Mozambican ruby achieves record price

Maputo, 9 Jun (AIM) – A 55.22-carat ruby named “Estrela de Fura” (“Star of Rage”), discovered by the Canadian company Fura Gems in Montepuez district, in the northern province of Cabo Delgado, has hit a record price, when it was sold for US$34.8 million at an auction that took place in New York, on 7 June.

According to Forbes Magazine, this is the largest ruby to be sold at auction. Its pre-auction estimate was over US$30 million. It noted that the ruby was unearthed at the ruby mine in Montepuez in July 2022, and that “even in its rough, untouched state, the ruby was considered by experts as an exceptional treasure of nature for its fluorescence, outstanding clarity and vivid red hue, known as ‘pigeon’s blood’, a colour traditionally associated only with Burmese rubies”.

According to Quig Bruning, head of Sotheby’s Jewelry America, the 'Estrela de Fura' may signal a change in this perception. “It is undoubtedly positioned to become the standard bearer for African rubies - and gemstones in general, bringing global awareness to their ability to be on par with, and even outshine, those from Burma”, Bruning said in a statement.

Although rubies were first discovered in Mozambique several decades ago, a significant industry did not emerge there until 2009, when a huge deposit of the stones was found near the northern city of Montepuez. Mozambique is now one of the most productive ruby mining countries in the world.
(AIM)