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.

Advertisement

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.

Advertisement

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Read More

Egyptian Minister of Environment Dr Yasmin Fouad explores Jordanian environmental tourism

Minister of Environment of Egypt – Dr Yasmin Fouad, visited Wadi Ram and Aqaba marine reserves in Aqaba city to check Jordanian experience.

Indian High School launches new building with 44 new classrooms and many amenities

The Indian High School (IHS), located on oud Mehta Road, Dubai, has launched a new building on Thursday, 26 May, to meet the demand for more seats.

Ernest Hilaire Encourages Citizens to Vote for best School Red Door

Ernest Hilaire, Deputy Prime Minister of the Caribbean Nation Saint Lucia, called on people to cast a vote for their favourite Combined school red door, As a Christmas celebration is about to begin in the Caribbean region. These red door competitions are being organised by many schools to mark the Christmas celebration.

Recent

UAE undertakes relief programme to provide food, shelter in Balochistan

The United Arab Emirates (UAE) has launched a relief programme to give food as well as shelter to the people of Balochistan who were hit by the flash floods caused due to the torrential rains.

Dubai struggles with unusual rainfall and floods; residents urged to stay indoors

Dubai faced severe waterlogging and flooding after a heavy rainfall and thunderstorm swept across parts of the United Arab Emirates this morning

Saint Lucia Sports Ministry organise 3-Km road race

On December 5, the Ministry of Youth Development and Sports of Saint Lucia organised a 3-kilometer road race for Under 11 and under 13 Category.