【Montepuez, M】Mozambique: The Coveted Rubies of Montepuez

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Editor’s Note

This article examines Mozambique’s rapid rise to dominate the global ruby market, a shift driven by large-scale international investment transforming a once artisanal sector.

Alors que l'aide au développement est plus que jamais sur le devant de la scène, le directeur général de l'AFD insiste sur la nécessaire coopération internationale.
A Major Player in Ruby Mining

In just a decade, Mozambique has captured 80% of the world’s ruby production. This precious stone is highly sought after on global markets and attracts major corporations. Indeed, ruby mining in Mozambique, traditionally carried out by small-scale miners, has abruptly changed hands. This process began about ten years ago with the arrival of international groups that invested in this niche. Montepuez, the world’s largest ruby reserve, now accounts for nearly 80% of global production, and among the operators of these precious stones are giants like Gemfields and Fura Gems.

Attractive Gemstone Values

The evolution of ruby prices in recent years has made these gems attractive as a value.

“The promise of wealth can be illustrated by the $72 million that Gemfields, which controls the only major mine in the region, raised at an auction in Singapore in June. Although the quality of the stones differs with each sale, making comparisons difficult, prices have doubled in a year, to $122 per carat,” according to Bloomberg.
Challenges and Disruption

Having become a major player in ruby mining, Mozambique has welcomed industry majors onto its territory, much to the dismay of traditional small-scale miners. This upheaval has led to numerous challenges related to securing mining areas as well as respecting the rights of local populations.

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⏰ Published on: August 13, 2018