Gemfields announced a revenue of US$ 55.3 million from its latest auction of rough rubies held in Singapore from December 10-14, 2018. The rough sold at the auction was extracted from the licence held and operated by Montepuez Ruby Mining Limitada (MRM), which is 75% owned by Gemfields and 25% by local partner Mwiriti Limitada.

At the auction, 51 companies placed bids. Of the 90 lots on offer, 88 were sold (98%), Gemfields reported, adding that 655,623 carats or 98% of the 685,363 carats on offer were sold at the auction.

The company announced that the average price per carat of the stones sold at the auction was US$ 84.32. It clarified that this figure cannot be compared to the average prices achieved at earlier auctions, due to variations in the specific mix and quality composition, but stated that “on a quality-for-quality basis… the per carat prices demonstrated continuing strong demand”.

Gemfields also said that the eleven Gemfields auctions of MRM rubies held since June 2014 have generated aggregate revenue of US$ 462.6 million. In addition, the 41 Gemfields auctions held since July 2009, 30 of Zambian emeralds and 11 of Mozambican rubies, have now surpassed US$ 1 billion of combined auction revenue.

Adrian Banks, Gemfields’ Managing Director of Product & Sales, commented: “Our latest Singapore auction has yielded yet another compelling outcome, evidencing the ongoing robust demand for Mozambican rubies mined and marketed by Gemfields and Montepuez Ruby Mining Lda.”