Gemfields Reports Strong Demand at Auction of Rough Rubies and Corundum

Gemstone miner Gemfields reported revenues of $28.8 million at its fifth auction of rough rubies and corundum from the Montepuez mine in Mozambique at an average price of $317.92 per carat.

The Singapore sale, held December 14 to 18, saw 36 companies placing bids with 45 of the 49 lots offered being sold, The five auctions of Montepuez goods held since June 2014 have generated $150.8 million in aggregate revenues, The Diamond Loupe reported.

The miner's next auction will be of predominantly higher quality emerald from the Kagem mine in Zambia and is due to take place next March.

The auction offered both higher and medium quality rough rubies in both untreated and treated form. All treated lots were offered using industry accepted treatment techniques and on a fully disclosed basis.

The auction generated. The auction results, which saw 4, provided a clear indication with respect to the level of demand for these goods and supported the Company's decision to place both higher and medium quality rough rubies on offer.