Gemfields plc’s rough ruby auction held in Singapore between 14 to 18 December 2015 realised US$28.8 million. The average realised price per carat was US$317.92. Out of the total 92,136 carats offered, 90,642 carats (98% by weight or 95% by market price) were sold.
The company said larger volumes of smaller size and mid-priced rubies were placed on offer as a direct response to market feedback which indicated increased demand for rough rubies suited to the production of calibrated cut-and-polished gemstones.
Ian Harebottle, CEO of Gemfields, commented: "The outcome of Gemfields' fifth Montepuez ruby auction is pleasing. Demand for fine gemstones remains healthy and has recently been supported by a commensurate increase in demand for mid-priced and high-production-run gemstones. The prices Gemfields has achieved in this auction are in line with the Company's expectations.
Although some degree of softening in the demand for certain darker tone and lower quality grades remains, largely as a direct result of a short term shift in global buying patterns, this should be overcome as Gemfields' consumer education initiatives continue to reach a broader cross-section of markets and as key economies continue to strengthen.”
Details of the auction can be accessed at: http://otp.investis.com/clients/uk/gemfields/rns/regulatory-story.aspx?cid=1227&newsid=632203
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