Dubai: A Dubai company is holding quite a pair of rubies –weighing a staggering 24.38 kilos. For a combined 121,880 carats.
And the likely cost for the two? Anywhere from $184.8 million.
“We are still deciding what to do with the rubies – for now, we hold the PoA (power of attorney) over these stones on behalf of the owner, who does not wish to be named,” said Steven Foster, CEO at Dubai-based Blockchain Digital Gold Trading. “We have put the rubies through all the certification process as well, including from the IGI (International Gemological Institute).
These ‘rocks’ trace their origin story to the 19th century and the Mogok Valley in Burma. They arrived in Dubai February, and now Blockchain Digital Gold Trading is going about trying to find out what would work best.
The smaller rock is 10.32 kilos and 51,630 carats, while the other packs 14.05 kilos and 70,250 carats.
As of now, the most expensive ruby in record has been the $120 million value for the ‘Burj Alhamal’, which features 8,400 carats and packs in 2.8 kilograms.
“We have been told by experts that if the two rubies in our possession are cut by a specialist, they could yield over 35,000 carats of gem-quality stones,” said Foster. “However, our intention is to maintain their integrity as two of the world’s largest and rarest rubies.
“Due to their rarity compared to natural diamonds and the rise of lab-grown diamonds, rubies are increasingly popular as investment stones.
“The market for natural rubies is thriving, with the finest specimens now commanding higher prices per carat than top-quality diamonds.”
According to Mohamed Almasry, the legal and compliance officer for the company, another goal is to get the rubies make it to the Guinness World Records.
Precious stones are having quite the moment in the UAE. The fabled auction house Sotheby’s is showcasing a set of diamonds in Abu Dhabi, the first time it has done so publicly in the emirate since 2009. The displays include ‘The Magnificent Blue’ diamond, which will go into auction in Geneva next month.
When it comes to the two rubies, Foster said: “As Dubai positions itself as a global gem capital, these rubies enhance its reputation further. Their future journey may involve an auction or a private sale, reflecting their unique status in the world of gemstones.”
