Gemfields Sells First Blockchain-Backed Rubies

RAPAPORT... Gemfields auctioned 12 parcels of rubies backed by G? 1/4 belinGem Lab's Provenance Proof program, the first blockchain-enabled rubies theminer has sold, it said Tuesday. "[The stones] have become the first Gemfields rubies ever topioneer the use of blockchain in facilitating improved supply-chaintraceability," Adrian Banks, Gemfields' managing director of product and sales,explained. "The winners are therefore able to validate the route to market." The miner already uses Provenance Proof to track emeralds,including the smaller stones cut from its 5,655-carat Inkalamu gem, which itrecovered last year. The company raised $71.5 million from the sale of 927,130carats of rough rubies at the December auction in Singapore, its second-highestresult for rubies to date. The stones sold at an average price of $77 percarat, with 88% of lots finding buyers. Gemfields noted "robust" demand with 53 companies placing bids and 37 taking home at leastone lot. Image: Rough rubies. (Gemfields)