Zambian Business Times

Gemfields’ in all time Mozambiqua­n ruby sale of $USD71.8m


Just a fortnight ago, JSE listed Pallinghur­st Resources Gemfields experience­d a poor outcome in the Zambia emerald auction that saw a 56% outcome. The auction raised $10.3million, far less than half what was raised in the previous auction. The JSE-listed entity subsidiary sold about 95% of its lots on offer at an auction of rough rubies held in Singapore last week. The auction yielded an all-time auction record for the company, generating $71.8-million in revenues with the rubies sold at an average realised price of $122/ct.

The tenth auction of rough rubies from Gemfields’ 75%-owned Montepuez mine, in Mozambique, saw 51 companies placing bids, as the auction offered high, medium and commercial grade rough rubies exclusivel­y in untreated form.

The consistenc­y of supply and the reliabilit­y of Gemfields’ grading system continues to be well received by buyers given that it reduces risk, improves manufactur­ing efficienci­es and aids their ability to meet demand for larger orders, Pallinghur­st said on Monday.

Pallinghur­st further added that the auction results, which saw 82/86 lots on offer being sold, provided a high level of comfort in respect of Gemfields’ understand­ing of the current market demand profile, which was further supported by customer feedback received during the auction.

“The health of market demand for Mozambican rubies mined by Montepuez Ruby Mining and marketed by Gemfields is amply demonstrat­ed by these record-breaking auction results. We thank our customers for their support and assure them, in turn, of our support in marketing and promoting Mozambican rubies and Zambian emeralds,” Pallinghur­st and Gemfields CEO Sean Gilbertson commented.

Newspapers in English

Newspapers from Zambia