JOHANNESBURG (miningweekly.com) – Aim-listed Gemfields’ latest auction of ruby extracted from its 75%-owned Montepuez ruby mine, in Mozambique, earned revenues of $44.3-million.
The auction, held in Singapore this month, recorded average realised prices of $29.21/ct.
Forty-four companies placed bids at the auction, which offered high and commercial grade rough rubies in both untreated and treated form.
"We are pleased with the results of Gemfields' sixth Montepuez ruby auction. 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,” said CEO Ian Harebottle.
The auction results, which saw 71 of the 75 lots on offer sold, provided a high level of support for the company's analysis and understanding of the current market conditions and demand profile.
The proceeds of the auction would be repatriated to Montepuez Ruby Mining in Mozambique, with the royalties due to the government of Mozambique being paid on the full sales price achieved at the auction.