The $34.8 million auction price for a gem discovered in the East African country has the jewelry industry buzzing.
Rubies are like caviar: Their origin is an important part of their market value.
Until a month ago, anyone interested in buying a big ruby knew with certainty that Myanmar, formerly called Burma, produced the most valuable stones. For eight centuries the gems in a deep red shade known as “pigeon’s blood” found in the legendary Mogok mines had reigned supreme, attracting prices far higher than rubies from Southeast Asian countries like Thailand, Cambodia and Vietnam or East African countries such as Madagascar, Tanzania and Kenya.
Then in June, the 55.22-carat Estrela de
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