True North details the ruby and sapphire markets

True North Gems has received the World ruby and pink sapphire market size report from MVI Marketing. The company commissioned the report as part of the ongoing effort to establish an economic context to assist with the evaluation of the potential of the Fiskenaesset Ruby Property located on the southwest coast of Greenland.

Highlights of the report include:

  • The global ruby market size is approximately $2.1 billion at wholesale
  • Ruby production is at best stable and more likely on a slight decline
  • Ruby demand is expansive as rapid industrialization nurtures markets for traditional precious stones and fine jewelry in Eastern Europe as well as Central and South Asia
  • The market for pink sapphire has recently experienced a growth spurt and strong tailwinds from the ruby market will help build tagalong demand for pink sapphire.

“The nature of the global ruby market as one of the last unregulated global markets presents obvious challenges to the development of an accurate assessment of market size, however, market trends are quantifiable” said Nicholas Houghton, Director of True North Gems. “The methodology employed by MVI in developing this report has provided a conservative estimate of the current ruby market and a valuable reference in the evaluation of the economic potential of the Aappaluttoq Ruby Project”. MVI Marketing is recognized as the industry leader in its field, responsible for the successful marketing and branding of diamonds from the Argyle mine in Australia, conceiving and launching its world-renowned Champagne diamonds campaign.

True North Gems Inc. is listed on the TSX Venture Exchange and is engaged in the exploration and development of North American coloured gemstone prospects. It is a pioneer in coloured gemstone exploration and owns 100% interest in the Yukon-based Tsa da Glisza emerald property and the Baffin sapphire property located on Baffin Island and the rights to earn 100% interest in the Fiskenaesset ruby and pink sapphire property in Greenland.