Colour me Red
BlackBook — India's Luxury Insider|December 2016

A visit to responsible mining company Gemfields’ Montepuez Ruby Mine in Mozambique reveals its journey towards becoming the world’s largest supplier of rubies

Neeti Mehra
Colour me Red

It is just past midnight when we arrive at Gemfields’ Montepuez Ruby Mine (MRM) camp, tucked away in northeastern Mozambique’s Cabo Delgado province, tousled haired and red-eyed after nearly 40 hours of travel. The Montepuez ruby deposit sweeps over thickly forested area, covering nearly 33,600 hectares of land, and is heralded as the most significant, recently discovered ruby deposit in the world. A fact less apparent at this late hour is that this is a momentous expedition, especially since half way across the globe in Burma, the supply of striking “pigeon blood” rubies from Mogok, the benchmark of rubies, is dwindling.

Local hunters had stumbled on a cluster of rubies over here nearly a decade ago, and soon, artisanal miners, referred to as garimpeiros, riddled the area, faster than moths take to light. The next morning, en route to the mine, we saw a handful of them, with their pick axes and shovels, disappearing into the thicket for a day’s work. In 2011, Gemfields, a supplier of responsibly sourced gemstones, inked an agreement with Mwiriti Limitada, a private Mozambican company, acquiring a 75 per cent controlling interest in the JV to mine and explore the region. Dev Shetty, the company’s COO, describes MRM as a “text-book project” for the industry. In a span of four years, the operations have literally been a money making machine for the company. The approximate $60 million invested in MRM has been earned back manifold — nearly $197 million of rubies and corundum (crystallised aluminium oxide) have been sold. In fact, the ruby auction held earlier this year generated record total revenues of $44.3 million for the mine — averaging $29.21 per carat.

This story is from the December 2016 edition of BlackBook — India's Luxury Insider.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.

This story is from the December 2016 edition of BlackBook — India's Luxury Insider.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.

MORE STORIES FROM BLACKBOOK — INDIA'S LUXURY INSIDERView All
No Stone Unturned
BlackBook — India's Luxury Insider

No Stone Unturned

BlackBook travels to Surat to explore the step by step journey of a Forevermark-approved diamond—and what the grading giant has planned for its india expansion

time-read
3 mins  |
May 2018
The Revival Of Retail
BlackBook — India's Luxury Insider

The Revival Of Retail

There is nothing quite like browsing through a physical store full of curiosities and beautiful things. Is that why we are seeing a resurgence of luxury boutiques?

time-read
4 mins  |
May 2018
Bringing Their A-game
BlackBook — India's Luxury Insider

Bringing Their A-game

Inside Mumbai’s snazzy co-working and leisure club, The A, a members-only space with a built-in prohibition-style speakeasy and a virtual reality zone

time-read
3 mins  |
May 2018
Will India Sail Through?
BlackBook — India's Luxury Insider

Will India Sail Through?

The long neglected coast of India has received a new lease of life from the Indian government which is developing its ports to attract cruise tourism to the country.

time-read
6 mins  |
March 2017
The Ultimate Address In Luxury
BlackBook — India's Luxury Insider

The Ultimate Address In Luxury

Stellar views and large living spaces are real estate gold when it comes to residential properties in a space-starved metropolis like Mumbai. Vivarea by K Raheja Corp, with its world-class amenities, offers the best of both.

time-read
4 mins  |
March 2017
the economic outlook for 2017
blackbook — india's luxury insider

the economic outlook for 2017

with the last year ending on a weak note, the industry is adopting new strategies to hedge risks in 2017.

time-read
5 mins  |
january 2017
raising a toast to the emirates
blackbook — india's luxury insider

raising a toast to the emirates

dubai has seen an influx of indian chefs who are breaking boundaries with their inventive cuisine.

time-read
7 mins  |
january 2017
The Design Doyenne
BlackBook — India's Luxury Insider

The Design Doyenne

Gayatri Ruia has created a niche for herself in the world of luxury through her diverse pursuits in art, interiors and fashion.

time-read
2 mins  |
February 2017
The golden boy
BlackBook — India's Luxury Insider

The golden boy

Siddharth Kasliwal, who represents a vibrant new face of luxury, upholds his family legacy even as he forges ahead with his own vision of opulence. 

time-read
10+ mins  |
October 2016
J​​​​​aipur Hospitality's New Finesse
BlackBook — India's Luxury Insider

J​​​​​aipur Hospitality's New Finesse

For decades, royal abodes have been Jaipur’s most esteemed getaways. Now, stylish havelis, impeccable boltholes and standout restaurants dot the landscape.

time-read
5 mins  |
October 2016