Gemfields smashes records with £27m ruby auction

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High quality rough auction results in average price of £440 per carat.

Gemfields is celebrating the success of its recent high quality rough ruby auction, citing an average realised price per carat of $689 (£440) and total sales of $43.3 million (£27.6m) – the highest ever value achieved at a Gemfields auction.

62,936 carats, or 74% of the total on offer, were sold, with 50 companies from Austria, China, Germany, India, Israel, Japan, Sri Lanka, Thailand, the United Kingdom and the USA making bids.

Gemfields also secured the successful sale of its 40.23 carat rough ‘Rhino Ruby’, discovered at earlier this year.

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Gemfields chief executive officer Ian Harebottle commented: “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.”

The auction of high quality rough extracted from the Montepuez ruby deposit in Mozambique was held in Singapore from December 3 to 8 2014. It represents Gemfields’ second auction of this nature since June 2014. Collectively they have raised $76.8m (£49m).

According to an official press release: “Given the focus on higher quality rubies at this auction, all lots were offered on an untreated basis (in contrast to the June auction, where Gemfields offered both untreated and treated material, with all of the treated lots being offered using industry-accepted treatment techniques and on a fully disclosed basis).

As of September 30 2014, total ruby and corundum extracted from Gemfields’ Montepuez mine stands at 11.3 million carats.

The next Gemfields auction of material from Montepuez will be of predominantly lower quality ruby and corundum and is expected to take place before June 30 2015.

Gemfields chief executive officer Ian Harebottle, added: “We are delighted to announce yet another set of record-breaking auction results. The Montepuez ruby deposit, coupled with Gemfields’ transparent and well-regarded auction platform, have had an indelible and positive impact on the global ruby market and we look forward to participating in the continued growth of this industry. Customer response has been overwhelming, underscoring the potential for the Gemfields model.

“The three auctions we have hosted so far this financial year, two of emeralds and one of rubies, have yielded aggregate revenues of USD 94 million, a superb performance for Gemfields which every member of our devoted and disciplined team should be deservedly proud.”

 

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