By Elena Vardon
Gemfields Group on Wednesday said that it has secured revenue of $80.4 million from a ruby auction held from June 5 to June 20.
The mining company, which produces emeralds and rubies in Africa, said it sold 97% of its lots and booked an average price of $265.99 a carat.
The company didn’t sell one 26.8 kilogram lot, which made up 30% of the total weight offered, resulting in the average price per carat to be considerably higher, it said.
“With the revenue from this auction up 20% since our last ruby auction in December 2022, today’s results echo the significant rebound in market prices we reported just weeks ago for Zambian emeralds,” said Adrian Banks, managing director of product and sales.
Write to Elena Vardon at [email protected]
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