The London-based mining company Gemfields announced yesterday, Thursday (05), that it had raised 2.3 million dollars in an auction of commercial rubies.

The stones sold from September 2 to 4 (Monday to Wednesday) were mined in the Montepuez district, in northern Mozambique, by Montepuez Ruby Mining Limitada (MRM), which owns 75% owned by Gemfields and 25% by Mwiriti Limitada.

The auction, according to Montepuez Ruby Mining, took place in Thailand.

On the other hand, all 5.7 million carats (1,130 kilos) offered in 10 lots were sold at 100%, with the average sale price set at 0.41 dollars per carat.

The gemstones were mined by Montepuez Ruby Mining Limitada in Mozambique ("MRM", which is owned 75% by Gemfields and 25% by Mwiriti Limitada).

According to the company, the proceeds of this auction will be fully repatriated to MRM in Mozambique, with all royalties due to the Government of the Republic of Mozambique being paid on the total sales prices achieved in the auction.

The rubies produced in Cabo Delgado province have been in greater demand on the international market, especially in Asia. With seven years of existence, Montepuez Ruby Mining has already sold a total of 13.6 million carats of rough gemstones, generating 731.5 million dollars in revenue.

(Photo DR)