London–Gemfields reported revenues of $30.4 million from its first ruby auction of fiscal 2017.
The sale was held in Singapore from Dec. 12 to 16, featuring high quality and commercial grade rough rubies, both treated and untreated, from the Montepuez mine in Mozambique.
Gemfields said it offered a broad cross-section of product in terms of both quality and quantity in response to the market, which is showing a growing demand for both rough rubies suited to the production of high quality jewelry as well as larger volume production runs.
The sale was 80 percent sold by volume and 85 percent by value with an average per-carat price of $27.79.
Initially, this auction was supposed to include both rubies and emeralds, but Gemfields had to postpone the emerald aspect of it until February due to the Indian demonetization program, which is affecting many of the clients who would attend the sale.
“We are very pleased with the results of Gemfields’ seventh Montepuez ruby auction despite some of our customers being unable to attend while they adjust to the regional demonetization policy changes they’ve experienced over the past few weeks,” CEO Ian Harebottle said.
Gemfields has held seven auctions since June 2014 featuring material sourced from Montepuez, generating $225.7 million in aggregate revenues.
Meanwhile, the company’s aggregate consolidated revenues from all rough gemstone auctions for the financial year-to-date, including an emerald and amethyst auction in October, is approximately $41.1 million.