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Gemfields First Ruby Auction Achieves $34M

Jun 18, 2014 8:21 AM   By Deena Taylor
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RAPAPORT... Gemfields Plc reported that its inaugural auction of ruby and corundum from its 75 percent owned Montepuez ruby deposit in Mozambique achieved $33.5 million or an average $18.43 per carat. The auction took place in Singapore on June 12 to 17 and was 92 percent sold by lot.

The company noted that 55 companies, many of which attend Gemfields'  emerald auctions, placed bids on the lots. Buyers were present from Thailand, the U.S., India, Germany and Israel.

According to the firm, a cross-pollination of gem buyers across the range of gemstones produced by Gemfields is expected to further its growth and development of the colored gemstone market.

The company added that following the auction, aggregate consolidated revenue from rough gemstone sales for the financial year ending on June 30 will exceed $143 million.

Tags: corundum, Deena Taylor, emerald, Gemfields, Montepuez, Mozambique, ruby
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