Gemfields garners $31m from latest mixed-quality ruby auction
Aim-listed gemstone miner Gemfields has generated $31.7-million in revenue from a mixed-quality rough ruby auction held between June 2 and 13.
The company managed to sell 78 of the 90 lots, or 87% of the lots on offer, totalling 68 705 ct sold out of 99 830 ct on offer.
Gemfields realised an average sales price of $461.48/ct.
The auction included rubies from newer areas mined at the Montepuez project, in Mozambique, which previously had not been represented at auction in meaningful quantities.
The lots included a 36 ct ruby, which became the third-most valuable gemstone lot in the Montepuez mine’s history.
The June auction follows a smaller auction held in April that generated $7.2-million in revenue.
Gemfields product and sales MD Adrian Banks says that while the auction marked the smallest mixed-quality ruby offering by weight to date, it demonstrated the resilience of rubies in turbulent times, since there is ongoing instability in the market stemming from global geopolitical tension, economic difficulty in China and tariff uncertainty.
He adds that demand and pricing for rubies remain strong, including the secondary-type rubies recovered from a newer section of the Montepuez mine, which have been well received by auction customers.
Gemfields is undertaking construction of a second processing plant to enhance consistency and supply of Mozambican rubies to meet the evolving demands of the market.
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