Africa Mining: Gemfields nets $71.8m with Singapura rough rubies auction

Rubies gemfields-mozambique-mine-to-yield-rubies-for-over-20-years
Rubies in Montepuez, north Mozambique

Pallinghurst Resources’ Gemfields subsidiary sold about 95% of its lots on offer at an auction of rough rubies held in Singapore last week.

The auction yielded an all-time auction record for the company, generating $71.8-million in revenues with the rubies sold at an average realised price of $122/ct.

The tenth auction of rough rubies from Gemfields’ 75%-owned Montepuez mine, in Mozambique, saw 51 companies placing bids, as the auction offered high, medium and commercial grade rough rubies exclusively in untreated form.

The consistency of supply and the reliability of 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, Pallinghurst said on Monday.

Pallinghurst further added that the auction results, which saw 82 of the 86 lots on offer being sold, provided a high level of comfort in respect of Gemfields’ understanding of the current market demand profile, which was further supported by customer feedback received during the auction.

“The health of market demand for Mozambican rubies mined by Montepuez Ruby Mining and marketed by Gemfields is amply demonstrated by these record-breaking auction results. We thank our customers for their support and assure them, in turn, of our support in marketing and promoting Mozambican rubies and Zambian emeralds,” Pallinghurst and Gemfields CEO Sean Gilbertson commented.source: miningweekly

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