A Deep Dive Into The Value Of Rubies

Rubies and sapphires are virtually exactly the same mineral corundum. It is only the trace elements in the mineral that distinguish the two. Rubies are simply red coloured sapphires - and their colour comes from traces of chromium in the mineral. 

There is no such thing as a light ruby, only pink sapphire. Despite being the same material, there is a significant price difference between corundum labelled as “pink sapphire” versus “ruby” with ruby material commanding higher prices. However, the exact colours that barely qualify as pink or red in corundum is an ongoing debate.

The price of a ruby can range from a few hundred to hundreds of thousands of pounds or more. Rubies of exceptional colour & clarity can even be more expensive than diamonds & can command the highest prices of any coloured gemstone. The per-carat prices of fine-quality rubies have been rising consistently, many times breaking auction records.

The Sunrise Ruby sold for 28.25M CHF in 2015. The cushion-shaped ruby weighs 25.59 carats, is unheated and of Burmese origin. It was the most valuable ruby in the world until 2022. 

The Estela de Fura recently became the world's most expensive ruby. It is a 55.22 carat cushion-cut ruby that was discovered in 2022 & is the largest gem-quality ruby in history. It was cut from 101 carat rough ruby after being found in a mine in Mozambique. 

The deep red hue known as “pigeon's blood” is the most valuable and desirable type of ruby. This factor alone largely decides how valuable a stone will be. 

As with all coloured gemstones - the final value of a stone comes down to the 4Cs of quality. 

THE 4 C's OF RUBY COLOUR

COLOUR

As mentioned already, “Pigeon blood red” is the most valuable colour of ruby. These are the characteristic features of Burmese Ruby. 

Ruby gemstones with black overtones should be avoided as they are of low quality. Additionally, opaque or extremely light coloured rubies with low colour saturation are considered lower quality. 

Fluorescence in rubies can significantly impact their value by enhancing colour and appearance. 

For example, natural Burmese rubies have such strong fluorescence that it looks like they are glowing. Meanwhile, rubies from elsewhere may only show a more subtle fluorescent effect & consequently have lower value. 

Fluorescence, scientifically speaking, happens when light that is absorbed, gets emitted at a longer wavelength from within the stone & creates visible light. 

CLARITY

Besides colour being the most important C in the 4C’s, the clarity of the gemstone is also highly important. Ruby clarity refers to how eye-clean the gem is from the inside. 

The internal structure of a ruby crystal showcases inclusions. These can be rutile, twinning, feathers, cavities, and more. They differ as per the gemstone origin. 

The cloudiness of the stone impacts the gemstone clarity and the value as well. An eye-clean ruby with no milky patches enhances ruby stone value. On the other hand, any obvious inclusions will greatly reduce value. 

Lots of inclusions disrupt the transparency of the stone & don’t reflect much light which makes the gem look dull. While the presence of inclusions impacts the value of the stone, one should not forget inclusions are a sign that the ruby is real. Inclusion-free rubies are virtually non-existent and a sign that the ruby has been synthesized. 

CUT

A well cut ruby reflects light in a way that enhances its brilliance. A high grade cut will be well proportioned, have symmetrical facets that are evenly distributed with smooth flawless surfaces. 

When a ruby is cut to a super ideal grade, it results in a ruby that appears exceptionally bright, lively & mesmerising in colour. 

CARAT

The higher the carat weight, the higher the price. 

A 5 carat ruby would be worth more than a 1 carat ruby but the reverse could also be true if the other 3Cs are of poor quality. 

While the idea that the bigger the gemstone, the rarer it is holds true for any gem to varying degrees, it is especially true for rubies. Gem-quality blue sapphires can grow to monstrous sizes of more than 100 carats, but gem-quality rubies do not reach these sizes. This is because chromium doesn’t mix with the corundum as well as iron & titanium do for blue sapphires. The rarity created by this factor alone makes the price of rubies dwarf that of any equal-sized sapphire in larger carat weights.

Aside from the 4Cs of quality - origin also plays a role in determining how valued a ruby will be… 

ORIGIN 

Each origin imparts its own unique traits & distinctive qualities. Unlike many other gemstones, the price of a ruby gemstone is heavily influenced by its country of origin.

Burmese rubies, known for their rich colour and quality, often fetch the highest prices. Thai and African rubies may also be valuable but generally fall short of the prices seen by Burmese stones. 

The highest quality rubies come from the Mogok mines (North Burma.) Once the main source of the very finest and largest Pigeon’s Blood rubies, are now almost all gone. The second highest quality rubies are mined in Mong Hsu (North-East Burma.) These mines produce sizes that range between 0.5 and 3.0 carats. All Mong Hsu rubies are heat-treated unlike their Mogok rivals. 

TREATMENTS OF RUBIES 

Just like the Mong Hsu rubies, many rubies available on the market have been heat treated. This is a common and widely accepted practice that improves the colour & clarity of the stone. 

Diffusion treatments (also common) can significantly enhance the colour too however these treatments are less accepted and less desired than heat treatments. This is because the colour is artificial and not natural, additionally the gem's structure and colour becomes unstable with such treatments. While making an unmarketable gem more marketable, a diffusion treated gem has significantly lower value than one that has only been heat treated. 

Untreated gems are available, but they are rare and extremely costly & they represent less than 5% of the market for rubies. 

SYNTHETIC RUBIES

Significantly less valuable than natural rubies, corundum gemstones, encompassing both rubies and sapphires, were first synthesized in the late 19th century. A synthesized ruby will only be worth around 1-5% of what a similar natural stone would be worth. This information & any treatments should be made transparent by your jeweller. 

HISTORICALLY VALUABLE

The rich history of these beautiful stones shapes the present. Rubies hold significant cultural value and symbolism in various societies, representing love, power, and protection. 

In the ancient language of Sanskrit, the ruby was called ratnaraj meaning - king of precious stones. Ancient Hindus believed that if a person offered a ruby to the god, Krishna, they would receive a rebirth as an emperor.  The bible even mentions rubies 4 times in connection with beauty & wisdom. 

In the Middle Ages, this blood-coloured stone was deemed to have had mystical powers, Chinese noblemen wore this gem proudly on their armour to welcome protection and strength. 

Some chose to bury a ruby beneath their home’s foundation to tap into the ruby’s protective powers, bringing luck, fortune and security to their family. 

Some people of the East would even insert a ruby into a cut in the skin above an artery, believing that the gemstone would infuse great courage, wisdom and success into their blood.

The shimmer of red fluorescence in fine rubies intensifies in sunlight, and this majestic appearance led rubies to be associated with passion, love, beauty and wisdom. It is no surprise that European royalty and upper classes have greatly desired rubies. Henry VIII being a huge admirer, can be seen wearing a necklace adorned with deep red rubies in his portraits. 

As you can see for thousands of years rubies have fascinated people. The British imperial state crown even contains 4 rubies or if you go to the Museum of Natural History in New York you will be able to see the DeLong Star ruby - that was stolen in a high profile robbery in 1965. Fortunately, it has now been returned. 

The DeLong star ruby is a very rare & unique type of stone because it reflects a star shape of light within the crystal. The distinctive star effect is caused by rutile inclusions in the stone & these star rubies are among the rarest and most desired gemstones in the world. 

As we’ve seen rubies have long captured the hearts & minds of people for centuries. While some can be worth millions others virtually have no value at all. Hopefully, this has helped you understand a little more about the nuance between the two.