OK, but the other thing in your MC calc that dosen't add up to me is your 2m/cts per year. I'm not sure they can sell that many yet.
In the auction table in the link GEM has only sold 4,186,321 cts since June '15. We can also see in the June '15 auction it wasn't a complete sell out of the high quality rubies. GEM currently mining 8-10 million carats so its not selling them all.
Which ones are they selling then?
In the same link below it says, using some of my words, that The quality and quantity of the goods placed on offer were once AGAIN refined by the cherry picking GEM bidders for rough rubies suited to the production of high quality jewellery as well as larger volume production runs.
Thats in the second paragraph under Montepuez Ruby Auction.
To me this means GEM is basically told how many rubies they want and at what quality they want. i.e their production of 8-10 million carats is cherry picked by the GEM bidders. Even though demand is increasing for rubies, the June '17 auction wasn't a sell out.
GEM supply 50% of the demand for rubies world wide.
Because of all this info i doubt your 2mil/cts per year of saleable production.
