Gemfields plc announced that its auction of “predominantly higher quality rough ruby” from the Montepuez ruby deposit in Mozambique, held in Singapore from June 16 to June 21, had yielded total revenues of US$ 29.3 million. The average price realised for the 47,451 carats sold (66% by weight or 87% by market value) out of the total of 72,208 carats offered, amounted to US$ 617 per carat.

“The four Montepuez auctions held since June 2014 have generated US$ 122.2 million in aggregate revenues,” the Company revealed.

Gemfields added: “The proceeds of this auction will be repatriated to Montepuez Ruby Mining Limitada in Mozambique and with royalties due to the Government of Mozambique being paid on the full sales price achieved at the auction.” Montepuez Ruby Mining Limitada  is 75% owned by Gemfields and 25% by local partner  Mwiriti Limitada.

A highlight of the auction was “an exceptional and rare matching pair of rough rubies, discovered earlier this year at Montepuez, with a combined weight of 45 carats”, the Company said, which was purchased by Veerasak Gems of Thailand.  The pair has been dubbed “Eyes of the Dragon” by the owners of Veerasak Gems, Mr. And Mrs. Trirotanan.

“Despite sourcing rubies from all over the world, we were dazzled by this magnificent matching pair and have decided to name them the ‘Eyes of the Dragon’ due to the beauty we see within them. Looking at them makes me tremble and we are certain that our experience will unveil their full potential for all the world to behold,” commented Mrs. Trirotanan.

Ian Harebottle, CEO of Gemfields, commented: “We are pleased with the outcome of our third ruby auction in Singapore, and our fourth auction of Montepuez rubies. Demand for fine gems remains very healthy and the prices obtained are in line with our expectations when compared to the previous high quality auction. Although there has been some softening in demand for certain darker tone and lower quality grades, in our view these grades offer remarkable value right now. We believe that this value can be unlocked in the near term through further market education and communication, as shown by the price performance of our similar quality emeralds auctioned from Kagem in recent years.

The next Gemfields auction will be of predominantly higher quality emerald from Kagem and is presently expected to take place in August 2015.