Gemfields Sells a Record $95m of Rubies

Gemfields Sells a Record $95m of Rubies
Pic courtesy Gemfields shows two highlights from the sale.

Gemfields says it sold rough rubies worth $95.6m at its latest online auction, setting a new company record.

The London-based ruby and emerald miner described the results as “glittering”, despite failing to sell a single lot that accounted for almost a quarter of the total weight of rubies sold.

The rubies were all extracted by Montepuez Ruby Mining (MRM) which is 75% owned by Gemfields and 25% by Mozambican partner Mwiriti Limitada.

The price paid per carat was far higher than recent Gemfields sales – at $247 – although the company says specific auction mixes can vary significantly, making direct comparisons difficult.

The company said the 16 auctions of MRM rubies it has held since June 2014 have generated total revenues of $827.1m.

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