A ruby weighing more than two kilograms has been discovered in Myanmar, with some estimates putting the rock at millions of dollars, underscoring United Nations experts’ warning that that country’s gem mining industry is funding the military’s civil war.
Discovered near the town of Mogok, the heart of the lucrative gem mining industry in the upper Mandalay region, the ruby measured 11,000 carats, or 2.2 kilograms, according to Global New Light of Myanmar, a mouthpiece for the military government.
The “ancient giant” was inspected by military president-appointee Min Aung Hlaing and his cronies, the media outlet reported, noting that it was discovered after his government was elected “by the people through free and fair multi-party democratic general elections.”
That election, which took place in three phases in December and January, was widely ridiculed as a sham, paving the way for Min Aung Hlaing to retire as junta leader and swap his military uniform for a suit and tie after being named “president” of a civilian administration.
But the ruby has attracted enormous interest for its color and size and could fetch much more than the general market price of around $500 per carat, valuing the stone at a minimum of $5 million. But some estimates say it’s only worth $100 per carat.
“The giant ruby has a purplish red color with yellowish undertones and is considered to have high quality color quality. It also has moderate transparency, excellent glassy luster and remains in its natural state without any treatment or enhancement,” New Light added.
Mogok is a strategically located ruby mining center and has witnessed fierce battles for control of its lucrative gem mining business. In mid-2024, the Ta’ang National Liberation Army and the People’s Defense Forces seized the area after the opposition Three Brotherhood Alliance went on the offensive.
But control returned to the military last November thanks to Chinese mediation. The latest discovery is second in size to the record set in 1996, in the same region, which measured 21,450 carats but lacked color and quality.
“Although the ruby discovered in 1996 is the largest in terms of weight, the newly discovered ruby is considered more valuable because its color and quality are superior in comparison,” the New Light report said.
Online experts say buyers would be attracted by its size, which could increase its value. The 25.59-carat cut and polished Sunrise Ruby, also from Myanmar, sold at Sotheby’s for a world record $30.42 million in 2015.
However, the United Nations has warned that gem mining – also known as conflict or genocide gems – is fueling Myanmar’s bloody civil war, which erupted in early 2021 after Min Aung Hlaing and her army ousted the elected government of Aung San Suu Kyi.
In 2019, an independent United Nations fact-finding mission named two companies – Myanmar Economic Holdings Limited and Myanmar Economic Corporation – that it said were owned and “influenced by” senior military leaders, including Min Aung Hlaing.
It revealed that the two companies were involved “in a wide range of activities, including jade and ruby mining in Kachin and Shan states,” while reorganizing Rakhine state “in ways that erase evidence of Rohingya belonging to Myanmar.”
Violations of human rights and international humanitarian law in northern Myanmar, including forced labor and sexual violence by the military, have also been reported in connection with their business activities, the report’s authors noted.
Targeted sanctions were advocated and have since been imposed, but the military has recently been accused of smuggling gemstones into Thailand or selling them to China, where sanctions can be evaded and the stones resold on the international market.
Judges at the International Court of Justice are deliberating after a trial alleging that Min Aung Hlaing and other top military officials committed genocide against the Muslim Rohingya.