Mozambique Forecasts a 38.8% Decline in Ruby Output for the Year
The Mozambican government has warned that the country will miss its planned ruby production target this year. Output is expected to fall by almost 40% compared to 2022, when production of the stone reached 4.4 million carats.
According to a report from the Ministry of Economy and Finance on the budget execution of the first semester, which Lusa accessed today, production data for three companies show that “the planned for the year will not be achieved 2023, with a decrease of around 38.83% expected”.
This decline is explained by “the existence of around two tons (11,275,435 carats) of ‘stock’” held by the Montepuez Ruby Mining company, the largest producer, and by the fact that deposits in areas concessioned to the Fura Gems and Gem Rock groups “are not of high mining potential, and are also not powerful”.
“For 2024, growth of 3% is expected in relation to the projection until the end of 2023,” the report adds in a forecast that, if confirmed, will represent production of more than three million carats next year.
Ruby mining project in Montepuez alone, in Cabo Delgado province, consists of four licenses covering 19,300 hectares of the largest ruby deposit in the world, discovered by the multinational Gemfields in 2012.
Rubies are among the rarest and most valuable gemstones in the world, with Mozambique becoming one of the largest producers in recent years.
A 55.22 carat ruby discovered in 2022 (101 carats in its original form) by Fura Gems in a mine in Mozambique this year became the largest and most valuable jewel of this type ever sold at auction, grossing $34.8 million in New York.
