News

Jun 19, 2017

Gemfields’ Singapore Rough Ruby Auction Generates Record Revenue of US$ 54.8 Mn

Gemfields plc announcing the results of the latest sale of rough rubies from its 75% owned Montepuez ruby deposit said that the sale had generated a record revenue of US$ 54.8 million. The Company noted it was “an all-time high for any Gemfields auction”.

In this, the second ruby and final auction of this financial year, 83 lots were offered in auction, out of which 78 found buyers. Out of the total 1,048,687 carats offered, 895,848 carats were sold (which amounted to 85% by weight or 98% by market value). The average price realised was US$ 61.13 per carat. A total of 54 companies had placed bids at the auction.

“The quality and quantity of the goods placed on offer were once again refined in response to market feedback which showed growing demand for rough rubies suited to the production of high quality jewellery as well as larger volume production runs, thereby allowing a broad cross-section of product to be placed on offer,” Gemfields stated.

The Company also reported that the eight Montepuez auctions held since June 2014 have generated US$ 280.5 million in aggregate revenues.

Ian Harebottle, CEO of Gemfields, commented: "We are thrilled with the results of Gemfields' eighth Montepuez ruby auction. Achieving revenues of US$ 54.8 million is an all-time high for any Gemfields auction and a pleasingly 24% increase to our prior auction revenue record.  The prices achieved at this auction, combined with the high percentage of goods sold, highlight our belief in the ongoing increase in demand for responsibly sourced Mozambican rubies across key markets and jewellery categories.”