Coloured gemstone specialist Gemfields Group Ltd raked in US$58.9 million at a recent ruby auction – its first since December 2019 after it suspended mining operations due to the Covid-19 pandemic, the company announced. 

The miner sold 89 out of 94 lots of mixed-quality rubies from its Montepuez mine during the event, which comprised a series of seven smaller auctions held from March 15 to April 8, 2021. The average price achieved was US$171.33 per carat.

According to Gemfields, all rough rubies were extracted before the coronavirus outbreak as operations at its 75-per cent-owned Montepuez Ruby Mining Limitada (MRM) were suspended in April 2020. MRM will operate fully by end April 2021.

Viewings were held in Bangkok, Dubai and Jaipur while sealed bids were submitted via an online auction platform. A total of 52 companies placed bids.

Adrian Banks, Gemfields’ managing director of Product & Sales, said, “We are very encouraged by the strong appetite from our clients and by the prices realised. Due to the arising supply and demand dynamics, a number of our clients have therefore seen this auction as a vital opportunity to purchase rubies, particularly given that MRM is only now commencing mining for its next mixed-quality ruby auction, which we hope will occur late this year.”