Gemfields achieved a record high price of $322 per carat at its latest series of mixed-quality rough ruby auctions.The UK-based gemstone miner said the auction represented a "positive outcome under the current market conditions", despite ongoing economic challenges in China and geopolitical turbulence.
The seven mini-auctions held in Bangkok and online (25 November to 11 December), raised a total of $46.2m from the sale of 143,613 carats, with 14 per cent of lots (by weight) unsold.The previous series of auctions, in June, raised $687m from the sale of 216,000 carats. Average price per carat increased marginally at the latest sale, up from £317.
"While we did observe some softer prices and thinner bidding, the average price per carat reached a record high for our mixed-quality ruby auctions, with the withdrawal of a lower-quality lot having only a limited effect," said Adrian Banks, Gemfields' managing director of product and sales.
In October, Gemfields reported a 16.7 per cent drop in revenue for the six months to 30 June, amid weaker sentiment in what it said was a "complex year".
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