Wednesday, December 30th 02:40 PM IST

Gemfields reaches average price of $318/ct at Singapore ruby auction

# Gemfields  # Diamond  # Ruby  

The auction saw the sale of 90,642 out of 92,136 carats-or 45 out of 49 lots-selling 98% by weight and 95% by market value.

LONDON (Bullion Street): Gemfields Plc has reported revenue of $28.8 million from an auction of higher- and medium-quality rough rubies, which took place in Singapore from December 14 to 18.

The stones, which were sourced from the Montepuez ruby deposit in Mozambique, went for the average price of $318 per carat.

The auction saw the sale of 90,642 out of 92,136 carats-or 45 out of 49 lots-selling 98% by weight and 95% by market value.

In response to market feedback, Gemfields put up larger volumes of mid-priced rough rubies suitable for making into calibrated polished stones.

According to a company statement, the auction’s results indicated that demand for this was strong and “supported the company’s decision to place both higher- and medium-quality rough rubies on offer.”

Since June 2014, the company’s five Montepuez auctions have generated $150.8 million. The next auction, expected in March 2016, will primarily feature higher-quality emeralds from Zambia’s Kagem mine.

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