The mineral family of corundum produces two familiar gemstones – ruby and sapphire. Unlike the diamond market composed of a few players, the ruby market is highly fragmented with hundreds of miners in many countries around the world, most in unstable jurisdictions. Because of the fragmented nature of the coloured stone business, no consistent supply can be guaranteed. Further, it becomes difficult to determine the true size of the ruby market; it has been estimated to be about $2 billion per year worldwide. According to the 2013 McKinsey’s report entitled “A Multifacted Future: The Jewelry Industry in 2020,” (see Industry Highlights) the international jewellery market will grow from 148 billion Euros to 250 billion Euros by 2020: a 68.9% growth.
Demand for jewellery internationally shows growth every year, with the emerging markets of China and India the key growth areas. By 2025 Asia will be half the jewellery market, up from 12% in 2008: 400% growth.
Large jewellery manufacturers and retailers around the world consistently look for an ethical source and consistent supply that they can build branding and jewellery programs around. True North’s ruby and pink sapphire mine in Greenland provides this to the market.