Rough ruby discovery lifts shares
BRITISH precious stones mining firm Gemfields had found a 40.23carat rough ruby at its Montepuez deposit in Mozambique, and termed the find as “one of the most important rubies unearthed in recent times”, it said yesterday. The mining company said that the recent find had been appraised by the Gübelin Gem Lab in Switzerland, ahead of the company’s ruby auction in Singapore next month. Gemfields owns a 75 percent stake in the Montepuez ruby deposit, and in June generated $33.5 million (R368.5m) from its first auction of rough ruby and corundum from the deposit. The discovery sent Gemfields’ shares up as much as 3.5 percent yesterday.