Mozambique Ruby Buying Guide.
What to look for when investing in the finest rubies.
Burma Ruby – the historical source.
Traditionally the most coveted rubies have traditionally emerged from the ancient Mogok mines of Burma. Today, these mines are virtually depleted, sending the price of prized Burmese rubies sky high.
Burmese rubies currently command a price premium over other origins - a stone from Burma which looks the same as a stone mined in another country would sell for much more… But will this all be about to change ?
Mozambique Ruby – the most important ruby discovery of our time.
In 2008 a huge ruby discovery in Montepuez put Mozambique firmly on the gemological map. Since that time, Mozambique has become the largest source of fine ruby on the planet. Gemfields mine the lion’s share of Ruby in Mozambique and trade only to the wholesale trade.
Expert analysis of Mozambique rubies by gemmological laboratories like those of the GIA (Gemology Institute of America) has proven that premium Mozambican rubies are similar to the finest stones historically supplied by Burma.
Pigeon Blood Certification
A certificate from a leading, internationally established gemological laboratory stating “ Pigeon blood” is a key value factor and absolutely required by anyone looking for the finest stones. A grading of “vivid red” will be given on the certificate , with an appendix or addition in the notes of “Pigeon Blood” as this is considered a trade term, not a gemmological one. The leading labs are : Gubelin, GRS, GIA , Christian Dunaigre and Lotus.
Ruby Color
With ruby, the intensity of the red color is the primary factor in determining value. The purer the shade of red, the higher the value.
The ideal stone displays an intense, rich crimson without being too light or too dark. Stones which are too dark and garnety in appearance, or too light in color, are less highly valued. The finest rubies display a color similar to that of a red traffic light. Rubies with brown or orange secondary stones (“orangy red”) are traded at a deep discount.
Pigeon Blood Red
The brightest and most valuable shade of ruby is called “pigeon blood”, and commands a large premium over other rubies of similar quality. True pigeons blood ruby’s are extremely rare. As one Burmese trader expressed it: “Asking to see the pigeon’s blood is like asking to see the face of God.”
Ruby Size
Large rubies of quality are far more rare than large sapphires of equal quality. Indeed, any untreated ruby of quality above two carats is a rare stone; untreated rubies of fine quality above five carats are world-class pieces. Also, the larger a stone the more it is worth per carat.
Ruby Gemstone Size & Price
Fine-quality rubies over one carat are very rare, but commercial-quality rubies are commonly available in a wide range of sizes. The price per carat goes up significantly for ruby as it increases in size.
For example: A commercial-quality 5-carat ruby might sell for about twice as much per carat (10 times total stone value) as a commercial-quality 1-carat ruby, while a fine-quality 5-carat ruby sells for over five times more per carat (25 times total stone value) than a fine-quality 1-carat ruby.
Ruby Clarity
Rubies are expected to have at least some inclusions since inclusion-free rubies are practically non-existent. The fewer or smaller the inclusions, the higher the ruby’s price. A ruby with minor inclusions , visible to the eye, could trade at 50% - 60% below the price of stone with insignificant inclusions.
*It is important to note that unlike diamonds, coloured stone clarity or cut (including ruby) is not graded or recorded on gemmological certificates. Whilst Gemmological certificates play an important part in a gemstone value – buyers should be aware that they do not tell the whole story with regards to value. Ruby clarity is also graded with the naked eye, not under a loupe or magnification like a diamond.
The vast majority of rubies and sapphires traded today have been enhanced to improve their appearance. On rare occasions, precious stones are found which require nothing to reveal their beauty, save for ordinary cutting and polishing. These gems are entirely au naturel – and make up only about 5 % of all ruby on the market today.
Ruby Prices
Historically, sapphire prices are about a quarter the price of ruby. While even a five-carat ruby of quality is extraordinarily rare, fine sapphires of more than 100 carats are known.
The chart shown here shows world auction record prices for both ruby and sapphire. Note that these do not necessarily represent the highest prices paid; the finest gems often trade hands in private sales at prices above the auction market. They are referenced t because the auction market is an open reflection of the world gem market. Unlike real estate, gems can and do travel, and therefore have a worldwide value. While auction prices do not always accurately reflect the market (due to bidding wars, etc.), they are public, and thus useful for those wishing to better understand prices.
Ruby World Record Hammer Prices
2014 : The 8.62-carat Graff Ruby, ( Burma, pigeon blood ) sold for $8,600,410 at Sotheby’s Geneva
2015 : The 25.59 Sunrise Ruby , ( Burma, pigeon blood ) weighed an astonishing 25.59 carats . $30 million, or just over $1 million per carat
2016 : A 15.99 ct ruby ring (Burma, pigeon blood ) became the most expensive coloured gemstone to ever be sold at a US jewellery auction after fetching $14.16 million at Christie’s New York.
2023 :The 55.22-carat Estrela de Fury from Mozambique, the largest ruby to have been sold at a public auction, achieved a hammer price of US$30 million after 90 seconds of bidding.8 Jun 2023
Mozambique Ruby Financial Summary:
Mozambique is a relatively recent supplier of rubies which are priced considerably lower than their Burmese counterparts. However the quality of the African gemstones is acknowledge as being equal to pigeon blood Burmese rubies in terms of their fire and intensity of color
In is on this basis that I recommend Mozambique ruby as an investment.
