Gemfields Ruby Auction Nets $29 Million
A recent sale in Singapore has resulted in a total of $29 million dollars in sales of rough ruby. This is a great result from Gemfields, both medium and high end rough stones were offered and large volumes of small stones as well including medium priced goods. The goods came from the Montepuez mine in Mozambique which has produced over 17 million carats so far. The auction offered heated and untreated goods that will boost the sales industry for ruby. The output of this mine has slowed but is still a significant source and will help the jewelry industry in a big way. Ruby output in Mogok, Myanmar has fallen off and the market was in need of new resources.
December 24, 2015
The auction, held from Dec. 14 to 18 in Singapore, was 98 percent sold by volume and 95 percent sold by weight.
The sale featured both higher- and medium-quality rough rubies in both untreated and treated form, including larger volumes of smaller size and mid-priced gems offered in “direct response to market feedback which indicated increased demand for rough rubies suited to the production of calibrated cut-and-polished gemstones,” Gemfields said. READ MORE…