Gemfields’ auction of Mozambican rough ruby held in Singapore from 12 to 16 December 2016 generated total revenues of US$30.4 million, making it the fourth highest of ruby auctions to date, according the company.
The rough sold was extracted by Montepuez Ruby Mining Limitada (which is 75% owned by Gemfields and 25% by local partner Mwiriti Limitada) from the Montepuez ruby deposit in Mozambique.
This auction of rough rubies and corundum from Montepuez saw 39 companies placing bids. The auction offered high and commercial grade rough rubies in both untreated and treated form. All treated lots were offered using industry accepted treatment techniques and on a fully disclosed basis.
Out of the total of 1,372,145 carats offered, 1,094,406 carats were sold, which is 80 percent by weight or 85 percent by market value. The average realised price is US$ 27.79 per carat, which according to Gemfields “indicates good overall global demand compared to previous auctions”. Since June 2014, seven Montepuez auctions held have generated US$ 225.7 million in aggregate revenues.
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. The recent prices obtained for fine cut-and-polished Mozambican rubies by international auction houses further underscore the exciting trajectory for rubies from Mozambique,” he said.
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