Gondia ruby: Small-town gem dealer awaits a buyer and a fortune

Owning one of the world's most precious rubies is one thing. Being rich can be quite another. Subashchandra Wireshwarrao Limaye knows that too well. In 1994, this bankrupt miner turned crystal exporter in Gondia, a small town in Maharashtra, stumbled upon what could be a unique ruby. Except that two years later, the 5 cm´4 cm, 255 gm (1,275 carat) ruby still sits in a bank vault in Nagpur. And two questions remain: How will it be sold, and for how much?

Rubies, as with most precious things, don't just get taken to the market to be sold over a counter. Limaye knew that. He was also unamused by the prices initially being offered by buyers: "They offered ridiculously low prices, taking advantage of my financial condition."