News

Advanced Search

Ruby Demand Robust at Gemfields Sale

Nov 16, 2017 8:38 AM   By Rapaport News
Comment Comment Email Email Print Print Facebook Facebook Twitter Twitter Share Share


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.
Tags: Auctions, emeralds, Gemfields, Kagem, Montepuez, Mozambique, Pallinghurst, Pallinghurst Resources, Rapaport News, Sean Gilbertson, Singapore, zambia
Similar Articles
GIA AlexandriteGIA to Issue Alexandrite Reports
Feb 03, 2019
The Gemological Institute of America (GIA) will expand its Colored Stone Identification & Origin Report
All the Details on Princess Eugenie’s Sapphire RinSapphire Ring Seals Royal Engagement
Jan 23, 2018
The UK’s Princess Eugenie is sporting a rare sapphire and diamond engagement ring after a proposal from
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First
© Copyright 1978-2019 by Martin Rapaport. All rights reserved. Index®, RapNet®, Rapaport®, PriceGrid™, Diamonds.Net™, and JNS®; are TradeMarks of Martin Rapaport.
While the information presented is from sources we believe reliable, we do not guarantee the accuracy or validity of any information presented by Rapaport or the views expressed by users of our internet service.