Gemfields Sells $72M at Record Auction

RAPAPORT... Gemfields recorded record revenue of $71.8 million at its June ruby auction in Singapore, thecolored-gemstone supplier said Monday. The miner sold588,656 carats of rough, untreated rubies from the Montepuez mine in Mozambique, at an average price of $122 per carat, with 95% of lots finding buyers. "The health ofmarket demand for Mozambican rubies...is amply demonstrated by theserecord-breaking auction results," said Sean Gilbertson, CEO of Gemfields and its parent company, Pallinghurst Resources. The June 5 to 9auction was the company's 10th rough-ruby sale since 2014.