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Gemfields generates USD58.9 million in revenue from ruby auction
Thu, 8th Apr 2021 16:39
(Alliance News) - Gemfields Group Ltd announced on Thursday that it had generated revenue of USD58.9 million from an online ruby auction, conducted from March 15 to April 8.
The London and Johannesburg-listed gemstone supplier said the figure is its third highest auction result to date and saw 52 companies placing bids with 95% of the number of lots being sold.
Operations at Gemfields s Montepuez ruby mine in Mozambique were suspended from April 2020 to March 2021, with no revenue realised there for 2020.
The rubies sold at the auction were all extracted from the mine before April 2020, and were sold at an average price of USD171.33 per carat.