London-based mining company Gemfields announced Wednesday that it raised $1.47 million in an auction of commercial and low-grade rubies held from September 11 to 13.
In total, 174 kilograms of gems (869,862 carats) were sold at an average selling price of 1.7 dollars per carat. The gems were mined in the district of Montepuez, in northern Mozambique, by Montepuez Ruby Mining Limitada (MRM), which is 75 percent owned by Gemfields and 25 percent by the Mozambican company Mwiriti Limitada.
In a statement, Gemfields highlights that “the proceeds from this auction will be fully repatriated to MRM in Mozambique, with all royalties due to the government of the Republic of Mozambique paid on the full sales prices achieved at the auction”.
According to Adrian Banks, General Director of Product and Sales at Gemfields, “the results of today’s commercial and lower grade ruby auction once again highlight that the market remains very healthy.”
Montepuez Ruby Mining (MRM) holds a 25-year concession in an area of 340 square kilometers in Montepuez, in the northern province of Cabo Delgado. Since 2014, $980 million has been raised by auctioning rubies and other precious stones from the mine.
