Gemfields Group announced that it has generated $1.5 million in revenue from a recent auction of commercial and low-quality rubies held from September 11th to September 13th. However, the company also confirmed that they will not proceed with a higher-quality emerald auction.
As a prominent mining company in Africa, Gemfields specializes in the production of emeralds and rubies. While a commercial-quality emerald auction is currently ongoing, the scheduled auction for higher-quality emeralds in November has been canceled. This decision was made due to a decline in the quality and quantity of emerald production at the Kagem mine in recent months, making it unfavorable to hold the auction.
Instead, the available production will be carried forward to next year’s program.
During the ruby auction in September, Gemfields successfully sold all 869,862 carats offered across eight lots, achieving an average sales price of $1.70 per carat.
“The results from today’s auction of commercial and lower quality ruby highlight again that the market remains very healthy. We now eagerly await the results of the auction of commercial quality emeralds presently underway,” commented Adrian Banks, Managing Director of Product and Sales at Gemfields.