Myanmar sanctions take the shine off Burmese rubies

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PinkDiamond
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Myanmar sanctions take the shine off Burmese rubies

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Here's another extensive article from the Financial Times on the damage sanctions are doing to the Burmese ruby trade, especially to the lowest tier of the system where the poorest people feel the effects. They don't like to share except through their system so I'm not giving you much of this and you'll need to use the link to read the bulk of the story. :?

Myanmar sanctions take the shine off Burmese rubies
As the west clamps down on trade with the country, mining conditions in the country are also under scrutiny

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Rachael Taylor April 9 2021

"Myanmar’s military coup has not only drawn international condemnation from human rights groups and governments but also reignited a debate over the sale and reputation of the country’s most revered jewellery export: Burmese rubies.

Celebrated by gemologists, rubies from Myanmar have historically fetched the highest prices on the global market. It is their deep-red shade — the best examples of which are termed “pigeon’s blood” — that makes them so coveted by collectors, as well as a natural fluorescence that makes the stones appear to glow from within.

In 2015, a Cartier ring set with a 25.59ct cushion-shaped Burmese ruby known as The Sunrise Ruby achieved three world records when it sold for $30.3m at auction house Sotheby’s. Later that year, at another landmark ruby auction, held by Christie’s, a Boghossian ring set with a 15ct Burmese pigeon’s blood ruby — The Crimson Flame Ruby — fetched $18.3m.

“The market for ‘no-heat’ Burmese rubies has been very strong for the past 20 years and the demand is still here,” says Roberto Boghossian, managing partner at jewellery house Boghossian, referring to rubies that haven’t been heat-treated at the mine to enhance colour and clarity. He says there has been a “period of stabilisation” in prices over the past three years but top-quality examples of pigeon’s blood Burmese rubies of more than 5cts continue to “command very strong prices”. ... "

https://www.ft.com/content/05ce073b-9fb ... d2f31826dd
PinkDiamond
ISG Registered Gemologist


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