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Gemfields has generated total revenue of $33.5 million at its first rough ruby and corundum auction held in Singapore.
The auction, which was held in Singapore from June 12 to 17, saw over 2.03 million carats of ruby and corundum placed on offer, of which 1.82 million carats were sold, representing 90% in weight.
The carats offered were extracted by Montepuez Ruby Mining Limitada in Mozambique and a total of 55 companies placed bids on the available rough gems, a record for any Gemfields auction.
A considerable number of auction participants were attending a Gemfields auction for the first time with most coming from Thailand, which has a deep and long-standing relationship with the ruby trade.
In an important development for the coloured gemstone industry, buyers from various other locations including, New York, Jaipur, Germany and Israel, featured significantly at the Singapore ruby auction.
Prior to the event, Gemfields tested various downstream ruby and corundum enhancement process for rough gemstones, including heat treatment. Consequently, Gemfields offered both untreated and treated rough gemstones at the auction.
Ian Harebottle, chief executive officer of Gemfields, said: “We are naturally delighted to announce the stellar results of our first auction of rubies and corundum from Montepuez in Mozambique.
“The extension of our transparent and well-regarded auction platform into the ruby trade has been very well received by the market, with an expanded customer base now having access to reliably supplied and consistently graded rough emeralds, beryl, rubies and corundum.”
