Gemfields’ latest ruby auction yields $52m
Aim-listed Gemfields reports that its latest auction of mixed-quality rough rubies, recovered from Montepuez Ruby Mining (MRM), in Mozambique, generated total revenues of $52-million.
The auction, which was held in Bangkok, Thailand, from October 5 to 16, resulted in the sale of 90 lots on offer. The average sales price for the auction was $564.54/ct.
Gemfields product and sales MD Adrian Banks says the results achieved at this auction reflect robust demand across the range of sizes and qualities offered, with particularly strong prices for larger, fine-quality rubies.
He adds that this underscores the premium customers place on these exceptionally rare and precious rubies.
At slightly over 20 kg, Banks explains that this mixed-quality auction was smaller than those held in previous years and comprised predominantly higher-quality rubies.
He says the lower volume reflects the year’s operational challenges and the ‘Trade Select’ auction strategy introduced in June, under which selected grades and categories are now ordered separately.
This change in auction strategy gives customers a more focused offering while enabling MRM to align the timing and composition of its auctions more closely with available production and market demand.
“We greatly value our customers’ continued participation and constructive feedback as the auction system evolves. We thank the MRM team for the considerable effort that contributed to this successful outcome and acknowledge the valued support of our partner, Mwiriti.
“We look forward to building on this outcome at the next Trade Select auction, planned for December.”
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