Coloured gemstone producer Gemfields announce revenues of $71.8 million — what it termed an all-time Gemfields auction record — from its tenth auction of rough rubies held in Singapore from June 5 to 9. The rough rubies were from the Montepuez mine in Mozambique, in which Gemfields holds a 75 percent stake, with the remainder being held by local partner Mwiriti Limitada.
Gemfields said that of the 86 lots totalling 629,893 carats, that were offered, 82 constituting 588,656 carats were sold, achieving an average price of $122 per carat. This, the company said, is a record for the its mixed quality ruby auctions.
The ten Gemflelds auctions of Montepuez rubies held since June 2014 have generated an aggregate $407 million in revenues.
This auction, which offered high, medium and commercial grade rough rubies exclusively in untreated form, saw 51 companies placing bids. The company said that its consistency of supply and the reliability of its 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.
Gemfields added that as 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, the results of each auction are not always directly comparable.
Gemfields CEO Sean Gilbertson commented, “The health of market demand for Mozambican rubies is amply demonstrated by these record-breaking auction results. We thank our customers for their support and assure them in turn of our support in marketing and promoting Mozambican rubies and Zambian emeralds.”