Gemfields' June auction of mixed-quality rubies from its 75%-owned Montepuez Ruby Mine in Mozambique realised revenues of $68.7 million.
At least 94 of the 97 lots comprising 217,044 carats offered for sale were sold at the auction, which marked the 10th anniversary of Gemfields' first auction in June 2014 of rubies from the Montepuez Ruby Mine.
The rubies, it said, were sold at an average realised price of $316.95 per carat.
“We are pleased to announce another strong result demonstrating the confidence that loyal customers have in our product offering and auction platform,” said Gemfields' managing director of product and sales, Adrian Banks.
“While auction results should not be directly compared, our team is proud to have crossed the milestone of an average selling price of $300 per carat at this auction.”
He said that while the industry is currently facing some headwinds, arising in part from a softening in China, the company hopes this result provides good comfort to other stakeholders in the sector.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
