Gemfields, majority shareholder of the company that explores rubies in northern Mozambique (Montepuez Ruby Mining), announced that it raised $4.2 million (five million euros) in an auction of commercial stones extracted in Cabo Delgado.

This is a lion that took place in Bangkok, the Thai capital, between September 19 and 23, with stones such as sapphire, corundum, and ruby being sold, Gemfields says in a statement.

"The buoyant conditions prevailing in the colored gem market made this an excellent time to sell several years of MRM's accumulated commercial-grade inventory," said Adrian Banks, Gemfields' sales director, quoted in the document and by Lusa.

Montepuez Ruby Mining (MRM) has about 34,000 hectares of concession for ruby exploration in Cabo Delgado and presents itself as the main investor in ruby extraction in Mozambique, being 75% owned by the Gemfields group and 25% owned by Mozambican Mwiriti Limitada.

As of January 2011, Montepuez Ruby Mining's sales accounted for 94% of the country's money flows related to emeralds, rubies and sapphires, according to the company itself.