A pair of rough rubies sold for 800,000 euros at Myanmar auction

[Jonathan Fairfield]

A pair of rough rubies sold for 800,000 euros at Myanmar auction

pic: elevenmyanmar.com

NAYPYITAW:-- A local gem merchant successfully bid 801,000 euros on a pair of rough rubies valued at 600,000 euros at an auction at the 52nd Gems Emporium on Naypyitaw, according to Win Hlaing, the deputy assistant director for the department of gems and jewellery sales centre.

“A Mongshu ruby was bought for 370,000 euros, making it the second-highest bid price,” the deputy assistant director said.

One ruby with a base value of 5 million euros was not sold at the emporium, according to the central committee for the emporium.

A total of 310 varieties of gems and jewels were brought to be sold at the emporium.

Read more: http://elevenmyanmar.com/business/pair-rough-rubies-sold-800000-euros

[DejanD]

I never understood this kind of people, paying that much money for a freaking stone. brainless.

[elgordo38]

I never understood this kind of people, paying that much money for a freaking stone. brainless.

You will understand some day when your fiat currency becomes worthless. Like during the Weirmar period in Germany you needed a wheelbarrow full of money to buy a loaf of bread. . When you come out of the bakery you found out that someone stole your wheelbarrow. The American dollar has depreciated 96% over the last 100 years. The rich are crafty buggars. One guy bought a Picasso painting for 179 million dollars a couple months back. Every time there is a sale of famous paintings they usually sell for double or triple the amount that the "professional" seller thought they would bring in the sale. We the poor are in a downward spiral but the rich are on an upward spiral. The sky is the limit with these greedy buggars.

[ezzra]

I never understood this kind of people, paying that much money for a freaking stone. brainless.

I never understood this kind of people, paying that much money for a freaking stone. brainless.

Apart from their beauty, those stones and other rare artifacts that seemingly not worth much

to the laymen, are simply a commodity, what a bit of paint on a canvas like Jackson Pollock

worth to you or me? but to the people who plays that markets, Millions of dollars...

[The Deerhunter]

Well they don't take up much room & can usually be sold for more later. If you have brass, you have got to put it in something because it makes an uncomfortable lump in the mattress. Like real estate though, you have to know what you are buying. If the buyer is a gem cutter & trader he already knows what his mark-up is. Just don't put into silly things like mail order land below the water line advertised in the back pages of magazines. Or fads like phone cards. Remember them 20 years ago? A guy I know made a million or more (dollars not baht) & got out before they crashed. Ya gotta know when to leave the party.

[HerbalEd]

I never understood this kind of people, paying that much money for a freaking stone. brainless.

Not at all "brainless." In fact, if you know the trade well you can make a lot of profit by buying close to the source, cutting and setting the stone, and then finding a buyer who can afford it.

Instead of putting down what you don't know or understand, try opening your mind to new things. That's one of the great things about traveling and experiencing new lands, peoples/cultures, and things.

[reggaebkk]

79 carats... wow

Edited July 4, 2015 by reggaebkk

[gemguy]

The man who bought the Rubies will most likely have the Rubies heat treated to improve the quality and therefore increase the value ....

However......If the Rubies are deemed as already good to fine "Natural" color and transparency and no need for heat treating the Rubies then they can be cut and polished and sold as is and obtain an even higher price with gemstone identification certificate(s) proving they are All Natural and not heat treated Burmese origin Rubies, which obtain the highest values paid for Rubies coming from any source in the world.

Either way they will be sold to someone else in the gem trade ...... or ( sometimes ) a private person who is wealthy.

The largest cut and polished, all natural, very fine quality Ruby I ever examined was 34 plus carats and sold for 8.5 million US dollars with certificates proving it was Burmese origin and all natural, originating from the "old mine" Mokok source.

That was the wholesale price paid by an international gem trader / jewelry manufacture.

Cheers

[northernphil]

For any Brits reading this, Despite the temp. up here in the north is 37C , tonight I will make a Ruby.

[maingmoom]

For any Brits reading this, Despite the temp. up here in the north is 37C , tonight I will make a Ruby.

Do you think I could join you.

[empireboy]

I never understood this kind of people, paying that much money for a freaking stone. brainless.

If you didn't understand it how could you call it "brainless"? Give a reason for why it's a good/bad decision or ask an intelligent question and learn something.