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Gemfields Group receives US$55.3M from rough ruby auction

Gemfields Group Ltd. generated revenue of US$55.3 million from a recent auction of rough rubies in Singapore.

The company said Dec. 18 that it sold 655,623 carats of the 685,363 carats offered at an average price of US$84.32 per carat.

The rough rubies were extracted from the license held and operated by Montepuez Ruby Mining Ltda., owned 75% by Gemfields and 25% by Mwiriti Ltda.