The gems were mined in the northern district of Montepuez by Montepuez Ruby Mining Limitada (MRM), which is 75 percent owned by Gemfields and 25 percent owned by Mwiriti Limitada. In total, 3.6 tons of material (18.1 million carats) were sold.
According to Adrian Banks, Gemfields’ Product and Sales Director, “the buoyant conditions prevailing in the colored gemstone market made this an excellent time to sell several years of MRM’s accumulated commercial-grade inventory.”
He added, “we thank and congratulate the government of Mozambique and our partners at Mwiriti – both of whom participated in the auction – for what are very healthy results for material of this quality.”
Gemfields pointed out that “the proceeds from this auction will be fully repatriated to MRM in Mozambique, with all royalties being paid on the total sales prices achieved at the auction.”
Montepuez Ruby Mining (MRM) holds a 25-year concession over an area of 340 square kilometers in Montepuez in Cabo Delgado province. Since 2014, over $830 million has been raised from the auction of rubies and other gems from the mine.
