MUS had spruiked these stones and references were made to other big stones that had been sold for up to $40,000/carat. This led Mr Market to expect that they were very valuable . Now that the company wont release details of cut & GIA quality , Mr Market is skeptical.
I guess the big short term issue is liquidity and the spectre of another CR. Only an announcement of a loan or revenue from pre-sales will allay that fear.
the medium term issue is profitability:
-will the October auction render MUS cashflow positive?
-will the rubies be auctioned without reserves? ( I note that GEM have reserves)
-will there be cartel buying strategies at play at the auction?
The above RRS weekly wrap report is the first glimmer of hope for retail shareholders since last Friday.
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Where are the stones?, page-21
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