I think you cost figures are fine (a bit high) - where you are going wrong is on the income side. MUS will almost certainly have 2 auctions a year (out of sync with GEM) and they will make much more than $5 million at a time. GEM haven’t had a single auction anywhere near this level. To get the buyers to turn up you need to offer a certain volume/value of rubies. They won’t come for US$3.5 million of rubies and CJ knows this.
If you want try doing the calculations again assume that each of the auctions sells US$30 million. This is a reason why those of us that are bullish on MUS are bullish.
