They had a huge inventory and sold 1.82 million carats @$18.43 a carat. It was rough ruby and corundum. Mus on the other hand had Higher price reserves on their rubies and sold very few of the their 400,000 carats and received $24.41 per carat. Because of poor grading system, pinks mixed with reds and not enough rubies for selection when buyers like settings isolated in clear light, separated without distractions. This well and truly put buyers off and they resented the auction.
Gemfields at their first auction were complimented at their the way their staff graded the stones making it easy for buyers to study and select. Gemfields also heat treated their weaker coloured stones to bring them up to rich colour for those thatdidn't have heat machines to handle this and for their very low standard stones they glass filled them for certain clientele.
All in all they got full marks for their presentation and successful sales which included high numbers of low standard stones as well. Low average carat price but plenty of them.
So you can see by this Singapore auction you can a large amount of weaker rough rubies and corundum if you have presentation and numbers.
This is what Mustang has to learn and manage and fast..They made mistakes and have to learn the required skills. Gemfields were smarter and had better advice, that's all'
