The mining company Fura Mining Mozambique launched this Monday 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) says that the first auction will be held from Monday through Saturday in Jaipur, India, and the second from August 30 to September 12 in Bangkok, the capital of Thailand.

In Jaipur, Fura will put the rubies up for bidding at the Marriot Hotel and in Bangkok the sale will take place at the Silom 19 Building, the note said.

The mining company will put up for auction more than 300,000 carats of rubies in more than 47 sessions.

The rubies up for auction are extracted from the mining concession that the company operates in the district of Montepuez, Cabo Delgado province, in the north of the country, and the stones up for auction are of "premium", high and medium quality, as a result of a very careful selection.

In Jaipur, 30 companies from India, the US and Hong Kong are expected to be present to enjoy 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 specializes in diamond and precious stone auctions, with headquarters in London and Belgium.

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

Bonas Group has made a study of all potential customers of the rubies that will be up for auction and will have a specialist for the certification of the whole process and supervision of the compliance of the operation with the rules imposed for auctions.

On the other hand, in addition to Bonas, Fura will 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 the MIREME statement, Fura has paid a preliminary tax to the Mozambican state worth more than 22 million meticais for exporting the product.

The remainder will be disbursed after the auction, the note said, without specifying the amount of tax due.

Fura is the second company to enter the ruby auction export business in Mozambique, after Montepuez Ruby Mining, a pioneer in the business in the country.

Lusa Agency