Average US$ per Carat at Auction, page-45

Hi Guys,

Put me down for USD$85 if you have not already.

Rationale:
1. I'm conservative;
2. CJ indicated US$100 but that was prior to the big step up in artisinals and I expect them to have a higher % of smaller rubies (same quality, just smaller);
3. I'm secretly expecting it will be more and I like surprises
4. at USD$85 by 300k by 90% clearance = we gross ~US$23m - I think this would still be a spectacular outcome for first auction. I'm thinking we'll probably hit $30m-$35m by my hopes, but $23m would be enough to massively re-rate.

Oh I forgot - someone said breakeven was USD$60 per carat - Remember this is a half yearly auction. Break even is about $30 per carat - at EGM - CJ indicated op costs were circa $10m pa.

Cheers
Capt