Auctions

Gemfields continues ‘superb’ 2015 with successful ruby auction

Gemfields, the coloured gemstone supplier, has proclaimed a ‘superb’ start to 2015 after realising a total of $29.3m (£18.4m) at its latest rough ruby auction. 

The auction, which took place in Singapore last week, saw some 47,451 carats go under the hammer from the company’s Montepuez mine in Mozambique, which is 75% owned by Gemfields.

The average price was $617 (£389) per carat, slightly down from the average of $688 (£433) per carat achieved at an auction of similar quality rubies in December 2014. However chief executive Ian Harebottle said that the company was pleased with the outcome.

He said: “The six auctions we have hosted so far this financial year, three of emeralds and three of rubies, have yielded aggregate revenues of $154m (£97m); a superb performance by Gemfields with credit due to every member of our devoted and hard-working team worldwide.”

One of the highlights of the auction was an exceptional and rare matching pair of rough rubies, discovered earlier this year, with a combined weight of 45 carats.

Harebottle said: “We are delighted that the successful sale of the extraordinary 45 carat matching ruby pair Montepuez will benefit conservation and the community within the Niassa National Reserve, and look.”

The matching pair was purchased by renowned ruby house, Veerasak Gems of Thailand.

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