The Valuation of Rubies: What Determines Their Worth?

Their deep red hue is believed to evoke love, protect the wearer from injuries in battle, and attract wealth. Royal families in Europe have long regarded rubies as essential in their regalia. For instance, the Black Prince’s Ruby adorns the imperial crown of the United Kingdom.

There are, of course, many other exceptional rubies globally. So, what should you consider if you wish to own a ruby or gift one to someone special? Let’s delve into the key factors before you make this investment.

Valuation Basics

Simply put, rubies are the most expensive colored gemstones in the world. Their storied history and legendary status contribute to their high value, but they are also incredibly rare, even more so than natural diamonds. This rarity often sees rubies paired with diamonds. Despite being smaller in carat weight, rubies are notable for their breathtaking appearance. So, how are these stunning stones priced?

Ruby Color

The color, or hue, of a ruby is crucial to its value. The most prized rubies are the pigeon bloodstones from Burma, known for their vibrant red with a hint of blue that enhances the red’s intensity. These legendary stones were once forbidden from entering the US. Though circumstances have changed, the price remains sky-high, but detailed price information on Burmese rubies is scarce.

For a more affordable option, consider rubies with a touch of yellow. These may not be as valuable as pigeon blood red rubies but can still be exquisite if cut and set beautifully. These less popular hues are less expensive but aren’t inherently flawed. Your preferences and tastes should guide your choice.

However, note that if a ruby’s color saturation isn’t sufficient, it might be classified as a pink sapphire, as both are varieties of corundum, with non-red corundums being sapphires. This translates to a significantly lower value. Fortunately, in the United States, there are clear standards to determine if a gemstone is a ruby or sapphire.

Clarity

Typically, rubies are known for not having high clarity. Even high-quality rubies often have visible inclusions or fissures. Unlike diamonds, rubies remain highly sought after despite these imperfections. Inclusions affect the ruby’s value, but not necessarily its beauty. An attractive color can sometimes be more important than clarity. For example, opaque star rubies can still be very expensive.

Carat

As with most gemstones, a ruby’s price scales with its size. For example, buying four half-carat rubies is often cheaper than purchasing a single two-carat ruby, which explains the popularity of settings with multiple small rubies. They remain visually stunning.

An example is the Graff Ruby, a Burmese ruby gemstone weighing about 8.6 carats, which sold for $8.6 million in 2014. That’s about a million dollars per carat!

The following image showcases an exemplary ruby: eye-clean, Burmese pigeon blood, and masterfully cut.

On the contrary, at Artful Bracelets, we offer heat-treated ruby gemstone rings priced around $2,500. A one-carat, untreated Mozambique ruby with a dark hue and almost eye-clean can be bought for around $4,500 from another retailer. While not a pigeon’s blood red, it still offers good color saturation. This illustrates how carat weight influences the pricing of rubies.

Country of Origin

Unlike many other gemstones, a ruby’s origin significantly impacts its price. Burmese rubies have historically been the most famed and valuable. Currently, certified Burmese rubies cost up to twice as much as their counterparts with similar characteristics.

While many labs are reluctant to certify a ruby’s origin, the GIA has recently published a report on red rubies from western Kenya. These rubies, though fairly included, have rich color saturation. GIA believes that the discovery of identifying gem origins through trace elements will assist in determining their country of origin in the future.

Synthetic Rubies

Comparable to diamonds and other precious gems, synthetic rubies are available at much lower prices than natural rubies since they don’t require mining.

It’s notable that lab-created rubies are typically eye-clean, exhibiting only occasional bubbles. While lower-quality natural rubies have different comparisons, they remain more valuable than synthetic rubies.

Rubies vs. Diamonds

Comparatively, rubies often offer a favorable price point against diamonds. Factors include the stricter requirements for diamond clarity and the different cutting approaches. For maximizing a ruby’s color rather than sparkle, precision cuts are less necessary. For instance, we offer a one-carat ruby ring for $2,050, while a similar one-carat natural diamond solitaire ring costs around $3,400. Thus, purchasers can save roughly 40% on our site by choosing a ruby engagement ring over a diamond one.