Gemfields Group Ltd on Wednesday reported higher revenue at its latest ruby auction as the market fired ‘on all twelve cylinders’.
The London-headquartered gemstones miner and marketer said its total ruby auction revenue rose by 20% to $80.4 million.
Ruby auction comprised of mixed-quality rough rubies held during the period June 5 through to Tuesday. The last ruby auction took place in December.
Gemfields said 91 of the 94 lots offered for sale were sold. The average realised price was $265.99 per carat, it added.
‘With the revenue from this auction up 20% since our last ruby auction in December 2022, today’s results echo the significant rebound in market prices we reported just weeks ago for Zambian emeralds,’ said Adrian Banks, the managing director of product & sales at Gemfields.
‘The ruby market is clearly firing on all twelve cylinders and the step-change in market pricing which we reported in 2022 is notably enhanced,’ Banks said.
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.
The rough rubies sold were extracted from the mining licence held and operated by Montepuez Ruby Mining Ltda, which is 75% owned by Gemfields and 25% by Mozambican partner Mwiriti Ltda.
Gemfields shares were untraded in London during early dealings on Wednesday, last quoted at 16.60 pence. The stock was also unmoved in Johannesburg, last traded at R 3.73 each.
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