Ruby Pricing Guide 2024 (What Determines It’s Price)

1. Color

A ruby’s color is the most important factor that comes into play when assessing its value. The most desirable and highly prized rubies are those that possess an intense, deeply saturated red color. The purer and more intense the color, the higher the value of a ruby.

“Pigeon blood-red” stones are considered the most valuable among all rubies for their vividly fluorescent red color. There are vivid shades of rubies that do not fall within the range of pigeon blood-red stones, but are highly valued nevertheless.

Rubies with pinkish or purplish tones are valued less than the purer colored rubies. A stone’s value will be lowered further as their color becomes darker or duller.

Gemologists generally analyze the color factor based on three properties: hue, tone, and saturation. The hue of a stone refers to its basic color (e.g. red, blue, green, yellow etc.). Tone is the quality of a stone’s depth of color from light to dark. Saturation refers to the intensity of gemstone’s color, and can range from light to strong, to vivid.

A basic grasp of these three factors can help you select the best ruby that fits your budget and gets you the best value for money.

2. Country of Origin

Rubies are found all over the world and have their own distinctive qualities according to their country of origin. The best rubies are known to come from Burma (Myanmar), but rubies are also found in countries such as Australia, United States, Nepal, Sri Lanka, Kenya, Tanzania, Mozambique, and Madagascar.

Rubies from Burma (now known as Myanmar) are widely regarded as the world’s most valued rubies. They possess a distinctive, deep-red color that is prized by jewelers and collectors around the world. Myanmar is also renowned for its pigeon blood rubies, which occur in far greater frequency than in any other ruby producing region.

African rubies from countries like Mozambique and Madagascar are only second to Burmese rubies in popularity. These rubies are known to have a characteristic dark-red color with tinges of reddish-purple. African rubies are also generally more affordable than Burmese rubies.

There are rubies produced in many countries such as Sri Lanka, Thailand, and Vietnam but these aren’t regarded, or valued as highly as Burmese rubies.

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3. Treatment

Rubies that have not been heated or treated in any way to enhance color are considered the benchmark among these gemstones. That being said, heat-treated rubies are also used widely in jewelry and are considered acceptable in spite of their lower value when compared to unheated stones.

The value difference between a heated and unheated African ruby in up to 1 carat sizes is not significantly large, but we recommend selecting the unheated ruby over a heated one. For example, an exceptional 1 carat unheated African ruby ring like this can be valued upto $7,000 per carat where a heated African ruby with similar qualities would cost approximately $4,000 per carat.

Nevertheless, the price difference between an unheated and heated ruby of over 2 carats could be much higher.

This is particularly true for Burmese rubies, where the price difference between heated and unheated stones can be much higher. For example, a 2 carat, high-quality heated Burmese ruby can cost in the range of $12,000 per carat. An unheated ruby of the same quality on the other hand could cost up to $35,000 per carat.

4. Clarity

Clarity is the term attributed to the presence (or absence) of natural inclusions in a gemstone. Inclusions are naturally occurring mineral formations within a gemstone. All natural rubies are known to have some level of inclusions in them. Rubies are generally known for being more included than sapphires, therefore the presence of inclusions in rubies should be considered a matter of fact.

Inclusions may not be visible to the naked eye, but can be clearly visible under magnification. Their absence could indicate that a stone may have undergone some kind of treatment, or is of synthetic origin.

“Eye-clean” rubies are the most prized of all rubies when analyzing their clarity factor. Eye-clean means the gemstone is free of inclusions when viewed by the naked eye. Eye-clean rubies are very rare to find, and most rubies will contain inclusions visible to the eye. The value that a ruby can command will be greater as the clarity of the stone increases. We at Gemdaia recommend slightly included rubies as they provide the best value for money. The scarcity of eye-clean rubies make them extremely expensive, and may not suit the practicalities of most buyers.

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5. Size

It goes without saying that the bigger a gemstone is, the higher its price tag. Unlike color, the size factor is not the primary variable that determines a ruby’s value, but it is important nevertheless. Every ruby’s value increases exponentially with every gradual increase in its carat weight.

Rubies are commonly found in 1 carat sizes. Stones that weigh over 2 carats are considerably rarer and are prized much higher than sapphires of equal size.

Rubies of over 3 carats, such as this exceptional specimen in our store are extremely rare. These are considered far rarer than diamonds of the same weight.

6. Cut

The faceting of a gemstone is referred to as its cut. Cut is the final factor that is considered in the ruby grading process. The color and clarity of a ruby takes far greater importance than its cut, but a finely cut ruby can enhance its reflectiveness and color. Rubies are generally cut in several standard shapes such as round, oval, pear, cushion, and cabochon, but the oval and cushion cuts are most popular among buyers.

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