In the latest development, Mozambique’s ruby production experienced a significant decline in 2023, reaching only 2.7 million carats.
This represents a 36% decrease from the prior year and falls well below the government’s ambitious target of 7.05 million carats.
This decline continues a downward trend that began in 2021.
Equipment malfunctions and a 2022 attack on its mining site hampered output at the country’s leading ruby producer.
Despite this, Gemfields, a dominant player in the region, has seen remarkable success with its auctions of Mozambican rubies.
Notably, a recent auction generated $69.5 million from the sale of nearly 240,000 carats of rough rubies.
Gemfields remains committed to repatriating all auction proceeds to Mozambique and fulfilling its royalty obligations to the government.
Rubies at the recent auction fetched an average price of $290 per carat, highlighting strong market demand.
Gemfields’ 2023 auction revenues reached the second-highest in its history at $242 million.
This success propelled Gemfields past the $2 billion mark in total sales from its emerald and ruby auctions.
The company holds a 75% stake in the world’s largest emerald mine (Kagem, Zambia) and a significant stake in the substantial Mozambican ruby deposit in Montepuez.
Ruby markets are dynamic, with prices significantly influenced by factors such as gemstone quality, origin, and geopolitical situations in producing countries.
Background
Countries like Burma (Myanmar), Sri Lanka, Thailand, Cambodia, Vietnam, Madagascar, Tanzania, and Kenya are known for their ruby mining, with Burma’s Mogok rubies being the most valued.
The market dynamics for rubies can vary significantly based on factors such as gemstone quality, origin, and the geopolitical situation in producing countries.
This article was produced by The Rio Times’ automated AI newsroom. Editorial responsibility: Matthias Camenzind, Publisher and Editor-in-Chief. The Rio Times also runs Ask Rio Times, which answers from 100,000+ of our own articles, the daily Latin America Power Map, and prediction-market odds on elections and markets.. How we use AI · Report an error
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