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Gemfields Sells $72M at Record Auction

Miner notes strong demand for Mozambican rubies.
Jun 12, 2018 4:49 AM   By Rapaport News
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RAPAPORT... Gemfields recorded record revenue of $71.8 million at its June ruby auction in Singapore, the colored-gemstone supplier said Monday.

The miner sold 588,656 carats of rough, untreated rubies from the Montepuez mine in Mozambique, at an average price of $122 per carat, with 95% of lots finding buyers.

“The health of market demand for Mozambican rubies…is amply demonstrated by these record-breaking auction results,” said Sean Gilbertson, CEO of Gemfields and its parent company, Pallinghurst Resources.

The June 5 to 9 auction was the company’s 10th rough-ruby sale since 2014.
Tags: auction, Gemfields, Montepuez rubies, Mozambican rubies, Pallinghurst, Rapaport News, Sean Gilbertson
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