London: Gemfields plc reported revenue of $28.8 million from an auction of higher- and medium-quality rough rubies from the Montepuez ruby deposit in Mozambique.

The company achieved an average price of $318 per carat, selling 90,642 out of 92,136 carats, or 45 out of 49 lots, according to a Gemfields statement December 21. It sold 98 percent by weight and 95 percent by market value. The stones were extracted by subsidiary Montepuez Ruby Mining Limitada.

Some 36 companies participated in the bid, which took place in Singapore from December 14 to 18. The results indicated demand was strong and “supported the company’s decision to place both higher- and medium-quality rough rubies on offer,” the statement said.

Gemfields had put up larger volumes of smaller size and mid-priced gems for sale in response to market feedback that indicated higher demand for rough rubies suitable for making into calibrated polished stones – gems with a standardized size. Auction clients had also requested larger production runs to increase efficiency in manufacturing and make the most of their growing distributing networks.

The per-carat prices are “broadly consistent” with results at previous auctions, the statement said.

The company’s five Montepuez auctions since June 2014 have generated $150.8 million. Since the start of Gemfields’ financial year on July 1, the company has sold $82.7 million in rough gemstones. The next auction, expected in March 2016, will be predominantly of higher-quality emerald from the Kagem mine in Zambia.