Gemfields' Rubies Hit Record High Price
December 12, 24
(IDEX Online) - Gemfields achieved a record high price of $322 per carat at its latest series of mixed-quality rough ruby auctions.
The UK-based gemstone miner said the auction represented a "positive outcome under the current market conditions", despite ongoing economic challenges in China and geopolitical turbulence.
It said the civil unrest in Mozambique, where its Montepuez mine is located, had not affected operations.
The seven mini-auctions held in Bangkok and online (25 November to 11 December), raised a total of $46.2m from the sale of 143,613 carats, with 14 per cent of lots (by weight) unsold.
The previous series of auctions, in June, raised $687m from the sale of 216,000 carats.
Average price per carat increased marginally at the latest sale, up from £317.
"While we did observe some softer prices and thinner bidding, the average price per carat reached a record high for our mixed-quality ruby auctions, with the withdrawal of a lower-quality lot having only a limited effect," said Adrian Banks, Gemfields' managing director of product and sales.
In October, Gemfields reported a 16.7 per cent drop in revenue for the six months to 30 June, amid weaker sentiment in what it said was a "complex year".
File pic of Gemfields' rubies.