Gemfields plc announced yesterday that it had garnered revenues of US$ 28.8 million at its   auction of higher and medium qualities of rough ruby extracted from the Montepuez ruby deposit in Mozambique.

A total of 92,136 carats (49 lots) were offered at the auction held in Singapore from December 14 to 18, 2015. Of this, 90,642 carats were sold (98% by weight or 95% by market value; or 45 lots), realising an average price of US$ 317.92 per carat. 

"The outcome of Gemfields' fifth Montepuez ruby auction is pleasing,” commented Ian Harebottle, CEO of Gemfields. “Demand for fine gems remains healthy and has recently been supported by a commensurate increase in demand for mid-priced and high-production-run gems. The prices Gemfields has achieved in this auction are in line with the Company's expectations.”

Gemfields' fifth auction of rough rubies and corundum from Montepuez saw 36 companies placing bids.  The Company said that the five Montepuez auctions held since June 2014 have generated US$ 150.8 million in aggregate revenues.  Gemfields’ aggregate consolidated revenues from rough gemstone sales for the financial year to date stands at approximately US$ 82.7 million; while its 25 auctions of rough gemstones from Kagem and Montepuez have till date  generated US$ 530 million in total revenues.

“The auction offered both higher and medium quality rough rubies in both untreated and treated form,” the Company declared. “All treated lots were offered using industry accepted treatment techniques and on a fully disclosed basis.”

Gemfields announced that the next auction will be of predominantly higher quality emerald from Kagem and is “presently expected” to take place during March 2016.