Gemfields Prepares For Ruby Auction
News: UK mining company Gemfields is preparing for its ruby auction which is to be held in Singapore in mid-June 2014. The auction will include the inaugural sale of rough rubies from the Montepuez ruby deposit, in Mozambique. The company also reported a sharp decline in Q3FY13/14 production of emerald and beryl at its Kagem emerald mine. The decline was attributed to heavy rain fall and the characteristic grade volatility in coloured-gemstone mining. Emerald and beryl production fell to 3.6mn carats in Q3FY13/14 compared with the 6.5mn carats in Q3FY12/13.