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Gemfields' Ruby Auction Achieves $689 Per Carat in Singapore
'Rhino Ruby' Sells for Undisclosed Price
Dec 9, 2014 8:43 AM
By Jeff Miller
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RAPAPORT...
Gemfields' rough ruby auction in Singapore totaled $43.3 million for approximately 63,000 carats of predominately high-quality stones that were mined at the Montepuez concession in Mozambique. At $688.64 per carat, the auction realized the highest average price per carat as well as the greatest auction total to date for the gemstone mining and marketing firm.
In addition, a 40.23-carat rough ruby -- named "Rhino Ruby" -- sold at this auction, but Gemfields did not disclose the price. However, the company stated that given its exceptional size and characteristics, Gemfields has committed to supporting the anti-rhino-poaching aircraft operated by Game Reserves United, thereby contributing to a material proportion of its flying costs for the 2015 calendar year.
With two ruby sales under its belt, Montepuez auctions have generated $76.8 million in aggregate. Given the focus on higher-quality rubies at this second auction, all lots were offered on an "untreated basis," according to Gemfields, whereas the first auction in June tendered both untreated and treated material, using industry-accepted treatment techniques and full disclosures.
The next Gemfields auction of material from Montepuez will be of predominantly lower-quality ruby and corundum and it is presently expected to take place before the end of June. Gemfields’ aggregate consolidated revenue from rough emerald and ruby gemstone sales in the financial year to date have reached $94 million.
Ian Harebottle, the CEO of Gemfields, said, "Customer response has been overwhelming, underscoring the potential for the Gemfields model.
I am very pleased that the sale of our exceptional 40.23-carat 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.
“Our gratitude goes again to Mwiriti, our 25 percent partners in the Montepuez deposit, to our hard-working team right across the Gemfields group, and to the Mozambican government, with whom we continue to work to address the illegal ingress across Mozambique’s borders of foreign citizens seeking to profit from the Montepuez deposit, an increasingly pressing issue," he said.
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Tags:
auction, Gemfields, gemstones, Jeff Miller, Jewelry, ruby, Singapore
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