The London-based company Gemfields on Monday announced that its sixth auction
of rubies mined in the northern Mozambican district of Montepuez has raised a
record 44.3 million US dollars.According to a press release from the company,
the auction took place in Singapore between 13 and 19 June. It was composed of
high end and commercial grade rubies, both in treated and untreated forms.The
proceeds of the auction will be repatriated to Gemfields’ Mozambican
subsidiary, Montepuez Ruby Mining Limitada (which is 75 per cent owned by
Gemfields and 25 per cent by local partner Mwiriti Limitada), with the
royalties due to the government being paid on the full sales price.Over one and
a half million carats were sold to 44 international companies at an average
price of 29.21 dollars per carat.The company’s six ruby auctions have netted a
total of 195 million dollars.Commenting on the latest auction, the Gemfields
Chief Executive Officer, Ian Harebottle, said “the prices achieved and the high
percentage of goods sold fully support our analysis of the market conditions,
the quality of Mozambique’s rubies and the increasing levels of demand across
various markets and categories”.Gemfields stated that it is the world’s leading
supplier of “responsibly extracted coloured gems”. It has specialised in
Zambian emeralds and amethysts but has branched out into Mozambican rubies.
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