What a Gem! Guess how much auction of the world's largest ruby could fetch

At Sotheby’s, a new enormous treasure is poised to create history. The largest gem-quality ruby in the world, which was unveiled in Dubai last year, weighs approximately 55.22 carats and is anticipated to fetch more than $30 million (~Rs. 245 crore) when it is auctioned off in New York in June this year. According to CNN, if it were to be fulfilled, it would likely become the most valuable ruby ever to be sold at auction. Let’s take a closer look at why the ruby is so valuable. Also read: ‘Fancy vivid pink’ diamond sold for Rs 410 crore: Why is the jewel so rare and expensive? About Estrela de Fura ruby Estrela de Fura, or the “Star of Fura” in Portuguese,” is the world’s largest-quality ruby ever discovered in September 2022. Fura Gems discovered Estrela de Fura in Mozambique in July 2022. The southern African country is currently one of the most successful ruby-mining nations in the world.

Fura Gems is based in Dubai and runs mining operations in Colombia, Australia, and Mozambique. Sotheby’s said in a press release, “The rare gemstone is the largest and most valuable ruby to ever appear at auction.” The diamond was originally 101 carats in weight, and since it has been cut and polished into a cushion cut that weighs 55.22 carats and exposes its vivid red colour, often known as “pigeon’s blood,” which is typically only found in Burmese rubies. Also read: Why Kohinoor could now prove to be a lucky diamond “Exceptional treasure of nature” According to Sotheby’s, even in its rough, untouched state, the ruby was considered by experts “an exceptional treasure of nature for its fluorescence, outstanding clarity, and vivid red hue.” 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. According to Dailymail, some observers believe the gemstone business is being shaken up by the “once in a century” discovery. As per Quig Bruning, head of Sotheby’s Jewelry America, the discovery has altered attitudes toward African gems by putting them on a level with Burmese. He said, “It is undoubtedly positioned to become the standard bearer for African rubies - and gemstones in general, bringing global awareness to their ability to be on par with, and even outshine, those from Burma, which have traditionally been the most desirable and recognizable source for rubies.” One of the two laboratories that evaluated the gem, the Gubelin Gem Lab, described the ruby’s size and quality as being “almost unimaginable.” “To see a natural ruby of this size, with such a combination of quality characteristics spared from treatment, was considered almost unimaginable,” the New York-based firm said, according to Dailymail. It added, “The natural ruby of 55.22-carat is setting a new record not only for Mozambican rubies, but also for rubies in general.” Also read: Explained: How Kim Kardashian bought Princess Diana's famous diamond pendant for a whopping price! Expected to break auction records Estrela de Fura is expected to break auction records when it appears at Sotheby’s New York’s “Magnificent Jewels” sale on 8 June. Sotheby’s said, “When Fura Gems announced its historic uncovering of the world’s largest gem-quality ruby… the news dominated headlines the world over, prompting tremendous excitement and taking the gemstone market by storm.” [caption id=“attachment_12421232” align=“alignnone” width=“640”] Sotheby’s said in a press release, “The rare gemstone is the largest and most valuable ruby to ever appear at auction.” Image Courtesy: Sotheby’s[/caption] According to The National News, the company said an educational and technical training facility for the local population will be built in Mozambique using a percentage of the sales earnings, according to the business. It would concentrate on developing skills for jobs in mining, engineering, carpentry, and agriculture. Also read: Why lab-grown diamonds are key to unlocking future for Indian jewellery industry The current most valuable ruby As per Dailymail, the Sunrise Ruby, a 25.59 carat Burma gem that sold for $30.3 million (~Rs 248 crore) at Sotheby’s Geneva auction in May 2015, now holds the title of most expensive ruby. At the time, this purchase also set a new record for any ruby in terms of price per carat ($1,185,451, Rs 9,70,16,124). The ruby was discovered in the region of Cabo Delgado in Mozambique, which has experienced attacks from militant Islamists with ties to ISIS. According to Human Rights Watch, hundreds of people fled their houses during an attack on the town of Montepuez in October. Due to the attacks, two nearby mines that were not operated by Fura had to stop operations. About Sotheby’s auction The Eternal Pink Diamond, which is 10.57 carats and is estimated to sell for $35 million (~Rs 286 crore), is the highlight of the auction.

Introducing The Eternal Pink, the most vivid pink diamond to ever come to market.

Carrying the highest price per carat estimate ever placed on any diamond or gemstone, The Eternal Pink is expected to achieve in excess of $35 million this June at #SothebysNewYork. pic.twitter.com/BBGvdv7BPL

— Sotheby's (@Sothebys) March 29, 2023

Before the 8 June auction in New York, Estrela de Fura and the Eternal Pink Diamond will be on display in person in Dubai and other places across the globe. As part of the tour, it will also be available for viewing in Geneva, Singapore, and Taipei. With inputs from agencies Read all the  Latest News ,  Trending News ,  Cricket News ,  Bollywood News , India News  and  Entertainment News  here. Follow us on  Facebook,  Twitter and  Instagram.