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Gemfields Rakes in $95 Million in Record-Breaking Rubies Auction

Gemfields reported an average price per carat of $247
Gemfields Ruby Auction Singapore
Credit: Gemfields

London-based ruby and emerald miner Gemfields sold rough rubies to the tune of $95.6 million at its latest online auction, “setting a new company record,” according to IDEX Online.

 

Gemfields reported an average price per carat of $247. All rubies in the auction were extracted by Montepuez Ruby Mining (MRM) which is 75% owned by Gemfields and 25% by Mozambican partner Mwiriti Limitada.

 

So far, the 16 auctions of MRM rubies Gemfields has held since June 2014 have generated total revenues of $827.1 million.

 

Gemfields Ruby Auction Singapore
Credit: Gemfields


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