Mozambique: Mozambican Ruby Auction Raises Record 44 Million Dollars

The London-based company Gemfields on Monday announced that its sixth auction of rubies mined in the northern Mozambican district of Montepuez has raised a record 44.3 million US dollars.

According to a press release from the company, the auction took place in Singapore between 13 and 19 June. It was composed of high end and commercial grade rubies, both in treated and untreated forms.

The proceeds of the auction will be repatriated to Gemfields’ Mozambican subsidiary, Montepuez Ruby Mining Limitada (which is 75 per cent owned by Gemfields and 25 per cent by local partner Mwiriti Limitada), with the royalties due to the government being paid on the full sales price.

Over one and a half million carats were sold to 44 international companies at an average price of 29.21 dollars per carat.

The company’s six ruby auctions have netted a total of 195 million dollars.

Commenting on the latest auction, the Gemfields Chief Executive Officer, Ian Harebottle, said “the prices achieved and the high percentage of goods sold fully support our analysis of the market conditions, the quality of Mozambique’s rubies and the increasing levels of demand across various markets and categories”.

Gemfields stated that it is 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: Agencia de Informacao de Mocambique