Gemfields, the supplier of coloured gemstones, on Friday said its final auction for 2022 has generated $66.8 million (R1.1 billion), yielding another strong result for Mozambique rubies, topping off a glittering year for Gemfields.
The ruby auction held in Bangkok between November 21 and December 8 contained a selection of grades that are typically offered at Montepuez Ruby Mining’s (MRM) auctions of mixed-quality rubies.
The auction lots were made available for in-person and private viewings by customers in Bangkok.
“Following the viewings, the auctions took place via an online auction platform specifically adapted for Gemfields and which permitted customers from multiple jurisdictions to participate in a sealed-bid process,” the group said.
Gemfields said the rough rubies sold were extracted from the mining licence held and operated by MRM, which is 75% owned by Gemfields and 25% by Mozambican partner Mwiriti.
Gemfields achieved an average price of $154.84 per carat during the auction, while 82% of the carats offered were sold.
“The proceeds of this auction will be fully repatriated to MRM in Mozambique, with all royalties due to the government of the Republic of Mozambique being paid on the full sales prices achieved at the auction,” it said.
Gemfields’ managing director of product and sales Adrian Banks said: “With the ruby auction bringing in $66.8m, MRM’s total auction revenue for 2022 stands at $166.7m, a 13% improvement on last year’s record despite the challenging conditions in Cabo Delgado.”
He said when combined with the Kagem emerald mine’s auction revenues for 2022 of $149.4m, a remarkable 62% improvement over 2021, Gemfields’ total auction revenues for 2022 stand at $316m, an improvement of 32% over 2021’s $239.6m, a record at that time.
BUSINESS REPORT