Gemfields Earns $2.3 Million from Auction of Sapphires, Corundum, and Rubies
Johannesburg- and London-listed gemstone miner Gemfields generated $2.3 million in revenue from an auction held from September 2 to 4. The auction featured primarily commercial-quality sapphires, corundum, and rubies.
All 5.7 million carats offered across ten lots were sold, achieving an average price of $0.41 per carat. The gemstones were sourced from Montepuez Ruby Mining (MRM) in Mozambique.
Most of the auction’s offering comprised corundum and sapphires, which are by-products of MRM’s mining operations. Despite the commercial nature of these goods, the auction saw strong attendance and high demand.
“The sale of such a significant volume of lower-priced rough gemstones will help support cutting factories in the key centers of Chanthaburi, Thailand, and Jaipur, India,” said Adrian Banks, Managing Director of Products and Sales at Gemfields.
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