Gemfields’ latest ruby auction raises $44.3m in revenue

Aim-listed Gemfields’ latest auction of ruby extracted from its 75%-owned Montepuez ruby mine, in Mozambique, earned revenues of $44.3-million. The auction, held in Singapore this month, recorded average realised prices of $29.21/ct. Forty-four companies placed bids at the auction, which offered high and commercial grade rough rubies in both untreated and treated form.  "We are pleased with the results of Gemfields' sixth Montepuez ruby auction. The prices achieved and the high percentage of goods sold fully support our analysis of the market conditions, the quality of Mozambique's rubies and the increasing levels of demand across various markets and categories,” said CEO Ian Harebottle.