SPOTLIGHT 市场聚焦 GEMSWORLD | 40 | 2025 Mozambique rubies are obtained through gemstone auctions organised by Gemfields, Fura Gems and Gemrock. “These companies typically hold ruby auctions about twice a year. There are also some rubies sourced from Myanmar, Madagascar and other countries in Africa, but the quantities are less,” said Khunaprapakorn. Rubies have become investment assets too. Trirotanan said buyers are increasingly seeking investment-grade rubies that offer a combination of beauty, rarity and certification. “One of the greatest challenges is producing high-quality rubies that meet the market’s growing expectations for beauty,” she noted, adding that every step of the supply chain, from sourcing to cutting, demands experience and dedication to meet high market standards. Tighter supply also means it takes more time and expertise to source exceptional rough stones. And the process does not stop there. Cutting and polishing a ruby to bring out its full brilliance also require a skilled hand and a deep understanding of the gem’s unique characteristics, remarked Trirotanan. history of ruby appreciation and, with the growing middle class and increasing interest in luxury goods, there is significant demand for rubies in the country,” he added. Khunaprapakorn expects stable demand for fine-quality rubies, driven by continued interest from affluent consumers and collectors. This, in turn, could push prices up as supply is limited. In contrast, prices of medium- and low-quality stones could remain stable or may decrease slightly as supply also diminishes, he continued. Challenges Growing awareness of sustainability and environmental issues globally, coupled with younger generations calling for ethically sourced and responsibly mined gemstones, is reshaping the ruby market. Ruby dealers operate in a dynamic and competitive market, confronted with a range of complex challenges. “This trend is influencing how rubies are sourced, marketed and consumed, with transparency in supply chains becoming a central focus,” said Khunaprapakorn. To succeed in the ruby industry, navigating ethical sourcing and changing consumer preferences is important alongside maintaining adaptability, transparency and a keen awareness of market trends, he explained. Sourcing highly skilled ruby cutters in Thailand is also a persistent challenge. Bangkok-based corundum manufacturer Sangmanee Gems recently resorted to advanced Chinese cutting machines to cut melee rubies and sapphires (starting at 0.9mm) as the company only had one cutter in the factory. To improve efficiency and quality, Sangmanee now sends heated rough stones for machine cutting. However, the dealer believes manual cutting is still crucial to achieving the desired precision and finish for larger stones. Supply of rough rubies from various sources could also decline in quality and quantity. Khunaprapakorn explained that more than 70 per cent of rubies entering the market come from large-scale mining companies, particularly those from Mozambique. Meanwhile, overall supply of rubies from other sources is down. Ruby and diamond necklace Picture courtesy of Bonhams 红宝石配钻石项链。图片由邦瀚斯提供 A pair of ruby and diamond earrings. Picture courtesy of Bonhams 镶嵌红宝石及钻石耳环。图片由邦瀚斯提供
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