Mozambique: Fura Mining holds ruby auctions in India and Thailand

Fura Mining Mozambique is offering rubies from the Montepuez district in the north of Mozambique, in the first of two auctions in India and Thailand, the Mozambican government has announced.

A statement from the Ministry of Mineral Resources and Energy of Mozambique (MIREME) reveals that the first auction will take place from Monday (16 August) to Saturday in Jaipur, India, and the second from August 30 to September 12, in Bangkok, Thailand.

In Jaipur, Fura is putting rubies up for auction at the Marriott Hotel, and in Bangkok, the sale will take place at the Silom 19 Building.

The mining company hopes to sell more than 300,000 carats of rubies in more than 47 sessions.

The rubies being auctioned come from the company’s concession in the district of Montepuez, Cabo Delgado province, northern Mozambique, and the stones to be auctioned are of ‘premium’, high and medium quality.

In Jaipur, 30 companies from India, the USA and Hong Kong is expected to view the rubies, while in Bangkok, more than 45 companies, mostly from Thailand, are expected to participate.

To manage the operation, Fura is relying on the services of the international company Bonas Group, which is headquartered in London and Belgium and specialises in the auction of diamonds and precious stones.

As part of its tender, Bonas Group makes its digital platforms available to Fura, and places at the service of the Mozambican company all its knowledge and experience in the area, ensuring total transparency in the operation.

Bonas Group has carried out a study of all potential customers of the rubies being auctioned and will have a specialist on hand to certify the entire process and supervise compliance with the auction rules.

Fura will also be able to count on the support of the Gem and Jewellery Export Council of India (GJEPC), the Indian regulatory body for the sector.

According to a statement from MIREME, Fura paid the Mozambican state more than 22 million meticais (€293,000 euros) in provisional tax for the export of the rubies. The remainder will fall due after the auction.

Fura is the second company to hold Mozambican ruby auctions, following Montepuez Ruby Mining, a pioneer in the sector.

Source: FurtherAfrica

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