Gemrock Holds Inaugural Ruby Auction

(IDEX Online) - Two hundred lots of rubies mined in Mozambique are to be sold at an inaugural auction by Dubai-based Gemrock.

The Dubai-based company expects over 40 companies to attend the five-day event in Bangkok, Thailand.

It says it's the first sale of rubies from the Montepuez mine, which it acquired in 2019. The company says it holds nine concessions totalling over 589 square kilometres, covering significant sections of the country's ruby-bearing zone.

The gemstones are described as "rare, untreated rough rubies of highest provenance, in varying shades of red, ranging from dark red to pink, purple and orange, intense in colour and pristine in clarity."

Chairman and founder Rishabh Tongya said he was "confident that this auction will set a precedent for Gemrock in being able to bring to its patrons a steady supply of gem-quality rubies in the future as well, making us one of the leading suppliers of rough Mozambican rubies globally."

The sale is being conducted with Bonas Group and the Del Gatto Diamond Finance Fund.

Pic courtesy Gemrock.