Mozambican rubies to be auctioned in Singapore in June

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Mozambican rubies to be auctioned in Singapore in June

4:12 CAT | 08 Jun 2016

Mozambican rubies are to be auctioned in Singapore in June by the British company Gemfields.

According to a statement by Gemfields, the stones to be sold are predominantly of mixed quality rough ruby from the Montepuez deposit in Mozambique.

The stones were mined in the northern province of Cabo Delgado by Montepuez Ruby Mining Limited, which is 75 per cent owned by Gemfields.

Gemfields describes itself as the world’s largest producer of coloured gemstones. It has specialised in Zambian emeralds and amethysts but has branched out into Mozambican rubies.

In its first sale of these rubies, Gemfields raised 33.5 million US dollars. In its latest sale, in December 2015, the company presented both higher and medium quality rough ruby and corundum in untreated and treated forms. This auction raised 28.8 million dollars.

A spokesperson for the company told AIM that Gemfields has held five Mozambican ruby and corundum auctions in Singapore, which have raised a total of 150.8 million dollars.

Last week Gemfields held an auction of mainly lower quality emerald from its concession in Zambia. The auction in Jaipur, India, raised 14.3 million dollars.

Source: AIM