The rough ruby auction held by Gemfields in Singapore last December fetched a total of over US$55 million, making the aggregate revenues of US$462.6 million generated from the 11 auctions of rubies from Montepuez since June 2014.
A total of 90 lots of high, medium and commercial grade rough rubies were on offer during the 11th auction. After rounds of bids placed by 51 companies, 88 lots or 98 percent were sold. In terms of weight, a total of 655,623 carats or 96 percentage were sold out of the 685,363 offered.
The sale generated total revenues of US$55.3 million at an average price of US$84.32 per carat. Proceeds of the auction will be fully repatriated to Montepuez Ruby Mining Limitada (MRM) which is 75 percent owned by Gemfields and 25 percent by local partner Mwiriti Limitada.
According to Gemfields, the consistency of supply and the reliability of the company’s grading system continues to be well received by buyers given that it reduces risk, improves manufacturing efficiencies and aids their ability to meet demand for larger orders.
“Our latest Singapore auction has yielded yet another compelling outcome, evidencing the ongoing robust demand for Mozambican rubies mined and marketed by Gemfields and Montepuez Ruby Mining Lda,” said Adrian Banks, Gemfields’ director of product and sales.
Results of the five recent MRM auctions in Singapore
|
Auctions |
Dec’16 |
Jun’17 |
Nov’17 |
Jun’18 |
Dec’18 |
|
Types |
Rough ruby & corundum |
Rough ruby |
Rough ruby |
Rough ruby |
Rough ruby |
|
Carats offered/ sold |
1,372,145/ 1,094,673* |
1,048,687/ 895,849 |
682,508/ 605,229 |
629,893/ 588,656 |
685,363/ 655,623 |
|
Lots offered/ sold |
71*/ 59* |
83/ 78 |
76/ 71 |
86/ 82 |
90/ 88 |
|
Lots sold |
83% |
94% |
93% |
95% |
98% |
|
Lots sold by weight |
80% |
85% |
89% |
93% |
96% |
|
Total sales (US) |
$30,500,000 |
$54,800,000 |
$55,000,000 |
$71,800,000 |
$55,300,000 |
|
Average per carat (US) |
$27.88 |
$61.13 |
$90.81 |
$122.03 |
$84.32 |
* Results have been amended to include a lot that was not previously included in the original announcement made by Gemfields on 19 December 2016. Revenues have increased by US$0.1 million.
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