A ruby weighing in at more than two kilograms has been found in Myanmar, with some estimates valuing the rock at millions of dollars, a testament to a warning by United Nations experts that this country’s gem mining industry is bankrolling the military’s civil war.
Unearthed near the town of Mogok, in the heartland of the lucrative gem-mining industry in upper Mandalay Region, the ruby measured 11,000 carats, or 2.2 kilograms, according to the Global New Light of Myanmar, the mouthpiece of the military government.
The “antique giant” was inspected by the military’s anointed President Min Aung Hlaing and his acolytes, the news outlet reported, noting that it was discovered after his government was elected “by the people through free and fair multiparty democratic general elections.”
That election, which took place in three phases in December and January, was widely derided as a sham, creating a path for Min Aung Hlaing to retire as chief of the junta and trade in his military uniform for a suit and tie after he was named “president” of a civilian administration.
But the ruby has generated enormous interest for its color and size and might fetch far more than a general market rate of about $500 a carat, valuing the stone at a minimum of $5 million. But some estimates say it might only be worth $100 a carat.
