Are you sure 300,000 carats of rubies is *really* enough, Mustang?
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Millennial ladies are all about the coloured sparkles, and ruby miner Mustang says it almost has enough to satisfy that rising demand at its maiden auction.
The world’s only listed ruby miner says its inventory stands at 277,852 carats, after it ramped up production at the Montepuez Ruby Project in Mozambique ahead of its first rough ruby tender on October 27.
Mustang (ASX:MUS) wants to take at least 300,000 carats of rubies to the auction in Mauritius.
Mustang managing director Christiaan Jordaan said the rising production rates and inventory coincided with very strong interest in the tender from ruby customers around the world.
“All the feedback we are getting points to strong demand for rubies among global customers,” Mr Jordaan said.
“The increased inventory will also help attract leading ruby buyers from around the world, who are looking for critical mass as they seek to meet the strong demand for these stones.”
Rubies are the most expensive gemstones after diamonds.
Demand from China for the stone, whose colour is seen as a good luck totem, is bolstering the global market as well as from the US, Europe, India and Thailand.
The market is worth about $US2 billion ($2.5 billion) a year.
The combined market for coloured stones — rubies, emeralds, and sapphires — is worth about $US5.9 billion.