Gem Market Update

The Mozambican Ministry of Mineral Resources is planning to sell off to the highest bidder around ten tonnes of assorted contraband minerals seized from traffickers in precious and semi-previous stones. The largest group of minerals to be auctioned off consists of 8.7 tonnes of rubies in various states. These are not all gem rubies, however - if they were, their value would run into the billions of dollars. A good quality ruby can fetch over 5,000 dollars per carat. A carat is 200 milligrams, or a fifth of a gram. 8.7 tonnes of good quality rubies could therefore sell for 217.5 billion dollars.The highest price ever paid for a ruby was 425,000 dollars per carat by a London jeweler in 2006. http://www.dnm.gov.mz  I think the rubies will end up in Bangkok for treatments and sold worldwide.