Mozambique's Ruby Mining Goes From ‘Wild West’ to Big Business
- World’s largest deposit now accounts for 80% of global output
- Gemfields, Fura Gems among companies mining the rubies
A worker examines a large ruby at Gemfields Group Ltd.’s mine near Montepuez.
Photographer: Matthew Hill/BloombergThis article is for subscribers only.
Sebastiao Pedro struck it lucky in 2014 when, as a 21-year-old small-scale miner, he found a large red ruby in northern Mozambique. He sold it to a buyer from Vietnam for $43,000, returned to his family 900 miles away and built a house with the proceeds.
Then the money ran out.