Astonishing gemstone worth $120 million unveiled in Dubai

A huge rough ruby of 8400 carats, weighing 2.8 kilograms, has made its debut in Dubai, UAE.

A huge rough ruby of 8400 carats, weighing 2.8 kilograms, has made its debut in Dubai, UAE.

Known as Burj Alhamal, the uncut stone, which weighs almost like a brick, was brought to light by British actor Tamer Hassan during the Waldorf Astoria Dubai International Financial Centre on Friday, 15 April.

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The precious ruby has a variegated purplish-red hue and was discovered in Winza, Tanzania. The value of the gem is estimated at $120 million.

This is the first time that this type of stone has been seen in public, and it is currently on display at DIFC. The same will also be offered at an auction shortly after Ramadan.

The managing director of SJ Gold & Diamond, Patrick Pilati, has described the gem as the company’s “crown jewel”. Burj Alhamal is expected to draw strong interest given the GCC’s growing desire to invest in high-value, one-of-a-kind jewellery and gems pieces.

Once someone will buy it, that person will decide what to do with the stone. As more people are looking towards to invest in movable assets during this pandemic time, as opposed to more traditional static investments such as property or land, this might dictate whether the stone will be cut up into smaller pieces or will be kept in its intact form.

The coming of the gem in Dubai has solidified the city’s status as a leader in the gemstone market. In recent months, both Christie’s and Sotheby’s have chosen Dubai as the launch hub for global touring exhibitions of luxury jewellery and watch.

Owned by SJ Gold & Diamond, Burj Alhamal is only one of the gems in the company’s Callisto collection, a selection of rough and cut stones that contains rubies and white and yellow diamonds. The collection also includes 12 rough rubies that weigh an astonishing 236,000 carats.

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Tariq Saeed

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