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Gemfields’ Mixed-Quality Ruby Auction Earns $52M
The miner said it saw particularly strong prices for larger, fine-quality rubies at the sale.
Gemfields’ latest rough ruby auction was held from Oct. 5-16.
London—Gemfields announced that the revenue from its latest mixed-quality rough ruby auction totaled $52 million.
Of the 99 offered lots, 90 sold.
The auction, with 102,099 carats on offer, was 90 percent sold by weight, with an average sale price of $564.54 per carat.
The gemstones were extracted from Montepuez Ruby Mining Limitada (MRM), which is 75 percent owned by Gemfields and 25 percent by Mozambican partner Mwiriti Limitada.
The online sale, comprising 6 sequential mini auctions, was held in Bangkok and took place from Oct. 5-16.
“The results achieved at this auction reflect robust demand across the range of sizes and qualities offered, with particularly strong prices for larger, fine-quality rubies,” said Adrian Banks, Gemfields’ managing director of product and sales.
“This underscores the premium customers place on these exceptionally rare and precious rubies.”
This auction was smaller than those held in previous years and comprised predominantly higher-quality rubies, according to Banks.
The lower volume reflects the year’s operational challenges and the “Trade Select” auction strategy the miner introduced in June.
Under the new strategy, selected grades and categories are now offered separately to give customers a more focused offering while enabling MRM to “align the timing and composition of its auctions more closely with available production and market demand,” Banks said.
The next Trade Select auction is slated for December.
Gemfields recently wrote down the value of MRM by $125.2 million following lower-than-expected recovery of premium rubies.
Following several delays, the new processing plant known as PP2, which was built to increase processing capacity at MRM and allow the mine to work through stockpiles faster, is expected to be fully operational by the end of the year.
Related stories will be right here …
Of the 99 offered lots, 90 sold.
The auction, with 102,099 carats on offer, was 90 percent sold by weight, with an average sale price of $564.54 per carat.
The gemstones were extracted from Montepuez Ruby Mining Limitada (MRM), which is 75 percent owned by Gemfields and 25 percent by Mozambican partner Mwiriti Limitada.
The online sale, comprising 6 sequential mini auctions, was held in Bangkok and took place from Oct. 5-16.
“The results achieved at this auction reflect robust demand across the range of sizes and qualities offered, with particularly strong prices for larger, fine-quality rubies,” said Adrian Banks, Gemfields’ managing director of product and sales.
“This underscores the premium customers place on these exceptionally rare and precious rubies.”
This auction was smaller than those held in previous years and comprised predominantly higher-quality rubies, according to Banks.
The lower volume reflects the year’s operational challenges and the “Trade Select” auction strategy the miner introduced in June.
Under the new strategy, selected grades and categories are now offered separately to give customers a more focused offering while enabling MRM to “align the timing and composition of its auctions more closely with available production and market demand,” Banks said.
The next Trade Select auction is slated for December.
Gemfields recently wrote down the value of MRM by $125.2 million following lower-than-expected recovery of premium rubies.
Following several delays, the new processing plant known as PP2, which was built to increase processing capacity at MRM and allow the mine to work through stockpiles faster, is expected to be fully operational by the end of the year.
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