Announcing the results of its auction of rough ruby and corundum from the Montepuez ruby deposit in Mozambique, held in Singapore from the 12th to the 16th of December 2016, Gemfields plc reported that they had generated a revenue of US$ 30.4 million.

The average price realised for the 1,094,406 carats sold (80% by weight or 85% by market value) out of the total of 1,372,145 carats offered, amounted to US$ 27.79 per carat. A total of 39 bids were received for this round.

This was the first ruby auction for Gemfields’ current financial year and the seventh since June 2014. The Company has generated US$ 225.7 million in aggregate revenues from these auctions.

“The auction offered high and commercial grade rough rubies in both untreated and treated form,” the Company said while making the announcement. “All treated lots were offered using industry accepted treatment techniques and on a fully disclosed basis.”

Elaborating on the mix, Gemfields said: “The quality and quantity of the goods placed on offer was developed 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 crosssection of product to be placed on offer.”

Ian Harebottle, CEO of Gemfields, commented: "We are very pleased with the results of Gemfields' seventh Montepuez ruby auction despite some of our customers being unable to attend while they adjust to the regional demonetisation policy changes they've experienced over the past few weeks. The prices achieved at this auction, combined with the high percentage of the value sold, fully support our view of ongoing solid demand for responsibly sourced Mozambican rubies across key markets and categories.”