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Gemfields Acheives $29M at Singapore Ruby Auction
Jun 22, 2015 4:43 AM
By Ronen Shnidman
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RAPAPORT... Gemfields reported that it earned $29.3 million from the auction of 47,451 carats of higher-quality rough rubies in Singapore from June 16 to 21.
 The average price realized was $617 per carat, 10 percent lower than the average price per carat achieved at Gemfields first high-quality ruby auction in Singapore that was held in December 2014.
The company stated that the untreated rubies offered at the auction were 66 percent sold by weight and 87 percent sold by value. The company mined the rough rubies at its 75 percent-owned Montepuez mine in Mozambique.
"Demand for fine gems remains very healthy and the prices obtained are in line with our expectations when compared with the previous high-quality auction," said Ian Harbottle, the CEO of Gemfields.
Harbottle noted there had been some softening in demand for certain darker tone and lower quality grades of ruby in the gem market. However, he emphasized that Gemfields would seek to raise the value of these gems through market education and communication activities.
Gemfields noted that the Thailand-based ruby house Veerasak Gems purchased the highlighted item of the auction, a pair of matching rough rubies that weighed a combined 45 carats (depicted in the photograph). The final price paid for the two rubies was not disclosed.
The next Gemfields auction will take place in August and feature higher-quality rough emeralds that were recovered from its Kagem mine in Zambia.
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Tags:
Gemfields, matching pair, Ronen Shnidman, ruby, Singapore
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