74 | JNA September/October 2023 MARKET INTELLIGENCE 市场情报 Cactus at Wonderland ring with rubies by Francesca Villa Cactus at Wonderland戒指缀以多颗 红宝石，由Francesca Villa设计 Ruby and diamond bangle by GYAN Jaipur GYAN Jaipur红宝石配钻石手镯 Reversible earrings with rubies and pink opals by GYAN Jaipur GYAN Jaipur红宝石配粉红色 欧泊双面耳环 RUBY radiance 红宝石之耀眼光芒 Market outlook for rubies remains upbeat, demonstrating the mesmerising allure of top-quality red gems that continue to fascinate high jewellery brands, collectors and independent designers. 散发迷人魅力的红宝石，市场前景 仍然乐观，并继续令高级珠宝品牌、收藏家和独立设计师心往神驰。 Associated with love, strength and vivacity, rubies range in colour from pinkish to the beloved deep red, with rubies hailing from the legendary Mogok Valley in Myanmar capturing the attention and admiration of collectors, jewellers and royalty worldwide. The extremely desired Pigeon’s Blood colour found in most Mogok rubies, combined with the gems’ rarity and historical significance, consistently command high prices in the global market. Mozambique has also risen to become a significant producer of rubies, with qualities comparable to those unearthed in Myanmar. Case in point is the exceptional Estrela de Fura 55.22-carat Mozambique ruby, which sold for US$34.8 million at Sotheby’s New York – setting a world record for a ruby and any coloured gemstone at auction. This further cemented the reputation of Mozambique rubies as a desired gem in the global market. Vietnamese rubies have likewise been in the spotlight. Gübelin Gem Lab awarded the coveted Pigeon’s Blood grading to a 6.91-carat unheated Vietnamese ruby, named the Red Treasure, submitted by third-generation Vietnamese gemstone trader, Phuong Thu Lê. Commenting on the Red Treasure, fifth-generation Mogok ruby dealer Miemie Tin Htut of Silken East Co Ltd, said, “This 6.91-carat Vietnamese ruby is reminiscent of the highly fluorescent vivid Pigeon’s Blood colour produced from the renowned Baw Lone Gyi mine in Mogok.” Market demand Business prospects for rubies remain bright. According to industry players, premium-grade rubies continue to be sought after by jewellery brands and independent designers. Li Chongjie, CEO and founder of China Stone Ltd, explained, “Demand for top-quality rubies is strong as more designers and specialised jewellers prefer them. Meanwhile, more affordable commercial-grade rubies are used in manufacturing jewellery in larger quantities. This budget-friendly option is stable, with a larger user base.” China Stone primarily works with fine-quality rubies while commercial-grade rubies are by-products. “Top- and mid-grade rubies enjoy the strongest demand now as buyers heavily invest in coloured gemstones,” commented Navneet Agarwal, director of Navneet Gems and Minerals. | Isabella Yan |
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