|RAPAPORT... Gemfields Plc reported that its inaugural June 2014 auction of ruby and corundum from its 75 percent owned Montepuez ruby deposit in Mozambique achieved $33.5 million or an average $18.43 per carat. |
The auction took place in Singapore on June 12 to 17 and was 92 percent sold by lot.
|The auction saw 2.03 million carats of ruby and corundum placed on offer, of which 1.82 million carats were sold. |
Cumulative costs incurred at Montepuez to date stand at approximately US$34 million in total.
|The stone is significant because it attests to the mine’s ability to produce important rubies.|
Due to the rarity of rubies, the discovery of a 40-carat ruby is comparable to finding a 100-carat rough diamond.