Gemfields earns US$30 million from Mozambican ruby auction

22 December 2016

A new Gemfields auction in Singapore to sell rubies mined in Mozambique has earned US$30.4 million, the British company indicated in a statement released by the Alternative Investment Market of the London Stock Exchange.

Gemfields controls 75 percent of Montepuez Ruby Mining Ltd (the other 25 percent belongs to the Mozambican company Mwiriti). Since June 2014 it has held seven Mozambican ruby auctions, bringing in revenue of US$225.7 million.

Company executive director Ian Harebottle said he was very satisfied with results of Gemfields’ seventh auction of Montepuez rubies, “even though some of our clients cannot participate while they adjust to regional demonetisation policy changes occurring in recent weeks” – an allusion to the monetary changes under way in India.

Gemfields asserts that it is one of the world’s leading suppliers of coloured gemstones. It specialises in emeralds from Zambia and amethysts and later rubies from Mozambique. (Macauhub)