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Gemfields Achieves Record-Setting Revenue from Ruby Auction

AIM-listed Gemfields PLC has announced the results of its recent ruby auction in which total sales hit $43.2 million, a new record for the multinational...

Admin
|Dec 11|magazine5 min read

AIM-listed Gemfields PLC has announced the results of its recent ruby auction in which total sales hit $43.2 million, a new record for the multinational natural resources company.

Hosted in Singapore from December 3-8, the auction saw over 62,936 carats sold, with over 50 companies from Austria, China, Germany, India, Israel, Japan, Sri Lanka, Thailand, the United Kingdom and the USA bidding on items.

The auction consisted of predominantly higher quality rough rubies (treated and untreated material) that were extracted from the Montepuez ruby deposit in Mozambique by Montepuez Ruby Mining Limitada.

"We are delighted to announce yet another set of record-breaking auction results, said CEO of Gemfields Ian Harebottle. “The Montepuez ruby deposit, coupled with Gemfields’ transparent and well-regarded auction platform, have had an indelible and positive impact on the global ruby market and we look forward to participating in the continued growth of this industry.”

The record-breaking auction also included the sale of its 40.23 carat “Rhino Ruby”, which was sold for an undisclosed amount. According to Harebottle, the sale of the African ruby will assist in countering rhino poaching.

“Due to the size and character of this ruby, and the sheer magnitude of the challenge of protecting African rhinos, my colleagues and I have named it the ‘Rhino Ruby’ and we look forward to following its progression from its current rough form all the way through to a faceted gem and finally being set in a magnificent piece of jewelry.”

This is the third auction by Gemfields this year.

“The three auctions we have hosted so far this financial year, two of emeralds and one of rubies, have yielded aggregate revenues of $94 million, a superb performance for Gemfields which every member of our devoted and disciplined team should be deservedly proud,” Harebottle said.

Proceeds from the auction will be paid to Montepuez Ruby Mining Limitada, which Gemfields has a 75 percent interest in, as well as all royalties due to the Government of Mozambique being paid on the full sale price achieved from the auction.