Gemfields Ruby Sale Fetches $44M

London: Gemfields said it is launching a campaign to market rubies from Mozambique after the company reported its largest sale to date for stones from the country’s Montepuez mine.

The miner sold $44.3 million of rough rubies and corundum from Montepuez at an auction in Singapore from June 13 to 19, breaking a record of $43.3 million set in December 2014. The gems fetched an average price of $29.21 per carat for 1.5 million carats. It sold 95 percent by volume and 98 percent by market value out of 1.6 million carats on offer.

“The prices achieved and the high percentage of goods sold fully support our analysis of the market conditions, the quality of Mozambique’s rubies and the increasing levels of demand across various markets and categories,” said Ian Harebottle, Gemfields’ chief executive officer.

“Our commitment to further building the colored gemstone sector continues with the launch of a new global marketing campaign focusing on Mozambican rubies. The auction attendees were given a brief preview of the campaign, to be launched in London on June 22.”

The auction offered high and commercial grade rough rubies in both untreated and treated form.