Wednesday, February 21, 2024

Rubies in the spotlight: Gemfields achieves 69.5 million dollars at auction

The London-based mining company announced an extraordinary achievement by totalling 69.5 million dollars in an auction of rough rubies of outstanding quality. The remarkable initiative, which took place in Bangkok, Thailand, marked not only the excellence of the gems, but also the effective transition to a virtual auction format, guaranteeing global participation.
During the period from 20 November to 5 December, the 97 lots were exhibited in Bangkok for private, face-to-face viewing, with subsequent bidding conducted via an online platform adapted by Gemfields, allowing customers in various parts of the world to participate.
Originating in the Montepuez district of northern Mozambique, the rubies were mined by Montepuez Ruby Mining Limitada (MRM), which is 75 per cent owned by Gemfields and 25 per cent by Mwiriti Limitada. Emphasising its commitment to its origins, Gemfields announced that the total proceeds of the auction will be repatriated to MRM in Mozambique, with all royalties due to the Mozambican government, solidifying the socio-economic contribution.

Adrian Banks, managing director of products and sales at Gemfields, emphasised that the success of the auction not only underpins the continued health of the market, but also propels the company beyond the 2 billion dollars in accumulated sales from emerald and ruby auctions. This is a significant achievement, highlighting the company’s full commitment to reinvesting in the nations of origin and meeting substantial tax obligations, approaching 400 million dollars for the governments of Mozambique and Zambia.
Rubies from Cabo Delgado have aroused great interest in the global market, especially in Asia. Even in the face of challenges, such as the closure periods in 2020 and 2021 due to the covid-19 pandemic, Gemfields continues to thrive, reinforcing its essential role in the Mozambican economy and beyond.


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