I agree @SEAH one can only estimate what result will be achieved...

I agree @SEAH one can only  estimate what result will be achieved at auction. That is what it is 'the price someone thinks an item is worth on the day'. 40+ buyers present, all with different markets and agendas will result in a range of opinions and satisfaction. One would presume they all had some pre info to secure their attendance, a buyer does not turn up to an auction without doing some research (time and money costs to attend). As for our grading system, it surely had some accepted basis as I have recollection we were told (cannot find ref) that input was received from persons with experience. It is more than likely something just didn't suite someone's ideal. The old tale 'you can keep some happy some of the time but not all every/all the time".

All along the inventory was going to contain stones over the various grades, that was the whole idea of trying to cover all or most of the buyer's areas of interest. The 'ruby market' is a very diverse market attempting to cater for very diverse demands in both appearance (some prefer red Vs pink, faceted Vs cabochon) and value ($2 bead Vs 60k investment piece). Try keeping this diversity happy as a supplier.

IMO the result will be what it will be, we can only be guided by the information we have been given formally through the appropriate channels (and the well informed commentary from such as @Wombat, Davisite,Tibbs, etcetc quite a few these days). As one of the Sydney LTH and having had the opportunity to meet and speak with nearly all the board members, I am of the opinion they are both very astute and of  the highest integrity, plus all bar PS are heavily invested in the company. They  are working for the good of the company and all share holders. If you have read the agenda for the upcoming AGM you would have noticed the resolution for the increased remuneration of Directors. I cannot believe a resolution of this nature would be entertained without quiet confidence in a positive auction result (remember a positive result is one which funds the company to the next stage of production and 2nd auction, not one which sky rockets us into the ASX200). To date most occurrences have been under estimate/over perform.

I could ramble on but lets just say its IMO and lets look forward to the final result announcement and the evolution of the company. Regards to all the 'constructive' posters.