The world’s largest ruby discovered in Mozambique just sold for a record price

A 55.22-carat gem record-breaking Ruby found in Mozambique sells for $34.8 million at auction in New York, United States. It is the largest gem-quality Ruby ever discovered.

The Gem called the”Estrela de Fura,” has set a new market value record.

The gem was found by a Canadian firm called Fura Gems, a year before the stone was put up for auction in New York in June, as reported by CNN.

Sotheby’s described the ruby as “exceedingly rare” and “the most valuable and important” ruby to have appeared on the market prior to the sale. Estrela de Fura, which translates as “Star of Fura” in Mozambique, is its Portuguese name.

Despite the fact that coloured diamonds, in particular, dominate record gemstone sales, rubies are recognised as among the world’s rarest and most precious gemstones.

The Sunrise Ruby, a 25.59-carat stone unearthed in Myanmar and sold for $30.3 million in Geneva, Switzerland, in 2015, shattered the previous ruby auction record.

When miners unearthed the rough stone from which Estrela de Fura was cut in July, it made headlines. It was the largest gem-quality ruby ever unearthed, measuring 101 carats when discovered, about double its current weight.

A gemstone must be polished, cut into a smaller, symmetrical shape, and cleaned before it can be sold in order to remove impurities and enhance its colour and brilliance. According to Sotheby’s, the Swiss Gemmological Institute’s research “resulted in vivid red hues due to multiple internal reflections.”

In a statement, Fura Gems’ founder and CEO, Dev Shetty, said stones of such size and quality are “almost unheard of.”

“From the in-depth analysis and study of the stone, through the process of cutting and polishing, we have worked with the utmost care and respect for the ruby, recognizing its importance and stature,” he added.

Despite the fact that Mozambique was where rubies were originally discovered many years ago, and a country with massive crude oil, poverty and insecurity has scrambled and crumbled the country’s economy. Millions of its people live in abject poverty, making it one of the poorest nations on Earth per Human Development Index and other economic factors.