Gemfields reports record-sales at £27m ruby auction

Gemfields has announced the results of its recent  higher quality rough ruby auction, which saw an average realised price of $689 (£440) and total sales of $43.3m 27.6m – the highest value achieved at a Gemfields auction. 

The auction, hosted in Singapore from 3 to 8 of December, saw 62,936 carats (74% of the total on offer sold, with 50 companies from Austria, China Germany, India, Israel, Japan, Sri Lanka, Thailand, the United Kingdom and the USA bidding on the products.

Gemfields also announced the sale of its 40.23 carat “Rhino Ruby” for an undisclosed sum. In recognition of the sale Gemfields has committed to supporting the anti-rhino poaching aircraft operated by Games Reserves United, contributing to its flying costs in 2015.

Ian Harebottle, CEO of Gemfields, said: “I am very pleased that the sale of our exceptional 40.23 carat African ruby will assist in countering rhino poaching.

“Due to the size and character of this ruby, and the sheer magnitude of the challenge of protecting African rhinos, my colleagues and I have named it the ‘Rhino Ruby’ and we look forward to following its progression from its current rough form all the way through to a faceted gem and finally being set in a magnificent piece of jewellery.”