Gemfields Group Limited said the latest auction delivered an all-time high of US$88.4mln for Montepuez Ruby Mining (MRM) Limitada's ruby auctions.
Selected lots were made available for in-person and private viewings by customers in Bangkok, Dubai and Jaipur. Following the viewings, the auctions took place via an online auction platform specifically adapted for Gemfields and which permitted customers from multiple jurisdictions to participate in a sealed-bid process.
The rough rubies were all extracted from the mining licence held and operated by MRM (which is 75% owned by Gemfields and 25% by Mozambican partner Mwiriti Limitada).
The average price per carat at the auction was US$132.47. Of the 107 lots offered, 104 were sold (97%) while 98% of the carats offered were snapped up.
Gemfields' annual gemstone auction revenues (from emeralds as well as rubies) have now reached an all-time high of US$239.6mln, topping 2019’s record of US$200.6mln.
"This has been the strongest ruby auction in Gemfields' history and we're very pleased with the trajectory and growth of the downstream ruby sector. Professionalised and dependable supply has always been the key to unlocking growth. The strength of the results we've seen this week for both emeralds and rubies means that Gemfields has achieved a new record for annual gemstone auction revenues of USD 239 million, a very pleasing result for 2021. We extend sincere thanks to our 2,500 team members worldwide, to our host governments in Mozambique and Zambia, to our business partners and of course to our customers for their ongoing support,” said Adrian Banks, the managing director of product & sales at Gemfields.
Shares in Gemfields were up 1.8% at 14.5p.