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Rishabh Tongya, Founder and Chairman GEMROCK, Creative Director DIACOLOR
Rishabh Tongya, Founder and Chairman GEMROCK, Creative Director DIACOLOR

DIACOLOR becomes India's first jewellery brand to enter into Responsibly Sourced Gemstone Mining - GEMROCK'S Debut Auction a Super Success

ANI | Updated: Oct 14, 2022 17:26 IST

New Delhi [India], October 14 (ANI/NewsVoir): GEMROCK an emerging name in the business of gemstone mining, strengthens its global dominance with the recently held inaugural auction of the Mozambican Ruby roughs unearthed under the brands aegis.
A subsidiary of a fine-contemporary jewellery retail brand from India, DIACOLOR, Gemrock's debut auction held between the 3rd till the 7th of October 2022, was a successful endeavor that witnessed participation from over 56 global companies bidding to procure a lot of Mozambican Ruby roughs, unearthed, and mined across the multiple holdings by the company across Mozambique, in Africa.
The 5-day auction witnessed a robust sentiment amongst buyers expressing great interest in the inventory that was on offer. Companies from all around Asia and Europe, made it to the maiden auction and resulting in 442 bids for the produced Rubies. These exceptional, gem-quality Rubies of intense colour and saturation were extracted from Montepuez district.
With its presence on the fields in Montepuez since 2017, GEMROCK has been exploring in both east and west of Gemfields's MRM license, and today has access to over 589 square kilometres of potential ruby bearing area located within the wedge-shaped Montepuez Comple.
Speaking upon this occasion Rishabh Tongya, Founder & Chairman, GEMROCK, and Creative Director DIACOLOR said, "Ever since our journey with DIACOLOR began, it's been our priority to present to our discerning buyers with the finest quality gemstones set in timeless designs. As jewellers we would often find ourselves on a hunt to procure the best quality gemstones and thus to progression towards getting into the business of mining was an organic one. It is a proud moment for all of us at GEMROCK that our inaugural auction received a momentous response, and it reinforces our belief that we are on the right path, however it also makes me super proud to share that DIACOLOR is India's first ever jewellery house to have its own mines and bridge the gap between the mine and consumers."
Tim Denning, Bonas Group, commented, "We are absolutely thrilled by the response we've had at GEMROCK's inaugural tender with one of the highest number of attendees. There is a strong demand for Mozambican Rubies, and we look forward to working with them closely for their next auction."
In the recently held auction the company achieved the expected prices for its finest quality and is now planning to have the next auction in First Quarter of 2023. The proceeds of this auction will be fully repatriated to Moza Minerals in Mozambique with all royalties being paid in full on the sales price.

- 56 buyers from in and around Asia and Europe attended the auction
- The companies placed 442 bids in total
- Buyers requested larger quantities in terms of future auctions.
GEMROCK currently holds several large-scale mining titles in the Montepuez Ruby District in northern Mozambique. The mine acquired in 2019 started exploration and mining operation soon after. The rubies produced from the mine are of fine quality and colour. GEMROCK's ambition and vision is to become a leading producer and global market supplier of fine rubies over the next few years. Very significant capital and human investment underpins that goal and ambition. GEMROCK is conscious of the importance to promote and work in an environmentally friendly and ethically sustainable way. The company is therefore strongly committed to adhere to the highest environmental standards and ensure preservation of the areas in and around the mine.
DIACOLOR - Fine Contemporary Jewels, a Delhi-based high luxury jewellery brand, today stands at the paramount of couture in the industry. Known for its eclectic mix of diamond and coloured gemstone the brand may only be a couple of years old, but has risen to be one of the key players in the luxury market redefining styles and trends. The brand caters to its patrons across India through its flagship boutique at the Taj Mahal Palace Hotel, Mumbai, it's newly opened boutique in Jaipur at the Rambagh Palace and Taj Mansigh Hotel, New Delhi. A by appointment salon at in Dubai at the Almas Towers, is yet another majestic address to experience the DIACOLOR retail rendezvous.
For more information, please contact: press@gemrock.co
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