Burma: Long famed for its pigeon-blood rubies and jade, Burma remains in turmoil. Since the 2021 coup, most official mining licences have expired, and much of the trade now operates informally — or under the control of various armed groups. The Mogok ruby region is currently held by anti government forces, and has faced bombing by the military junta in recent months. Ruby, Sapphire and Spinel from the region have seen price hikes due to constrained supply and although there have been reports that “hardly any new material was coming out of Burma” , in reality, new material continues to enter the market via illicit trade, which has caused prices for proven ethical stones to increase significantly. With Western sanctions tightening, the junta is promoting gemstone sales directly to China,
Africa’s ruby revival: After the volativity of recent years, Africa’s ruby story is once again back in the spotlight. Mozambique, home to the world-famous Montepuez deposit, has reclaimed its position as the beating heart of global ruby production.
If there’s one gemstone that really sums up Africa’s mixed fortunes in 2025, it’s the ruby. Mozambique is still the beating heart of global production — the Montepuez fields are now practically a brand name in their own right — and the country’s output has bounced back after a rough couple of years. After production dipped sharply in 2023, volumes roared back in 2024 with a 46% surge, thanks largely to expanded processing plants and the rise of SLR Mining, which quietly overtook Gemfields as Mozambique’s biggest ruby producer. Between SLR’s new capacity and Gemfields’ forthcoming second plant at Montepuez, 2025 could see another record-setting year for carats dug out of the ground. But quantity doesn’t always mean calm. The December 2024 unrest near the Montepuez mine — when operations had to be temporarily suspended after violent attacks in surrounding villages — was a stark reminder that security remains the industry’s Achilles’ heel. Everything’s back online now, but traders are watching nervously: local politics and illegal mining flare-ups can knock supply offline in a heartbeat. Meanwhile, the quality story is more nuanced. More ore is being processed, but that doesn’t guarantee more top-grade rubies. As Gemfields’ own auction results show, average per-carat prices swing wildly depending on what mix of rough grades make it to the block. The June 2025 auction pulled in over US$31 million, but the average price per carat slipped from earlier highs — an indicator that most of the stones were commercial rather than exceptional. Another interesting trend is the disconnect between production and export revenue. Mozambique’s ruby output has risen, yet early-2025 export earnings were reportedly down by nearly a third year-on-year. That suggests the market is being flooded with mid-range stones while the very best material is still scarce — a classic “more carats, less sparkle” scenario.