The Most Valuable Ruby Will Hit The Auction Block At Sotheby’s

The 55.22-carat Estrela de FURA ruby is to be sold at Sotheby’s Magnificent Jewels Sale, June 8, 2023

The most valuable and largest ruby will be the highlight of the Sotheby’s Magnificent Jewels Sales on June 8th, 2023. “To see a natural ruby of this size, with such a combination of quality characteristics spared from treatment, was considered almost unimaginable. The natural ruby of 55.22-carat is setting a new record for Mozambican rubies and rubies in general.” Read a report from the Gübelin Gem Lab.

FURA Gems (a young colored gemstone mining and marketing company established in 2017 and headquartered in Dubai) announced its uncovering of the world’s largest gem-quality ruby ever discovered in September 2022. It was unearthed from FURA’s ruby mine in Montepeuz, Mozambique, in July of 2022, and the gemstone weighing an astonishing 101-carats was named the Estrela de FURA (Star of FURA in Portuguese), in a nod to its outstanding depth of color and size and to shine a spotlight on Mozambique as a rich source of premium quality rubies. “Even in its rough, untouched state, Estrela de FURA was considered by experts as an exceptional treasure of nature for its fluorescence, outstanding clarity and vivid red hue, known as ‘pigeon’s blood’ – a color traditionally associated only with Burmese rubies,” according to a statement from Sotheby’s.

Before we explore more about this particular magnificent gem, let’s take a step back in history and the symbolic and desirable nature of rubies. Catharine Becket, Head of Magnificent Jewels, New York, offers her take on rubies throughout history, “Rubies are evocative in a way no other colored gem can match. The ruby’s lore and geographic origins are steeped in Asia, where it has been heralded as one of the rarest and most precious stones. Texts from China’s North Silk Road, dating back to as early as 200 BCE, indicate the significance of rubies as sources of protection, adorning Chinese warrior armor and even being implanted beneath the skin of Burmese warriors. Whether in ancient India, medieval Europe, or the Golden Age of Hollywood, different eras have coveted rubies for their hardness and durability and their associations with vitality and wealth. European royalty have collected some of the world’s most prized rubies to adorn their jewels; from The Sunrise Ruby (sold at Sotheby’s, world record price for a ruby), to a collection of jewels from the Bourbon Parma Family, rubies are highly esteemed for their mystique and beauty.”

Fast forward to the 20th century when extraordinary ruby jewelry became popular amongst European nobility, international icons and Hollywood actresses. Queen Elizabeth II, Princess Grace of Monaco, The Duchess of Windsor, Marlene Dietrich and Elizabeth Taylor all had awe-inspiring ruby jewels in their collections (although nowhere near the size of the Estrela de FURA gemstone). Their pieces told of their romantic lives, sentimental journeys, or regal legacies. Whether they purchased these pieces themselves or received them as gifts, they were happy to show off the jewelry designed for them by houses such as Trabert & Hoeffer-Mauboussin, Cartier, Van Cleef & Arpels, Verdura, David Webb and Bulgari.

Queen Elizabeth II, wearing the Burmese Ruby Tiara

Marlene Dietrich in Van Cleef & Arpels’ Jarretière ruby and diamond bracelet was customized for Dietrich with her own rubies and diamonds and was larger than the other bracelets made in the same style.

Elizabeth Taylor’s ruby and diamond Cartier necklace was gifted to her by one of her great loves, husband Mike Todd, before he passed away.

The ruby ring that another one of her great loves Richard Burton gifted Elizabeth Taylor

The Duchess of Windsor’s ruby and diamond bracelet was designed by Van Cleef & Arpels’ with the inscription “Hold Tight,” which The Duke of Windsor gifted her as one of the jewels that tell the story of a king that abdicated his throne for the women he loved.

Becket adds, “Thanks to its peculiar mineral composition, the ruby is one of the rarest and most costly gemstones. For centuries, the Mogok mines in Myanmar were the world’s primary source for exceptional rubies, particularly those possessing a ‘pigeon’s blood’ color, an intense shade of red. However, the discovery of fine quality and color rubies in Mozambique has reshaped collectors’ thinking as crystals of extraordinary clarity and vibrancy have appeared on the market. Majestic on every level, the astounding size of Estrela de FURA 55.22, combined with its impeccable cut emphasizing an exceptional luster and intensifying its crimson glow, positions it as the holy grail of colored gemstones. “

“The cutter realized this potential and created a faceted ruby with an astounding 55.22-carat weight, displaying a saturated and homogeneous red color, combined with a degree of clarity unseen in any other unheated ruby of comparable size.” The Gübelin Gem Lab reported.

“Today, weighing a sizable 55.22-carats, this exceptionally important and rare Mozambique gem is the largest gem-quality ruby to ever appear at auction. Its combination of rich saturation of color, untouched by heat treatment, highly crystalline appearance and incomparable size, with an estimate in excess of $30 million, places Estrela de FURA 55.22 as the most valuable and important ruby ever to come to market.” Reports Sotheby’s.

A team of artisans cut, faceted and transformed the rough into the 55.22-carat stone onto a cushion shape, which according to a report from the Swiss Gemological Institute (SSEF), “resulted in vivid red hues due to multiple internal reflections.” The report states further that “a natural ruby from Mozambique of this size and quality can be considered very rare and thus an exceptional treasure of nature.”

“The ruby has become one of the most sought-after colored gemstones at a time when color dominates the world of jewels and rarity drives the market.” Explains, Quig Bruning, Head of Sotheby’s Jewelry, Americas. “It is a true wonder of nature and 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.”

Ruby mining in Mozambique beholds a long, rich history, with the first significant discoveries of ruby deposits in the country dating back to the 1960s. However, it was not until the early 2000s that the mining of rubies in Mozambique gained real momentum, with the discovery of the Montepuez ruby deposit in the northern part of the country, where the Estrela de FURA rough crystal was initially found. The best of these rubies from Mozambique are characterized by outstanding transparency and rich color, resulting in extraordinary overall quality. The Montepuez ruby deposit is one of the largest ruby deposits in the world, attracting significant interest from international mining companies.

As for rubies sold at auctions, the current world record is held by the ‘Sunrise Ruby,’ a 25.59-carat Burmese stone, which was auctioned at Sotheby’s Geneva in May 2015 for $30.3 million. However, Sotheby’s says the Estrela de FURA will challenge that $30 million figure.

The Sunrise Ruby during a press preview of the sale in London, April 2015. The sale was held in Geneva.

I can’t wait to see the exceptional treasures gem in person; after being on tour to several countries, it will be on view at Sotheby’s New York before it goes under the hammer on June 8, 2023.