Gemfields has held its first auction of rough rubies since 2019, and the event has proved to be a success, easing the burden of a tough 2020 for the mining company.
The rough rubies were from pre-pandemic production at the Montepuez mine in Mozambique, before Gemfields closed the site from April 2020 to March 2021, to preserve cash throughout difficult marketing conditions. Unable to generate any incomev during 2020, Gemfields incurred a net loss of $93.2 million. The auction was also a welcome return to normal for clients around the world, who saw this as “a vital opportunity to purchase rubies” according to a company statement.
The rubies were a particularly high quality, selling at an average price of $171 per carat.