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Ruby Demand Robust at Gemfields Sale
Nov 16, 2017 8:38 AM
By Rapaport News
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RAPAPORT... Gemfields sold $55 million worth of rough rubies in
Singapore last week, the highest revenue figure the company has achieved for
any auction to date.
“The strong revenues from this auction…underscore the fact
that market demand for responsibly sourced rubies from Mozambique remains in
fine fettle,” said Sean Gilbertson, who took over as CEO of Gemfields following
the miner’s July takeover by shareholder Pallinghurst Resources.
The average price of $91 per carat was 49% higher than the
last auction of similar-quality rubies in June, the gemstone miner reported.
The company sold 605,229 carats of high-, medium- and commercial-grade rough
rubies, out of 682,508 on offer, with the auction 93% sold by lot.
Gemfields sources its rubies from the Montepuez mine in
Mozambique, and mines emeralds at the Kagem mine in Zambia.
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Tags:
Auctions, emeralds, Gemfields, Kagem, Montepuez, Mozambique, Pallinghurst, Pallinghurst Resources, Rapaport News, Sean Gilbertson, Singapore, zambia
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