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Gemfields’ Recent Ruby Auction Marks a Milestone: First to Offer Lots Using Blockchain

publish:2020-01-06

The recently concluded auction of rough rubies in Singapore, which was held between December from 10 – 14, 2019 marked a milestone for the Company. Twelve of the “prominent” lots at this auction were the first Gemfields rubies ever to use blockchain technology, which is used to facilitate enhanced supply chain traceability. “The winners are therefore able to validate the route to market via the Provenance Proof Blockchain established by the Gübelin Gem Lab of Switzerland,” Gemfields stressed.
 
The auction, which garnered a total revenue of US$ 71.5 million (US$ 77.12 per carat), featured 104 lots, of which 88% or 91 lots were sold.  In terms of caratage, a total of 927,130 carats were sold out of the 1,158,114 carats offered which represents 80% of rubies put up for auction.
 
The rough rubies were extracted from the licence held and operated by Montepuez Ruby Mining Limitada (MRM), which is 75% owned by Gemfields and 25% by local partner Mwiriti Limitada.
 
Gemfields revealed that the 13 auctions of MRM rubies held since June 2014 have generated US$ 584.1 million in aggregate revenues.
 
The Singapore auction, which offered high, medium and commercial grade rough rubies, in untreated form, saw 53 companies placing bids.
 
“The consistency of supply and the reliability of the Gemfields’ grading system continues to be well received by buyers, given that it reduces risk, improves manufacturing efficiencies and aids their ability to meet demand for larger orders,” the Company said.
 
 Adrian Banks, Gemfields’ Managing Director of Product & Sales, commented: “Our latest ruby auction in Singapore has delivered another stellar result for Mozambican rubies, with both demand and pricing clearly robust. We are particularly pleased to have seen such a diverse spread of winners, with 37 companies taking home at leastone lot. The auction, our second biggest by value to date, means that Gemfields’ annual revenues from ruby and emerald auctions has for the first time exceeded US$ 200 million.”
 
Source: GJEPC

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