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Gemfields|Mining|Gemstones|Products
Gemfields|Mining|Gemstones|Products
gemfields|mining|gemstones|products

Gemfields records revenues of $4.2m from ruby auction

27th September 2022

By: Tasneem Bulbulia

Senior Contributing Editor Online

     

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Aim-listed Gemfields generated revenues of $4.2-million from an auction of predominantly commercial-quality sapphire, corundum and low-quality ruby held from September 19 to 23.

The gemstones were extracted by Montepuez Ruby Mining (MRM), which is 75%-owned by Gemfields and 25% by Mwiriti Limitada.

The proceeds of the auction will be fully repatriated to MRM in Mozambique, with all royalties due to the government being paid on the full sales prices achieved at the auction, the company notes.

All of the 18.1-million carats on offer in 18 lots were sold, with an average sales price of $0.23/ct achieved.

Twenty-nine companies placed bids during the auction.

“The buoyant conditions prevailing in the coloured gemstone market made this an excellent time to sell several years of accumulated MRM commercial-quality inventory.

“We thank and congratulate the government of Mozambique and our partners at Mwiriti – both of whom attended the auction – on what are very healthy results for material of this quality,” comments Gemfields products & sales MD Adrian Banks

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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