The landscape of the ruby industry in Mozambique is facing a significant setback this year, with a forecast reduction of almost 40% in production of these precious stones compared with the previous year. In 2022, the country managed to produce 4.4 million carats of rubies, a figure that will not be reached in 2023.
According to a report released by the Ministry of Economy and Finance, which analysed budget execution in the first half of the year, ruby production in Mozambique is concentrated in three main companies. However, the data collected so far indicate that the target set for this year will not be met, with a decrease of the order of 38.83% forecast.
The company Montepuez Ruby Mining, which stands out as the country's largest ruby producer, currently holds about two tonnes (11,275,435 carats) of stock, a situation that contributed significantly to the fall in production. In addition, the deposits worked by the Fura Gems and Gem Rock groups, although located in concession areas, do not have high mining potential, which has also had a negative impact on the production figures.
Despite this unfavourable picture, the Ministry of Economy and Finance report offers a more positive outlook for the future, anticipating 3% growth in ruby production for 2024. If this forecast comes true, Mozambique could exceed the mark of three million carats produced next year.
It is important to point out that the Montepuez project, in Cabo Delgado province, is one of the largest ruby deposits in the world, discovered by the multinational Gemfields in 2012. This project covers four licences that cover a total area of 19,300 hectares.
Rubies are considered one of the rarest and most valuable precious stones in the world, and Mozambique has established itself as one of the main producers of these gems in recent years. A notable example was the 55.22-carat ruby, discovered in 2022 by Fura Gems, which, after being cut, became the largest and most valuable jewel of this type ever sold at auction, reaching the impressive sum of 34.8 million dollars in New York.
This setback in ruby production represents a significant challenge for Mozambique, but the prospects for recovery and growth in the coming years remain positive, reinforcing the importance of this industry to the country's economy.
