Buyers’ unwavering affinity for rubies, coupled with significant improvements in the global market, is seen to drive solid demand for the treasured red gemstone throughout 2017.
Rubies of Burmese origin will remain highly sought after among major markets such as China and the US, with prices of unheated stones bearing the extremely coveted Pigeon’s Blood colour likely to stay high, according to gemstone experts interviewed by JNA.
The market, however, is increasingly training its sights on less expensive but equally captivating alternatives such as Mozambique rubies.
Prospects are bright for Burmese rubies if the first quarter of 2017 is any indication, revealed Aung Kyaw Zin, CEO of SP Gems Co Ltd of Myanmar.
“We have so far recorded steady sales of Burmese rubies from January to March. We don’t expect substantial changes but we maintain an optimistic outlook in 2017 mainly due to stronger demand from China,” noted Zin.
Chinese buyers are continuously looking for natural unheated Burmese rubies of commercial but decent-quality, he added.
“These are more accessible than the higher-quality rubies, which have become even rarer and more pricy. We welcome this development, however, because it will bode well for the ruby market in the long run,” remarked the company official.
The rise of Mozambique rubies
Kavi Agarwal of Hong Kong-based coloured gemstone dealer Iskkon highlighted the special allure of Mozambique rubies. The company currently holds an extensive collection of top-quality, no-heat rubies in single and calibrated sizes, which it has acquired over the past two years, disclosed Agarwal.
“We have a couple of pieces that are above 40 carats and they are all natural. When it comes to the finer pieces, we have quite a few rubies and sapphires that are of exceptional quality, including unheated Mozambique rubies,” he added.
Agarwal noted that unlike Burmese rubies, which have generally been around for a long time and have been passed from one owner to another, Mozambique rubies are being sourced directly from the mines.
The full story appears in JNA’s May issue. To subscribe, click here.