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Gemfields Singapore Ruby Auction Realises $50M Driven By Strong Demand

Coloured gemstone producer Gemfields announced that its auction in Singapore of rough rubies from its Montepuez mine in Mozambique, which ran from June 11 to 15, realised revenues of $50 million. Of the 978,197 carats offered, 962,211 carats sold, achieving an average price of $51.99 per carat.
The company said that one lot set a new all-time price-per-carat record for any Gemfields auction. The 12 auctions of rubies from its Montepuez mine since June 2014 have generated an aggregate $512.6 million.

Gemfields Managing Director of Product & Sales Adrian Banks commented, “Large, premium quality gems remain very hard to come by and, as is demonstrated by the new price-per-carat record set for any Gemfields auction, such gems command corresponding prices.

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