IN BRIEF: Gemfields gets USD4 million from sapphire and ruby auction

Gemfields Group Ltd - London-headquartered gemstones supplier - Generates USD4.2 million in revenue from auction of predominantly corundum, commercial-quality sapphire and low-quality ruby held last week. The gemstones were extracted by Montepuez Ruby Mining Ltda in Mozambique, which is 75% owned by Gemfields and 25% by Mwiriti Ltda.

"The buoyant conditions prevailing in the coloured gemstone market made this an excellent time to sell several years of accumulated MRM commercial-quality inventory. We thank and congratulate the government of Mozambique and our partners at Mwiriti - both of whom attended the auction - on what are very healthy results for material of this quality," said Adrian Banks, Gemfields' managing director of product & sales.

London stock price: 18.80 pence

12-month change: up 20%

Johannesburg stock price: ZAR3.80

12-month change: up 25%

By Artwell Dlamini; artwelldlamini@alliancenews.com

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Gemfields Grou.