Greenland Ruby Unveils $18M Loan
RAPAPORT. Greenland Ruby, a miner of rubies and sapphires in the island nation, has reached an agreement with a specialist financier for an $18 million working-capital facility.
The financing, spread over three tranches, is “believed to be one of the largest” in the history of colored gemstones, the company said in a recent statement. The deal with Nebari Natural Resources Credit Fund I will allow the miner to accelerate its growth plans, it explained.
“This is a tremendous milestone for Greenland Ruby,” said its CEO, Magnus Kibsgaard. “With the new financing, we will not only continue mining at the current site, but also begin activity at our other licensed sites, where we have already recorded exciting exploration results.”
Gemological Science International Opens in Jaipur
RAPAPORT. Gemological Science International (GSI) has launched a laboratory in Jaipur, aiming to tap into the Indian city’s rich heritage as a center for gemstones.
The new location will offer all of GSI’s core services, as well as a dedicated division specializing in the origins and identification of colored stones, the organization said Monday. The laboratory will feature advanced equipment and a team of professionals under the leadership of industry expert Meenu Vyas. It will also host educational programs.
“We are thrilled to continue GSI’s global expansion and open another laboratory in India,” said president and cofounder Debbie Azar. “The demand for GSI certification and origin testing for natural and lab-grown diamonds, as well as colored gemstones, continues to grow, and the Jaipur lab will help us meet that global need.”
Gemfields Holds First Ruby Sale Since 2019
RAPAPORT. Gemfields brought in $58.9 million at its first auction of rough rubies in more than a year, expressing optimism as operations at its Mozambique mine gradually resumed.
The miner held seven small sales of high-, medium- and commercial-quality goods between March 15 and April 8, noting on Thursday that its last ruby auction had been in December 2019. Viewings took place in Bangkok, Thailand, and in Jaipur, India, as well as in Dubai, followed by submissions of sealed bids through an online platform.
Some 52 companies placed offers, with Gemfields selling 89 or 95% of the 94 lots available. By carat weight, 47% of items found buyers, it said. The average price was an unusually high $171 per carat, reflecting the quality mix of the stones that sold.
RAPAPORT. Two pieces of green glass imitating valuable tourmalines have turned up at the Gemological Institute of America (GIA) after manufacturers apparently used innovative techniques to make the shards look like real gemstones.
The bluish-green prisms weighing 1.91 and 1.92 carats.
Sapphires are the most desired colored gemstone among US consumers, followed by rubies, emeralds and amethysts, according to a recent survey by MVI Marketing. Some 46% bought fine jewelry featuring sapphire in the past two years, the study found. Ruby and emerald each attracted 41%, with 35%.