Mozambican rubies auctioned for US$29.3 million

23 June 2015

British multinational Gemfields raised US$29.3 million through an auction of rubies in the rough mined in Mozambique, the company said in a statement sent to Macauhub in Maputo.

Revenue from the gemstone auction, held between 16 and 21 June in Singapore, will be repatriated to Mozambique via Montepuez Ruby Mining (MRM), a mining company in which Gemfields holds a majority stake of 75 percent.

The average selling price per carat was US$617, “in line with the level reached in previous high quality auctions,” and 47,451 carats of rubies were sold, including a pair called “Dragon Eyes” (with a combined weight of 45 carats) recently discovered at a concession of 330 square kilometres that the consortium is exploring in the province of Cabo Delgado.

In this province, MRM was identified by the Mozambique Tax Authority as the company that paid most taxes in 2014, the statement said, which also noted the group’s commitment to supporting the lion conservation project in the Niassa National Reserve, “to mark the discovery and sale” of the pair of “Dragon Eyes” rubies.

Gemfields entered the Mozambican market in June 2011 when it acquired a 75 percent stake in MRM from Mwiriti Limited, which since then has had a 25 percent stake in the consortium. (macauhub/MZ)