Ruby Auction Rakes In $52M at Gemfields

Mozambique: Gemfields Records 52 Million Dollars in Revenue From Ruby Auction

Maputo -- The London-based mining company Gemfields has recorded total revenue of 52 million dollars as a result of the latest mixed-quality ruby auction held by Montepuez Ruby Mining (MRM).

Mozambique ruby miner sells $52 million of gemstones as premium stones draw strong demand despite production setbacks

Gemfields has generated $52 million from an auction of rubies mined in Mozambique, securing substantial sales after a year in which shortages of valuable premium stones weighed on its business. The result points to continuing demand for higher-quality gemstones, although it does not establish that the miner’s production difficulties have been resolved.

Ruby Auction Rakes In $52M at Gemfields

Gemfields garnered $52 million at its most recent sale, reflecting robust demand for rough rubies. The company sold 90 of the 99 lots of rubies on offer from its Montepuez mine in Mozambique between October 5 to 16, it said Monday. The auction took place in Bangkok, and it comprised mixed-quality rough stones.  “The results achieved at this auction reflect robust demand across the range of sizes and qualities offered, with particularly strong pr…

52 million US dollars generated from auction of rubies mined in Mozambique

Gemfields raised $52 million at its October auction, selling 90 of 99 lots of Mozambican rubies, but a $125.2 million impairment raises supply concerns.