Editor’s Note
This article explores the historic 2023 auction of the ‘Estrela de Fura’ ruby from Mozambique, which set a new record for colored gemstones. It highlights the shifting dynamics in the ruby market, where gems from emerging sources are now rivaling legendary ones.
June 8, 2023, was a monumental day in ruby history. At the Magnificent Jewels auction held by Sotheby’s in New York, the Mozambique-origin ‘Estrela de Fura’ ruby was sold for $34.8 million. On that day, the ruby broke the auction record for all gemstones except diamonds, firmly establishing itself as the king of colored stones. Furthermore, it is noteworthy that rubies from Mozambique, an emerging source, have risen to a position equal to legendary gems.
This spring, the gem industry’s attention was actually focused not on ‘Estrela de Fura’ but on the 22.59-carat ‘Sunrise Ruby’. The ‘Sunrise Ruby’ had previously made a name for itself as the world’s most expensive ruby when it traded for $30 million at a Sotheby’s auction in 2015. It was re-offered at a Christie’s Geneva auction after eight years, part of the collection left behind by Austrian billionaire Heidi Horten after her death in 2022. It was of Burmese origin (Burma is the old name for Myanmar, but it is commonly used in the gem industry), famous for its ‘pigeon’s blood’ red (a term referring to a bright, intense, fiery red color achievable only in the finest rubies), and its exceptional quality without heat treatment had already made it renowned in the industry. With a size, color, and transparency rarely seen in natural rubies, Cartier’s setting, and the provenance of being a celebrity’s collection—all elements proving its top-tier value—expectations were high. However, a month before the auction, allegations of Nazi collaboration against Heidi’s husband, Helmut Horten, were raised, and the final hammer price was only $14.7 million, roughly half of its $30 million price eight years prior. This case showed that, alongside the influence of Jewish communities in the gem market, ethical judgments can impact a gem’s value.
Burmese rubies have enjoyed high popularity since the 16th century. Having established themselves early as a standard of high quality, all rubies that set auction records also came from Burma’s Mogok mines. Rubies became widely accessible to the public from the 20th century onwards as new mines were developed around the world. Today, in a market where Burmese rubies are depleted, Mozambique exerts influence as the world’s top ruby supplier. As of 2023, it supplies 50-70% of faceted rubies, boasting a variety from low-quality stones requiring heat treatment to high-quality unheated rubies. In Burma, where large, high-quality rubies are depleted, finding even a 1-carat unheated pigeon’s blood ruby is difficult, but in Mozambique, 1-2 carats are produced stably, and 5-10 carat stones are often found. While Mozambican rubies, as an emerging source, have historically been priced lower than Burmese rubies, their prices have been steadily rising as the existence of high-quality ruby mines becomes known. The pigeon’s blood color, traditionally found only in Burmese stones, can also be seen in Mozambican rubies. Amidst this, the successful debut of Estrela de Fura once again proved that Mozambican rubies have value not inferior to Burmese rubies.
It is necessary to note that the ruby that set the record price in this Sotheby’s auction was produced by Fura Gems. The British mining company Gemfields was the first to enter Mozambique’s ruby mining, joined by Dubai’s Fura Gems and India’s Gem Rock from 2021. We met Dev Shetty, founder and CEO of Fura Gems, in New York.
