Gemfields Grou. Share News (GEM)

Gemfields Group Ltd - London-based miner and marketer of coloured gemstones - 'Mini-auction' of Mozambican rough rubies from Montepuez Ruby Mining Ltda raises USD11.0 million in revenue. The auction was held in Bangkok on Monday to Friday last week. Gemfields says 62% of the 297,449 carats of rubies on offer were sold at an average price of USD59.43 per carat. MRM is 70% owned by Gemfields and 30% by Mozambican partner Mwiriti Ltda.

"This mini-auction primarily featured medium and commercial grades of secondary material sourced from a recently developed mining area in the 'Maninge Nice' domain and where our processing activities have been concentrated in recent months," explains Adrian Banks, managing director of Product & Sales. "We are encouraged by both the results and the strong customer engagement, reflecting growing interest in this new material."

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12-month change: down 49%

Current stock price in Johannesburg: ZAR1.39, down 3.5%

12-month change: down 47%

By Tom Waite, Alliance News editor

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