14-4-2021
Gemfields garnered US$58.9 million at its seven sequential mini-auctions held during the period 15 March to 8 April, its first ruby sale since December 2019.
94 lots on offer attracted 52 companies placing bids, of which 89 (95 percent of the lots and 47 percent of the offered carats) were sold at an average price of USD171.33 per carat. The company said all rubies sold at this auction were mined prior to April 2020 as operations at the Montepuez Ruby Mining (MRM) mine were suspended from April 2020 to March 2021.
“Due to the arising supply and demand dynamics, a number of our clients have … seen this auction as a vital opportunity to purchase rubies, particularly given that MRM is only now commencing mining for its next mixed-quality ruby auction, which we hope will occur late this year,” said Adrian Banks, Gemfields’ MD of product and sales.
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