Coloured gemstones dominate today’s global fine jewellery market, sparkling in the windows of Bond Street, Place Vendôme and beyond. Rubies, particularly the deep red colour known as pigeon blood, are among the most prized stones, but supplies had become scarce until recent months.
This was largely because of a US ban on imports from Myanmar, one of the world’s most important ruby mining countries. But human rights abuses under the country’s military dictatorship had led to sanctions.
Yet demand remained high, especially in India and China, where red is regarded as a symbol of wealth.
The ethical conundrum continued until 2012, when Gemfields, a mining company specialising in ethically sourced coloured gemstones, acquired a 75 per cent interest in the Montepuez ruby deposit in Mozambique.