamondWorld on Facebook: @diamondworldnet
Have Your Say
* Your view
* Name:
* Email:
* Town/city:
* Country/State:
*  Company:
 
*  Name:
 
*  Mobile:
 
*  Email:
 
 
Subscribe for DiamondWorld weekly Newsletter
 
Advertisement
HouseAd_Trade Fair
Search News by City
Advertisement
Kosher 23460
Advertisement
Kosher 23460
Recent Issue
2020
AVAILABLE NOW...!
Advertisement
Kosher 23460
News in Pictures
Videos
Young Diamantaires
Pictures: 16
Stunning Jewellery from Cannes 2019
Pictures: 24
Sparkly Jewels at Oscars 2019
Pictures: 19
Golden Globes 2018
Pictures: 15
Spotted: Who Wore What (December 2018)
Pictures: 4
India Diamond Week
Pictures: 8
Spotted: Who Wore What (October 2018)
Pictures: 7
Spotted: Who Wore What (September 2018)
Pictures: 6
70th Emmy Awards
Pictures: 11
35th India International Jewellery Show 2018
Pictures: 46
JJS - IJ Jewellers Choice Design Awards 2015 powered by GIA
Views: 26929
Diamond World Expert Hour with Evgeny Agureev, Deputy CEO, ALROSA
Views: 1167
GJEPC Chairman Interview
Views: 24055
IJ Jewellers Choice Design Awards 2012 - Part 1
Views: 31236
Promo for IJ Awards 2012 at NDTV Profit
Views: 45504
IJ Jewellers Choice Design Awards 2012- Part 2
Views: 57762
Couture India 2016 - A Business Boutique Show by IJ Magazine
Views: 18427
Savjibhai Dholakiya, Surat Businessman (Diamond Merchant) speaks in Vibrant 2015
Views: 44190
IJ Jewellers Choice Design Awards 2013 - NDTV Video
Views: 42340
Advertisement
GIA_2020
Advertisement
Kosher 250300
Member of:
Supporter of: