LONDON (Alliance News) - Gemfields PLC on Monday said an auction of predominantly higher quality rough ruby extracted from the Montepuez ruby deposit in Mozambique raised a total of USD29.3 million.
Gemfields owns 75% of Montepuez Ruby Mining Ltda, the company behind the Montepuez project, with the other 25% owned by Mwiriti Ltda. The auction was held in Singapore last week.
The average realised price for the ruby sold was USD617 per carat, with 47,451 carats of the total 72,208 carats offered sold.
"We are pleased with the outcome of our third ruby auction in Singapore, and our fourth auction of Montepuez rubies. Demand for fine gems remains very healthy and the prices obtained are in line with our expectations when compared to the previous high quality auction," said Ian Harebottle, Gemfields' chief executive.
Shares in Gemfields were down 5.9% to 60.00 pence on Monday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Gemfields Grou. (GEM)