Gemfields’ latest auction nets $71.5m
Dual-listed Gemfields sold about 88% of its lots on offer at its most recent auction, spanning December 10 to 14, in Singapore.
Of the 104 lots offered, 91 were sold, generating auction revenues of about $71.5-million at an average price of $77.12/ct.
On a quality-for-quality basis however, the per carat prices demonstrated continuing strong demand.
Gemfields’ thirteenth auction of rough rubies from Montepuez Ruby Mining (MRM) saw 53 companies placing bids for high, medium and commercial grade rough rubies, exclusively in untreated form.
The consistency of supply and the reliability of the Gemfields’ grading system continues to be well received by buyers, given that it reduces risk, improves manufacturing efficiencies and aids their ability to meet demand for larger orders, the company said on Tuesday.
The proceeds of this auction will be fully repatriated to MRM in Mozambique, with the production tax due to the Government of Mozambique being paid on the full sales price achieved at the auction.
Dubbing the action as “another stellar result for Mozambican rubies”, Gemfields product and sales MD Adrian Banks said that the auction was the company’s second biggest by value to date, meaning that Gemfields’ yearly revenues from ruby and emerald auctions has, for the first time, exceeded $200-million.
The auction marked a further milestone in that 12 prominent lots from this auction have become the first Gemfields rubies ever to pioneer the use of blockchain in facilitating improved supply chain traceability.
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