Gemfields Achieves Its Highest Revenues at Ruby Auction in Singapore
Gemfields Achieves Its Highest Revenues at Ruby Auction in Singapore. Gemfields’ Ruby auction in Singapore clocked USD 71.8 million, the highest figure in its revenue table so far. The collection will be fully employed at Gemfields’ ruby mine, MRM, in Mozambique, ‘with the production tax due to the Government of Mozambique being paid on the full sales price achieved at the auction’ the company noted.
At USD 122 per carat, the average price achieved for the 82 lots sold was a new record for Gemfields’ mixed quality ruby auction. . Altogether, 86 lots of rough rubies from Montepuez, of high, medium and commercial grade exclusively in untreated form, were put up for auction. This was the 10th such auction by Gemfields.
Fifty-one companies participated in the sale which took place between June 5-9, 2018. Gemfields’ supply consistency and grading system have generated trust and interest among buyers over years. The grading system has been acknowledged for ‘reducing risk, improving manufacturing efficiencies and aiding buyers’ ability to meet demand for larger orders. It is also integral to the Gemfields’ approach to sustain transparency and confidence in the coloured gemstone sector.
Gemfields notes the results of every auction it holds are difficult to compare with each other. This is because every auction has a variety in the auction mix and quality composition of the lots, based on criteria such as size, colour and clarity as per the variations in mined production and market demand. On a quality-for-quality basis, the per carat prices speaks of strong demand. It also hints at the current popularity of Mozambican rubies to become the jewellery style in coming times.
About Gemfields
Gemfields is a world leading supplier of responsibly sourced coloured gemstones.
But we prefer to think of ourselves as more than just a mining company. We are pioneers at an exciting new frontier where mining, marketing, exploration and ethics meet.
We oversee the mining and marketing of coloured gemstones from some of the world’s finest gemstone deposits and we do so responsibly and transparently. We have mining operations in Zambia for emeralds and amethysts, in Mozambique for ruby and pink sapphire, and we are actively examining opportunities in other key gemstone producing countries around the globe.
