Gemfield Plc’s latest sale of rough rubies from the Motepuez mine in Mozambique has netted a total of $29.3 million for the British company from 47,451 carats sold.
The auction, which took place in Singapore last week, was for predominately higher quality rough ruby. The stones were extracted by Montepuez Ruby Mining Limitada, which is 75% owned by Gemfields.
The average price was $617 per carat, down slightly from the $688 per carat achieved at an auction of similar quality rubies in December 2014, but Ian Harebottle, CEO of Gemfields said he was pleased with the outcome of the company’s third ruby auction in Singapore.
“Demand for fine gems remains very healthy and the prices obtained are in line with our expectations when compared to the previous high quality auction. Although there has been some softening in demand for certain darker tone and lower quality grades, in our view these grades offer remarkable value right now. We believe that this value can be unlocked in the near term through further market education and communication, as shown by the price performance of our similar quality emeralds auctioned from Kagem in recent years,” he suggested.
“The six auctions we have hosted so far this financial year, three of emeralds and three of rubies, have yielded aggregate revenues of USD 154 million, a superb performance by Gemfields with credit due to every member of our devoted and hard-working team worldwide,” Harebottle added.
One of the highlights of the Singapore auction was a rare matching pair of rough rubies (pictured above), discovered earlier this year at Montepuez, with a combined weight of 45 carats. The matching pair was bought by the renowned ruby house, Veerasak Gems of Thailand.
The founders of Veerasak Gems, Mr. and Mrs. Trirotanan, have more than 35 years of gemstone experience with a focus on rubies and have named the rubies ‘Eyes of the Dragon’.
Some of the profits from the auction will be donated to the Niassa Lion Project in Mozambique.
“We are delighted that the successful sale of the extraordinary 45 carat matching ruby pair from Montepuez will benefit conservation and the community within the Niassa National Reserve,” said Harebottle.