Rough ruby dis­cov­ery lifts shares

The Star Early Edition - - BUSINESS REPORT/INTERNATIONAL -

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.

Newspapers in English

Newspapers from South Africa

© PressReader. All rights reserved.