By Noémia Mendes
Maputo (MOZTIMES) – Montepuez Ruby Mining (MRM) recorded a USD 34.2 million decline in profits from the sale of rubies extracted in Cabo Delgado in 2024 compared to the previous year. The company’s auction revenue dropped to USD 117.2 million, down from USD 151.4 million in 2023, a decrease of 22.5%.
In an interview with MOZTIMES, the company attributed this decline to a reduction in premium ruby production, economic difficulties in China, and geopolitical turmoil, which weakened the luxury market and the gemstone sector.
“In the most recent mixed-quality ruby auction, the lower supply of premium rubies contributed to the decline in revenue,” MRM explained.
Support authors and subscribe to content
This is premium stuff. Subscribe to read the entire article.
Login if you have purchased
