Gemfields notes robust demand for commercial-quality sapphire, ruby during its latest auction
Johannesburg- and London-listed gemstone miner Gemfields received revenue of $2.3-million from the auction of predominantly commercial-quality sapphire, corundum and commercial-quality ruby from September 2 to 4.
All 5.7-million carats offered in ten lots were sold, realising an average price of $0.41/ct.
The gemstones were extracted by Montepuez Ruby Mining (MRM), in Mozambique.
"The majority of the auction's offering consisted of corundum and sapphire, which are considered by-products of MRM. Despite the commercial nature of these goods, the auction saw strong attendance and robust demand.
"The significant volume of the lower-priced rough sold, will support the factories in the cutting centres of Chanthaburi, Thailand and Jaipur, India," Gemfields products and sales MD Adrian Banks comments.
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