Rubies from Mozambique yield US$44 million at auction in Singapore

21 June 2016

The most recent auction in Singapore of rubies mined in Mozambique by Montepuez Ruby Mining (MRM) raised US$44.3 million, reported British company Gemfields.

The company, which controls 75 percent of the MRM partnership, at the sixth ruby auction held this year was paid an average price per carat of US$29.21, having sold 1.5 million carats of the 1.6 million that were put up for sale.

In the tax year due to end in June, Gemfields has conducted auctions of gems extracted in Kagam, Zambia and Montepuez, Mozambique, achieving revenues of US$174.4 million.

The chief executive of Gemfields Ian Harbottle, meanwhile announced that on 22 June the company starts a worldwide advertising campaign focused on rubies from ​​Mozambique.

Gemfields entered the Mozambican market in June 2011 when it acquired a 75 percent stake in MRM from Mozambique’s Mwiriti Limitada, which now has a 25 percent stake in the consortium. (macauhub/MZ)