Mozambique Rubies

With some delay the long awaited Rubies from Mozambique hit the market in quantity.

Gemfields, owner of the Montepuez Ruby Mine, announced in October that from December 2012 to the end of June 2013 1.8 million carats of ruby rough were produced. Until the end of the company's fiscal year on June 30th 2014, production is expected to rise to 2.8 mio carats. Gemfields plans to auction the rubies much in the same way as they do with emeralds. The first auction will probably be held in spring 2014.

So far we bought some small lots of rounds, ranging in size from 1.5mm to 6mm and we are rather pleased with the overall quality of the new Rubies.

In daylight they do look a bit "sleepy". In incandescent light, however, they outshine the famed Burma Rubies. Whereas the latter often have a distinct pinkish tinge, Rubies from the new source show a deep, pure red.

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Pricewise there is, as was to be expected, hardly a difference. In view of the large quantities, some dealers hope for falling prices. We do not share this view.
On the contrary, due to sharply rising demand from China, we expect prices to continue to rise, albeit at a slower pace than during the past five years.

We will keep you posted.