IN BRIEF: Gemfields ruby revenue down amid headwinds after auction

Gemfields Group Ltd - London-headquartered gemstones miner and marketer - Generates USD68.7 million in revenue from auction of rubies from the Montepuez ruby mine in Mozambique. The ruby auction took place from June 3 to Tuesday this week. At the ruby auction held between November 20 and December 5, 2023, revenue was USD69.5 million. At around the same time in June last year, auction revenue amounted to USD80.4 million. Average realised price was USD316.95 per carat this month, up from USD290.02 per carat in December 2023.

"We are pleased to announce another strong result demonstrating the confidence that loyal customers have in our product offering and auction platform. While auction results should not be directly compared, our team is proud to have crossed the milestone of an average selling price of USD300 per carat at this auction," says Adrian Banks, managing director of product & sales at Gemfields. "While the industry is currently facing some headwinds, arising in part from a softening in China, we hope this result provides good comfort to other stakeholders in our sector." Montepuez is 75%-owned by Gemfields and 25% by its Mozambican partner Mwiriti Ltda.

Current London stock price: 12.50 pence

12-month change: down 24%

Current Johannesburg stock price: ZAR2.85

12-month change: down 24%

By Artwell Dlamini, Alliance News reporter

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