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Sotheby’s Auctions Giant Ruby For Record $34.8M

Last week, Sotheby’s auctioned an ‘unprecedented’ 55-carat ruby for a record price of $34.8 million – even higher than its estimates.

The 55.22-carat ruby, titled ‘Estrela de FURA’, was sold on June 8th in New York as part of the Magnificent Jewels auction organized by Sotheby’s. The ruby and other precious jewels to be auctioned were previously displayed in Dubai last month. Before the auction, the ruby was expected to fetch more than $30 million. With its final price tag of $34.8 million, it is now the most expensive ruby ever sold in an auction.

101-carat, unpolished ruby

The rough rub was first discovered in Montepuez, Mozambique in July last year. Discovered in mines operated by FURA, the stone weighed 101 carats at the time of discovery. After careful polishing, the 55-carat ruby was named ‘Estrela de FURA’(‘Star of FURA’ in Spanish). In a little over a decade, Mozambique has become a leading producer of world-class rubies. FURA, established in 2009, was one of the first companies to start mining operations in the country.

Quig Bruning (Head of Jwelery, Sotheby’s UK) said about the sale: “With its unprecedented size, piercing colour and rare degree of optical transparency and clarity, it truly deserved the record-breaking price today, as it now joins the ranks of the world’s most legendary gemstones.” The auction house also announced that a portion of the sale would go towards building an academy in Mozambique that would train locals in various technical skills.