Gemfields shines on rare rubies find

Precious stones miner Gemfields (LON:GEM), the world’s biggest emerald producer, unveiled Tuesday it has found a rare pair of matching rubies from its Montepuez mine in Mozambique.

The news added some sparkle to the company’s stock, which closed 4.17% higher in London at 2.50p.

The stones, which have a combined weight of 45 carats, will form part of Gemfields' auction in Singapore later this month. Their discovery comes on the heels of another important find Gemfields made last year — the 40 carat “Rhino Ruby.”

According to the company’s chief executive officer, Ian Harebottle, it is extremely rare to find two matching rubies of this size, colour and quality.

The coloured gemstone market has seen several records broken in recent months. A 25.59 carat Burmese ruby fetched over $30 million at a recent Sotheby’s sale in Geneva, making it the most expensive ruby ever sold at auction and setting a ruby world record of almost $ 1.2 million per carat