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Ruby Demand Robust at Gemfields Sale

Proceeds of $55 million are miner’s highest for any of its auctions.
Nov 16, 2017 8:38 AM   By Rapaport News
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RAPAPORT...
Gemfields sold $55 million worth of rough rubies in Singapore last week, the highest revenue figure the company has achieved for any auction to date.

“The strong revenues from this auction…underscore the fact that market demand for responsibly sourced rubies from Mozambique remains in fine fettle,” said Sean Gilbertson, who took over as CEO of Gemfields following the miner’s July takeover by shareholder Pallinghurst Resources.

The average price of $91 per carat was 49% higher than the last auction of similar-quality rubies in June, the gemstone miner reported. The company sold 605,229 carats of high-, medium- and commercial-grade rough rubies, out of 682,508 on offer, with the auction 93% sold by lot.

Gemfields sources its rubies from the Montepuez mine in Mozambique, and mines emeralds at the Kagem mine in Zambia.
Tags: Auctions, emeralds, Gemfields, Kagem, Montepuez, Mozambique, Pallinghurst, Pallinghurst Resources, Rapaport News, Sean Gilbertson, Singapore, zambia
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