Mozambican rubies auctioned for US$43 million in Singapore

15 December 2014

The latest uncut Mozambican ruby auction carried out by British company Gemfields in Singapore raised US$43.3 million, the company said.

In a statement, the company said the auction of rubies mined by Montepuez Ruby Mining Limited (75-percent owned by Gemfields) in the Montepuez mine in northern Mozambique, sold 62,936 carats of rubies at an average price per carat of US$689.

“The two Montepuez ruby auctions, organised in June and December 2014, generated revenues of US$76.8 million,” the company said.

Montepuez Ruby Mining Limited, which mines rubies in the Mozambican province of Cabo Delgado, is controlled by Gemfields, whose partner is Mozambican company Mwirit.

At the end of November Gemfields said it had discovered an “exceptional” ruby weighing 40 carats (8 grams) in the rough at the Montepuez mine.

“This gem will set a new benchmark for the quality of African rubies and makes the Montepuez mine the most significant reserve under development in the world,” the statement said.

According to Gemfields, the area of ​​340 square kilometres of the Montepuez project is the world’s largest ruby concession in private hands and “has proven to be one of the most productive.” (macauhub/MZ)