Editor’s Note
This article previews Sotheby’s upcoming ‘Magnificent Jewels’ auction, highlighting two record-potential gemstones: the ‘Eternal Pink’ diamond and the ‘Estrela de Fura’ ruby.
Sotheby’s will hold its ‘Magnificent Jewels’ auction in New York on June 8th. Without exaggeration, this auction can be described as a visual feast for ‘color lovers’—a 10.57-carat purplish-pink diamond named ‘The Eternal Pink’ is already eye-catching enough, but a 55.22-carat Mozambique ruby named ‘Estrela de Fura’ may even set a record!
Some might find the name ‘Estrela de Fura’ familiar. Indeed, it was discussed last September. At that time, this Mozambique ruby was mined by Dubai-based gemstone miner Fura Gems in Montepuez and made a splash even in its rough state. Weighing 101 carats, it was the largest gem-quality ruby ever discovered globally.
Fura Gems stated that large-sized rubies typically imply ‘significant impurities and cracks’ or a ‘low cutting yield.’ However, ‘Estrela de Fura’ breaks this ‘rule.’ It possesses a vivid hue and excellent clarity, even reaching the ‘pigeon’s blood’ color grade—a term traditionally reserved for describing high-quality Burmese rubies.
It is reported that the ‘Estrela de Fura’ ruby underwent a series of preliminary studies earlier this year to determine the most suitable cutting plan. Ultimately, the 101-carat rough transformed into a 55.22-carat cushion-cut ruby.
Sotheby’s estimates the ‘Estrela de Fura’ ruby will fetch at least $30 million.
Quig Bruning, Head of Sotheby’s Jewelry Department for the Americas, made this statement when discussing ‘Estrela de Fura.’
Indeed, the most popular and valuable rubies in the current market are Burmese and Mozambique rubies. The highest quality of the former is the renowned ‘pigeon’s blood,’ while the high-quality examples of the latter are rapidly rising ‘new stars.’ Compared to the deep history of Burmese ‘pigeon’s blood,’ high-quality Mozambique rubies have only been on the scene for just over a decade.
The first confirmed mining of gem-quality rubies in Mozambique was in 2008, from the Niassa National Reserve in northern Mozambique. According to officials from the Lichinga Mining Office, a cabochon-grade ruby was discovered near Ruambeze in Cabo Delgado province in the early 1990s. It is reported that the gem described in *Gems & Gemology* in 1991 was mined from this deposit, but the stone was heavily fractured and its body color was masked by significant iron staining. However, due to the remote location and medium gem quality, mining did not take off here.
The first faceted Mozambique ruby was mined near the village of M’sawize—also located within the Niassa National Reserve. Some say that although Niassa rubies had been mined locally for several years, they still paled in comparison to deposits in Winza, Tanzania, and Andilamena, Madagascar.
Sample materials from here ranged in color from pink to deep red, with faceted stones over 10 carats produced. However, most gems still required ‘enhancement’—through glass filling or flux healing—to address clarity issues related to fractures.
Unfortunately, the M’sawize deposit, discovered in September 2008 (assumed), saw most mining activities abandoned by miners in July and August 2009 due to the onset of the dry season and law enforcement against illegal mining.
In April 2009, the presence of rubies was discovered near Montepuez city in Cabo Delgado province. Unlike the two deposits mentioned above, Montepuez is not located within a national nature reserve, meaning there was potential for legal mining rights and large-scale development. Initial ruby samples from the Montepuez area were more vivid and clearer in color than Niassa gems, but their relatively flat shape resulted in lower yields after cutting.
Around June or July 2009, thousands of people began mining this deposit without permits. By November 2009, artisanal mining had stabilized. The government decided to allow unlicensed artisanal mining in the area around Nanahaca.
By 2010, rubies of various grades from the Montepuez deposit were widely appearing in Asian markets. In fact, as miners flooded in and mining areas expanded, many other ruby locations were discovered in subsequent years. The most important early ruby mining areas included:
– Maninge Nice, discovered in 2009.
– Glass, discovered in 2010, a more mature secondary deposit.
– Nacaca, discovered in 2012.
– Ntorro and Mugloto: Discovered in 2012 and 2014 respectively. These mature secondary deposits had lower reserves but much higher ruby quality.
Based on appearance, Mozambique rubies can be divided into two main types. The first is named after Maninge Nice, representing the first rubies mined near Montepuez in 2009. This type of Mozambique ruby exhibits a strong fluorescent reaction to prolonged UV exposure and varies in color intensity from pink to deep red. Clearly, the ‘Estrela de Fura’ ruby belongs to this category.
The second type is called Mugloto, mined since 2012. This Mozambique ruby has a weaker fluorescent reaction to UV exposure, and its body color seems to have a faint orange tint. Some Mugloto-type rubies have bluish color bands.
Bangkok is the global trading and distribution hub for rubies and sapphires. Over 90% of rubies and sapphires, regardless of origin, inevitably pass through here in the circulation chain. Mozambique rubies had already appeared in the Bangkok gem market as early as 2006, much earlier than the discovery of rubies in the Winza region of Tanzania. However, due to mostly poor quality, the market value of African rubies remained very low for a long time.
By the end of 2009, after the discovery of the Montepuez deposit, Mozambique rubies swept through the Thai market. Apart from some private sales by auction houses and mining companies, most Mozambique rubies entered the market through unlicensed channels.
In June 2011, Mozambique’s state-owned Mwiriti Ltd. established a partnership with the British multinational Gemfields. From 2012 to 2016, Gemfields became the main force in the ruby trade, not only ushering in a new era for the Montepuez ruby deposits but, more importantly, supplying the international market through auctions held in Singapore and Jaipur.
In 2014, Gemfields held its first Mozambique ruby auction, presenting 2.03 million carats of Mozambique rubies, ultimately selling 1.82 million carats for a total of $33.5 million. To date, Gemfields has held over a dozen ruby auctions, selling nearly 10 million carats of rubies with total revenues exceeding $500 million.
Thus, the popularity of high-quality Mozambique rubies is continuously rising, and their future appreciation potential is highly promising.
The current world record set at auction is held by the 25.59-carat Burmese ruby ‘Sunrise Ruby,’ which hammered at Sotheby’s Geneva in May 2015 for $30.3 million. This ruby also set the record for the highest price per carat for a ruby at auction, averaging $1.19 million per carat.
Interestingly, the ‘Sunrise Ruby’ will reappear at auction on May 10th—at Christie’s New York auction ‘The World of Heidi Horten: Magnificent Jewels Part I.’
Which record will be more astonishing: the one set by the Burmese ‘Sunrise Ruby’ or the one potentially set by the Mozambique ‘Estrela de Fura’ ruby? Let’s wait and see.