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Gemfields' Ruby Auction Achieves $16M

Apr 23, 2015 7:30 AM   By Jeff Miller
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RAPAPORT... Gemfields plc concluded the sale of mostly lower-quality rough ruby and corundum from its Montepuez ruby deposit in Mozambique, achieving $16.1 million at an average price of $4.03 per carat. The sale was 99 percent sold by lot.

With three ruby auctions now concluded since June, Gemfields has collected $92.9 million in revenue from its ruby operations. The recent sale was held in Jaipur, India, where Gemfields offered lower-quality material to build an understanding of the downstream market in order to optimize its long-term ruby auction format, according to the company.
Tags: auction, emeralds, Gemfields, Jeff Miller, ruby
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