Three Theories for the Great Silence, page-113

The $26/carat was from 7 auctions over 3 years from GEM so I think that's a pretty fair way to value the average yield from the ground next to them....see below from the MUS Quarterly. I think they have deliberately put this statement in so no-one can claim they should have expected any more than the $26/carat...

The strategy is the same as that used by leading ruby miner Gemfields, which generated US$225 million in seven auctions totalling 8.6Mcts (commercial and gem quality rubies from primary and secondary deposits) over 3.5 years.

$225mill divided by 8.6mill carats is US$26/carat...meaning MUS will get maybe $5mill for its 200,000 carats....so dont scream blue murder when this is the result.