Gemfields beats own ruby sales record at Singapore auction

Emeralds and rubies miner Gemfields (LON:GEM), currently a takeover target from Chinese and South African interests, said Thursday it achieved record revenues from its latest auction of rough rubies.

The miner is currently a takeover target from Chinese and South African interests.

At the auction, held in Singapore, the company sold $54.8 million worth of rubies, a record high for any Gemfields auction and a 24% increase in revenue from the previous record.

Of the 83 lots offered, 78 were sold with an average realized price of $61.13 per carat, the miner said. Al the stones offered were extracted by Gemfields’ 75%-owned Montepuez Ruby Mining at the deposit of the same name in Mozambique.

Since June 2004, the gems producer has held eight auctions for precious stones mined at the Montepuez deposit.

Gemfields, which owns the luxury Fabergé jewellery brand, is the world's biggest coloured gems producer, accounting for roughly a third of the world’s emeralds and rubies from two mines in Mozambique and Zambia.