Source: Macauhub

Australian company Mustang Resources has decided to open an office in Chantaburi, Thailand, to promote and sell rubies mined at the Montepuez mine in northern Mozambique, according to the group’s activity report for the fourth quarter of 2017.

The company said in a statement that Chantaburi, south-east of the Thai capital Bangkok, is the world centre for the ruby trade, “where wholesale buyers converge from all over the world” and there are “weekly trading sessions for stone in-the-rough.”

“Setting up the sales office in Thailand is well advanced and the first sales tests should start in the first quarter of 2018,” the statement said, adding that the company plans to test other marketing mechanisms this year.

Mustang Resources also reported that, in the course of this process, in December 2017 in Bangkok it held a reserved auction during which low-quality rubies with 52,493 carats were sold for US$220,800.

The company held its first ruby auction between 27 and 30 October in Port Louis, Mauritius, with a total of 405,000 carats, compared with an initial forecast of 200,000 carats, with some lots remaining unsold as they failed to reach the reserve price.