Gemfields Group (AIM:GEM) announced that it sold 90 of 99 lots at its mixed-quality rough ruby auction held between 5 and 16 October, generating total revenues of $52 million.
The coloured gemstone miner sold 92,153 of the 102,099 carats offered, a 90% sell-through by weight, at an average price of $564.54 per carat.
The rubies were mined in Mozambique by Montepuez Ruby Mining Limitada, 75%-owned by Gemfields and 25% by Mwiriti Limitada.
At just over 20 kilograms, the auction was smaller than previous mixed-quality sales and comprised predominantly higher-quality stones, a shift Adrian Banks, Gemfields' managing director of product and sales, attributed partly to this year's operational challenges and partly to the new "Trade Select" auction format introduced in June, which now sells selected grades and categories separately.
"The results achieved at this auction reflect robust demand across the range of sizes and qualities offered, with particularly strong prices for larger, fine-quality rubies," Banks said.
He added that the revised auction strategy gives customers "a more focused offering" while letting Montepuez "align the timing and composition of its auctions more closely with available production and market demand."
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The auction comes after Gemfields flagged a net loss after tax of $73.5 million for the first half, driven largely by a $125.2 million non-cash impairment at Montepuez tied to premium ruby recoveries falling short of expectations, with full interim results due on 30 September.
Proceeds from the October sale will be repatriated to Montepuez in Mozambique, with royalties paid to the Mozambican government on the full sales prices achieved.
Gemfields said it expects to hold the next Trade Select auction in December.