LATEST AUCTION OF MOZAMBICAN RUBIES FETCHES 30 MLN USD

The latest auction in Singapore of rough rubies from Mozambique produced by the London-based company, Gemfields, at its mine in the northern Mozambican district of Montepuez has raised 30.4 million US dollars, the company says.

Gemfields holds 75 per cent of the shares in Montepuez Ruby Mining Ltd. The other 25 per cent are owned by the Mozambican company, Mwiriti.

The company has held seven auctions of Montepuez rubies since June 2014. These have generated a total of 225.7 million USD, says chief executive Ian Harebottle.

He said: “We are very pleased with the results of Gemfields’ seventh Montepuez ruby auction despite some of our customers being unable to attend while they adjust to the regional demonetisation policy changes they’ve experienced over the past few weeks.”

This was apparently in reference to a decision of the Indian government to remove from circulation larger denomination banknotes.

According to Gemfields, all the proceeds from the latest auction would be repatriated to Mozambique, with royalties and taxes being paid to the government.

Gemfields promotes itself as the world’s leading supplier of responsibly extracted coloured gems. It has specialised in Zambian emeralds and amethysts but has branched out into Mozambican rubies.

Source: NAM NEWS NETWORK