Gemfields Sells a Record $95m of Rubies

By John Jeffay / June 23, 2022 / www.idexonline.com / Article Link

(IDEX Online) - Gemfields says it sold rough rubies worth $95.6m at its latest online auction, setting a new company record.The London-based ruby and emerald miner described the results as "glittering", despite failing to sell a single lot that accounted for almost a quarter of the total weight of rubies sold.The rubies were all extracted by Montepuez Ruby Mining (MRM) which is 75% owned by Gemfields and 25% by Mozambican partner Mwiriti Limitada.The price paid per carat was far higher than recent Gemfields sales - at $247 - although the company says specific auction mixes can vary significantly, making direct comparisons difficult.The company said the 16 auctions of MRM rubies it has held since June 2014 have generated total revenues of $827.1m.Pic courtesy Gemfields shows two highlights from the sale.

Recent News

Major investment banks make major gold price upgrades

April 15, 2024 / www.canadianminingreport.com

Gold stocks near flat as equities dip

April 15, 2024 / www.canadianminingreport.com

Revenue estimates for gold stocks have remained relatively flat

April 08, 2024 / www.canadianminingreport.com

Gold stock valuations remain low even after price surge

April 08, 2024 / www.canadianminingreport.com

Gold stock to global money supply far from bubble territory

April 01, 2024 / www.canadianminingreport.com
See all >
Share to Youtube Share to Facebook Facebook Share to Linkedin Share to Twitter Twitter Share to Tiktok