Record-breaking rough ruby to be unveiled in Dubai
An article regarding the forthcoming sale of a rough natural ruby in Dubai allows us to discuss the value proposition we are offering and the manner in which we sell it. Here is the article regarding the sale
(https://www.arabnews.com/node/2061916/lifestyle) "One of the world’s largest rough rubies will go on show in Dubai this week to mark the launch of a new collection from Swiss jewelers SJ Gold and Diamond. The dazzling gem, mined from the central Tanzanian village of Winza, will make its first public appearance in the market at the Waldorf Astoria in Dubai Financial Center (DIFC) on Friday. SJ Gold and Diamond said in a statement on Tuesday it was displaying the record-breaking ruby, called the “Burj Al-Hamal” (or “Aries” in English), and that it would be auctioned in the UAE after Ramadan. The rare gem, a central piece to the firm’s Callisto Collection, is estimated to be worth at least $120 million, according to experts. The 8,400 carat, 2.8 kilogram rare gemstone will be unveiled by British actor Tamer Hassan. “The launch of the Callisto collection in Dubai represents a groundbreaking moment for the company in its journey to becoming one of the world's leading metal and mineral asset management firm, managing a total of $4 billion in assets, ranging from exclusive gemstones and gold,” said SJ Gold and Diamond managing director Patrick Pilati. This is the first time we are introducing our crown jewel of the collection. Unveiling this one-of-a-kind stone to the public for bidding, is a clear continuation of our dedication to showcasing the best of the best in the UAE,” he added. The Callisto Collection also includes hand-picked white and yellow cut and uncut diamonds along with 12 unique rubies." Before we start, we have to underline how we are compliant with regulatory rules regarding Utility Tokens. We have structured FIX00 as a utility token and NOT a security token - it offers no ownership or voting rights. The token was created to showcase one of our largest, most unique, and valuable natural rough rubies and then to demonstrate how we store, insure, and safeguard that collectible, legally guaranteeing it can never be moved or sold. A cost that is fully borne by our side and our side alone. That is the basis for our forthcoming platform allowing legally compliant rights of ownership and sale, via digitalisiation (in NFT format) of the underlying real-world asset - not to mention fractionalising that asset (F-NFTs) to reduce the overall historical barrier to entering this market which is cost. Thus not just widening the market as a consequence, but creating a new open, deep, and dealer-based market. While the FIX00 token is not asset-backed, by design and regulatory requirement, the ruby is clearly tied to the token in perpetuity, and as specified clearly in our WP, it will be used to exhibit how we will offer our digitalised collectibles at a deeply discounted fixed price. Giving comparatives to such rare and large gems is difficult at the best of times, given the lack of transparency and data from the auction-based system and private sales. We are largely reliant on benchmarking to official appraisals and other corroborating indications. In the instance of the ruby tied to the utility token, we propose a valuation of just over US$97m, at a fractionalised (and notional) value of $0.01 per token (total token issuance being 9,730,800,000 tokens). This compares to the actual appraised value of the collectible of US$290m and change (see page 38 of the WP and indeed the extensive appraisal report in the WP appendix). That valuation is the same amount the gem is insured for by the independent depository safeguarding the gem and as we noted back in our first blog commentary: "Insurance is not free, overstated values consequently can cause a company/individual to carry more insurance than necessary and pay excessive premiums. In short, you should always look to value the asset (in insurance terms) at its real replacement value." So the insurance valuation (which you can view on our website) is a corroboration of the appraised value. What we are offering the collectible for is a heavily discounted fixed price, a third of the appraised valuation. Returning to the above article about the ruby for sale in Dubai, it gives us the highly unusual opportunity of direct pricing comparison. The Dubai ruby is 8,400 carats, and weighs 2.8 kilograms which as the article notes is "worth at least US$120 million" Our Ruby is 16,200 carats, weighs 5.4 kilograms and we are offering at a valuation of US$97m. Additionally, from information we have received from the Dubai vendor, the appraised quality of our ruby is also superior. Thus we are comfortable and confident we are fulfilling our pledge on pricing to perform, which is to say offering steeply discounted fixed prices and allowing the crypto-verse to enjoy significant upside should they, the new market, deem that appropriate. We are also changing the market dynamics through fractionalisation, allowing a greater number of people to enter what was an aspirational and extremely narrow arena (given the costs involved) for the ultra-wealthy and instead create a transparent and deep new market where none had existed before. These are exciting times .....
For a short overview of the FIX00 project 🙂 please use this link: The Start of something new
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