Rubies are like caviar: Their origin is an important part of their market value.
Until a month ago, anyone interested in buying a big ruby knew with certainty that Myanmar, formerly called Burma, produced the most valuable stones.
Then in June, the 55.22-carat Estrela de Fura, mined in Mozambique, sold for $34.8 million at Sotheby’s in New York — what the auction house called “a world auction record for a ruby and any colored gemstone.”The stone, whose Portuguese name means Star of Fura, actually was one of three exceptional rubies auctioned in the past two months.
One, from Myanmar, had been the world’s highest priced ruby, but sold in May for far less than its estimate.
(The industry continues to use the term Burmese for rubies from the country.)
Persons:
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Locations:
Myanmar, Burma, Thailand, Cambodia, Vietnam, East, Madagascar, Tanzania, Kenya, Mozambique, New York