Exceptional Pair of Mozambican Rubies Headlines Gemfields' Auction
June 23, 2022
An exceptional pair of Mozambican rubies — one weighing 32.5 carats and the other 29 carats — headlined Gemfields' most recent series of ruby auctions in Bangkok. Each ruby is expected to surpass 10 carats when cut and polished.
Exhibiting a vivid red hue and remarkable crystalline luster, the featured rubies represent the finest production from Montepuez, the most prolific ruby mine in the world.
More specifically, the sizable rough gems were sourced at the Mugloto mining pit, a secondary deposit at the Montepuez mine, where rubies have been concentrated by alluvial flows along ancient paleochannels. Gemfields explained that the stones found in Mugloto secondary deposit are often the most exceptional because they had to survive the arduous journey along the ancient riverbed.
Among the world-famous rubies found at Mugloto are the 45-carat total weight matched pair of vivid red gems called the "Eyes of the Dragon" (2015) and the 40.23-carat "Rhino Ruby" (2014).
Overall, Gemfields reported that the $95.6 million generated during seven mini-auctions held between May 30 and June 17 represented "an all-time high for any Gemfields auction." The company sold 94.1% of the 119 lots offered, with 49 companies participating in the sealed-bid process.
A portion of the proceeds arising from the sale will be donated to the Quirimbas National Park in Mozambique, a long-standing Gemfields conservation partner.
The Montepuez ruby mine is 75% owned by Gemfields and 25% by Mozambican partner Mwiriti Limitada. Gemfields also operates Kagem, the world’s largest and most productive emerald mine. Kagem is 75% owned by Gemfields and 25% by the Government of the Republic of Zambia.
Credits: Images courtesy of Gemfields.