The world's largest gem-quality ruby, unveiled in Dubai last year, is expected to sell for more than $30 million at a New York auction in June.
Estrela de Fura, or the “Star of Fura” in Portuguese, was unearthed by Dubai-based Fura Gems in Mozambique and originally weighed 101 carats.
It has since been cut and polished into a cushion cut of 55.22 carats that reveals its vivid red colour, known as “pigeon's blood”.
“The rare gemstone is the largest and most valuable ruby to ever appear at auction,” Sotheby's said in a press release.
The broker said it was “the largest gem-quality ruby to ever appear at auction”.
The gem “was considered by experts as an exceptional treasure of nature for its fluorescence, outstanding clarity and vivid red hue, even in its natural, uncut state”.
Estrela de Fura is expected to break auction records when it appears at Sotheby's New York's “Magnificent Jewels” sale in June.
“When Fura Gems announced its historic uncovering of the world’s largest gem-quality ruby … the news dominated headlines the world over, prompting tremendous excitement and taking the gemstone market by storm,” Sotheby's said.
The auction is headlined by the Eternal Pink Diamond, which weighs at 10.57 carats and is expected to fetch $35 million.
The Sunrise Ruby holds the current record as the most valuable ruby at $30.3 million.
Estrela de Fura and the Eternal Pink Diamond will be available to see in-person in Dubai, among other cities around the world, before the June 8 auction in New York.
It will also be viewable in Taipei, Singapore and Geneva as part of the tour.
Estrela de Fura was the largest gem-quality ruby discovered when it was unearthed by Fura Gems in Mozambique in July 2022.
Fura Gems is headquartered in Dubai and operates mining sites in Mozambique, Australia and Colombia.
The company said it will use a portion of the sale proceeds to build a Fura Training Academy in Mozambique, for education and technical training for the local population. It would focus on skillsbuilding for agriculture, carpentry, engineering, and mining work.
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
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Ahmad El Sayed is Senior Associate at Charles Russell Speechlys, a law firm headquartered in London with offices in the UK, Europe, the Middle East and Hong Kong.
Experience: Commercial litigator who has assisted clients with overseas judgments before UAE courts. His specialties are cases related to banking, real estate, shareholder disputes, company liquidations and criminal matters as well as employment related litigation.
Education: Sagesse University, Beirut, Lebanon, in 2005.
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A new relationship with the old country
Treaty of Friendship between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates
The United kingdom of Great Britain and Northern Ireland and the United Arab Emirates; Considering that the United Arab Emirates has assumed full responsibility as a sovereign and independent State; Determined that the long-standing and traditional relations of close friendship and cooperation between their peoples shall continue; Desiring to give expression to this intention in the form of a Treaty Friendship; Have agreed as follows:
ARTICLE 1 The relations between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates shall be governed by a spirit of close friendship. In recognition of this, the Contracting Parties, conscious of their common interest in the peace and stability of the region, shall: (a) consult together on matters of mutual concern in time of need; (b) settle all their disputes by peaceful means in conformity with the provisions of the Charter of the United Nations.
ARTICLE 2 The Contracting Parties shall encourage education, scientific and cultural cooperation between the two States in accordance with arrangements to be agreed. Such arrangements shall cover among other things: (a) the promotion of mutual understanding of their respective cultures, civilisations and languages, the promotion of contacts among professional bodies, universities and cultural institutions; (c) the encouragement of technical, scientific and cultural exchanges.
ARTICLE 3 The Contracting Parties shall maintain the close relationship already existing between them in the field of trade and commerce. Representatives of the Contracting Parties shall meet from time to time to consider means by which such relations can be further developed and strengthened, including the possibility of concluding treaties or agreements on matters of mutual concern.
ARTICLE 4 This Treaty shall enter into force on today’s date and shall remain in force for a period of ten years. Unless twelve months before the expiry of the said period of ten years either Contracting Party shall have given notice to the other of its intention to terminate the Treaty, this Treaty shall remain in force thereafter until the expiry of twelve months from the date on which notice of such intention is given.
IN WITNESS WHEREOF the undersigned have signed this Treaty.
DONE in duplicate at Dubai the second day of December 1971AD, corresponding to the fifteenth day of Shawwal 1391H, in the English and Arabic languages, both texts being equally authoritative.
Signed
Geoffrey Arthur Sheikh Zayed
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