Gemfields makes over R570 million at latest ruby auction despite 'turbulent times'
Rubies from the Montepuez project in Mozambique included a stand-out gem of 36 carats.
Ruby mined in north-eastern Mozambique. Image: Gemfields/ Facebook
The Money Show's Stephen Grootes interviews Sean Gilbertson, CEO of the Gemfields Group.
During turbulent times, the appetite for rubies seems to be unaffected.
The Gemfields Group reports that it realised over R571 million ( $31.7 million) at its June mixed-quality ruby auction.
The miner is a marketer of coloured gemstones, specialising in emeralds from Zambia and rubies from Mozambique
Conducted via online sealed bids following in-person viewings in Bangkok, the auction offered 90 lots of rough rubies from the Group's Montepuez project in north-eastern Mozambique.
These included a standout 36 carat ruby, which became the third-most valuable gemstone lot in the mine's history.
The prices reached were surprisingly robust given what is happening in the world right now, says Sean Gilbertson, CEO of the Gemfields Group.
'We just wish we had more rubies to offer', he quips.
That looks likely in the future with a second processing plant in the works which will allow Gemfields to bring in ore from different parts of the Mozambique concession.
"We've been facing declining grades over the last two years from an area that we've been focusing on for approximately a decade, but the license area is very sizable at some 340 square kilometres or 34 thousand hectares."
Sean Gilbertson, CEO - Gemfields Group
"We've been constrained in terms of our processing capacity and unable to mine rubies from other areas on that very large concession.... A second plan will triple our processing capacity from 200 tons per hour to a whopping 600 tons per hour."
Sean Gilbertson, CEO - Gemfields Group
Scroll up to the audio player to listen to the interview