Column: LME puts 2022 nickel crisis behind it as trading booms
Trading activity last year the strongest since 2015 and the fourth highest on record.
Precious stones miner Gemfields (LON:GEM), the world’s biggest emerald producer, unveiled Tuesday it has found a rare pair of matching rubies from its Montepuez mine in Mozambique.
The news added some sparkle to the company’s stock, which closed 4.17% higher in London at 2.50p.
The stones, which have a combined weight of 45 carats, will form part of Gemfields’ auction in Singapore later this month. Their discovery comes on the heels of another important find Gemfields made last year — the 40 carat “Rhino Ruby.”
According to the company’s chief executive officer, Ian Harebottle, it is extremely rare to find two matching rubies of this size, colour and quality.
The coloured gemstone market has seen several records broken in recent months. A 25.59 carat Burmese ruby fetched over $30 million at a recent Sotheby’s sale in Geneva, making it the most expensive ruby ever sold at auction and setting a ruby world record of almost $ 1.2 million per carat
Comments
frankinca
If the recommended safe investments are hard assets that are appropriate for the well to-do, then these “gems” should get a record price, as a pair not so sure but matching gemstones should be a good sales point for a custom jeweler who has customers who want unique 2 of a kind, that will have a historic quality in the near future. I am looking at Gemfields to see if they have equity investment vehicles and decide if they are worthy of some of my meager funds. A short investigation says these are represented on the London stock exchange by the symbol GEM, which seems appropriate. Priced around 64.75 English Pence, no ADR’s were found using my cursory efforts. This news caused a 12.5 % increase which is usually followed by a at least a 6% loss after a few days as the news wears off. A good news story will be needed to get back to that price, is the usual course of events, for the less astute investor, info. Since the gem industry is not an earthshaking industry like cell phones, the long term rules should be the basic consideration.