Mozambique Mining: Gemfields earns record $55m in latest ruby auction

Pallinghurst Resources’ Gemfields subsidiary has generated $55-million in revenue from an auction of rough rubies. The auction, which was held in Singapore from November 6 to 10, generated the highest revenues ever attained at a Gemfields auction.

The company noted that 605 229 ct of ruby were sold out of the 682 508 ct on offer.

An average price of $90.81/ct was achieved, a 49% premium to the last auction of similar qualities that was held in June.

Gemfields’ nine ruby auctions since June 2014 have generated $335-million in revenues.

The auction offered high-, medium- and commercial-grade rough rubies in both untreated and treated form. All treated lots were offered using industry-accepted treatment and on a fully disclosed basis.