Dubai: A Dubai-based company is holding two remarkable rubies weighing an incredible 24.38 kilograms, with a combined 121,880 carats. These stones, valued at an estimated $184.8 million, are generating buzz in the world of precious gems.
Steven Foster, CEO of Blockchain Digital Gold Trading, spoke about the rubies’ potential. “We are still deciding the best course of action for these stones. For now, we hold the power of attorney on behalf of the owner, who wishes to remain anonymous. We have thoroughly certified the rubies, including by the International Gemological Institute (IGI).” 
These rubies, which originated from the renowned Mogok Valley in Burma, arrived in Dubai in February and are currently undergoing assessment for their next steps. One ruby weighs 10.32 kilos (51,630 carats), while the other is larger, at 14.05 kilos (70,250 carats).
Currently, the most expensive ruby on record is the ‘Burj Alhamal,’ valued at $120 million for its 8,400 carats and 2.8 kilograms. According to Foster, if these Dubai rubies are cut by a specialist, they could yield over 35,000 carats of gem-quality stones. However, the intention is to preserve their integrity as two of the largest and rarest rubies in the world.
“The market for natural rubies is booming, with top-quality rubies now fetching higher prices per carat than even high-end diamonds,” Foster added. The rubies are becoming a popular investment, especially as interest in natural gemstones rises due to the proliferation of lab-grown diamonds.
Mohamed Almasry, Blockchain Digital Gold Trading’s legal and compliance officer, revealed that one of the company’s objectives is to have the rubies recognized by Guinness World Records. “These stones could set a new record for the largest rubies in the world,” he said.
Dubai is rapidly positioning itself as a global hub for precious stones. The UAE has seen an increase in high-profile auctions, including a historic display by Sotheby’s in Abu Dhabi, featuring ‘The Magnificent Blue’ diamond, which will go up for auction in Geneva next month.
For these two rubies, the future remains exciting. Whether they are sold at an auction or through a private sale, they will continue to cement Dubai’s reputation as a global gem capital.
