Mozambican ruby auction in Singapore raises US$33 million

23 June 2014

The first auction of rubies mined in Mozambique by Montepuez Ruby Mining recently held in Singapore yielded a total of US$33.5 million, British company Gemfields said.

The uncut stones were sold at an auction held from 12 to 17 June and the Mozambican subsidiary of Gemfields put up for sale 2.03 carats of rubies in 62 lots.

Gemfields, which ahs a 75 percent stake in Montepuez Ruby Mining, also said that the auction sold the rubies for an average price of US$18.43 per carat.

“The money raised by the auction in Singapore will all be sent to Mozambique to be used by Montepuez Ruby Mining,” said Ian Harebottle, chief executive of Gemfields.

Many of the buyers were from Thailand and others were from the United States, Germany, India and Israel. (macauhub/MZ)