Sitting on a trove of rubies, Gemfields looks to create fresh demand
Namanhumbir, Mozambique — When Gemfields CEO Ian Harebottle hosts visitors at the company’s Montepuez ruby mine, he jokingly tells guests they’re only allowed to have lunch if they can collect a handful of the rare red stones. No one ever goes hungry. Machines need only dig a metre into the ground at this former hunting ground in northern Mozambique to unearth millions of carats of jewels each year. Once the top layers of soil are removed, dozens of glistening stones are visible to the naked eye, and guests can fondle the gems before depositing them into plastic bags held by security guards. Harebottle is betting this remote site, which has emerged as the world’s largest known ruby deposit, will power a new global boom for the gem, one of the few precious stones rarer — and in some cases more expensive — than diamonds. Gemfields, which owns 75% of Montepuez, continues to ramp up production. In the second half of last year, the mine produced 5.6-million carats of ruby and parent-ston...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.