https://newsletter.mw.creamermedia.com
Gemfields|Mining|Gemstones|Products|Rubies
Gemfields|Mining|Gemstones|Products|Rubies
gemfields|mining|gemstones|products|rubies

Gemfields earns $68.7m in revenue from June ruby auction

19th June 2024

By: Tasneem Bulbulia

Senior Contributing Editor Online

     

Font size: - +

London-listed Gemfields Group recorded total auction revenues of $68.7-million from the June auction of mixed-quality rough rubies recovered from the Montepuez ruby mine, in Mozambique.

The group reports that 94 of the 97 lots offered for sale in the June auction - comprising 217 044 ct - were sold (97%).

An average price of $316.95/ct was realised.

The rough rubies were extracted by Montepuez Ruby Mining (MRM), which is 75%-owned by Gemfields and 25% by its Mozambican partner Mwiriti.

The proceeds of the auction will be fully repatriated to MRM in Mozambique, with all royalties due to the government of Mozambique being paid on the full sales price achieved at the auction, Gemfields points out.

The 22 auctions of MRM gemstones held since June 2014 have now generated $1.12-billion in total revenue, the company highlights.

“This auction marks the tenth anniversary of Gemfields’ first auction in June 2014 of rubies from the Montepuez mine. We are pleased to announce another strong result demonstrating the confidence that loyal customers have in our product offering and auction platform. While auction results should not be directly compared, our team is proud to have crossed the milestone of an average selling price of $300/ct at this auction,” Gemfields products and sales MD Adrian Banks says.

“While the industry is currently facing some headwinds, arising in part from a softening in China, we hope this result provides good comfort to other stakeholders in our sector. As always, our thanks and appreciation go out to the hardworking team at MRM, our partners Mwiriti and the government of Mozambique, whose support makes these results and achievements possible,” he adds.

The auction lots were made available in Bangkok for private, in-person viewings by customers. Following the viewings, the auctions took place via an online auction platform specifically adapted for Gemfields and which permitted customers from multiple jurisdictions to participate in a sealed-bid process.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

 

Showroom

Werner South Africa Pumps & Equipment (PTY) LTD
Werner South Africa Pumps & Equipment (PTY) LTD

For over 30 years, Werner South Africa Pumps & Equipment (PTY) LTD has been designing, manufacturing, supplying and maintaining specialist...

VISIT SHOWROOM 
Schauenburg SmartMine IoT
Schauenburg SmartMine IoT

SmartMine IoT has been developed with the mining industry in mind, to provides our customers with powerful business intelligence and data modelling...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

MMC, Pan African, Vanadium Resources make headlines
MMC, Pan African, Vanadium Resources make headlines
4th October 2024
Magazine round up | 04 October 2024
Magazine round up | 04 October 2024
4th October 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.127 0.229s - 152pq - 2rq
Subscribe Now