Mozambican mining company Fura Mining Mozambique on Monday launched the first auctions of rubies it is mining in the northern district of Montepuez, as part of two bids in India and Thailand, the Mozambican government announced.
A statement from the Ministry of Mineral Resources and Energy (MIREME) said that the first auction was running from Monday to Saturday in Jaipur, India, and the second from 30 August to 12 September, in Bangkok, the capital of Thailand.
In Jaipur, Fura will put the rubies up for auction at the Marriot Hotel and in Bangkok the sale will take place at the Silom 19 Building, the statement said.
The mining company will put up for auction over 300,000 carats of rubies in over 47 sessions.
The rubies that are going to be auctioned are extracted from the mining concession that the company operates in Montepuez district, Cabo Delgado province, in the north of the country and the stones that will be auctioned are of premium, high and medium quality, as a result of a very careful selection.
In Jaipur, 30 companies from India, USA and Hong Kong are expected to be present to appreciate the rubies.
In Bangkok, more than 45 companies, mostly from Thailand, are expected to participate.
For the operation, Fura will rely on the services of the international company Bonas Group, which specialises in diamond and precious stone auctions, based in London and Belgium.
As part of the bidding, Bonas Group will have its digital platforms available to Fura and will put all its knowledge and experience in the area at the Mozambican company’s service, ensuring total transparency to the operation.
Bonas Group made a study of all potential customers of the rubies that will be at auction and will have a specialist for the certification of the whole process and supervision of compliance of the operation with the rules imposed for auctions.
On the other hand, apart from Bonas, Fura will be able to count on the support of the Gem and Jewellery Export Council of India (GJEPC), the Indian regulator of the sector.
According to the statement from MIREME, Fura has paid a preliminary tax to the Mozambican state of over 22 million meticais for export of the product.
The remainder will be paid after the auction, the statement said, without specifying the amount of tax due.
Fura is the second company to export ruby auctions in Mozambique, after Montepuez Ruby Mining, a pioneer in the business in the country.
