Mozambique Mining Industry: Rubies mined in Mozambique auctioned off in Singapore

British company Gemfields plans in Singapore to sell some of the rubies it has mined in Cabo Delgado, northern Mozambique, the company’s chief executive, Ian Harebottle said this week in Maputo.

Whilst making a presentation about the company, Harebottle said that the rubies would be sold at auction and that less than half of the 7 million carats (1 ct=0.2 g) that Gemfields has mined in Mozambique will be sold.

Cited by Mozambican news agency AIM, the Gemfields CEO said that Singapore had been chosen as it is a hub for businesspeople from all over the world.

Although this is the first time that the company is selling Mozambican rubies, Gemfields is expecting a similar return to the one it got from Zambia, where in four years the company managed to increase the price of emeralds 11-fold.

Gemfields, which is listed on the London Stock Exchange’s Alternative Investment Market (AIM), operates in the Montepuez district of Cabo Delgado province, via the Montepuez Ruby Mining partnership set up with Mozambican company Mwirit.