Ruby
The most valuable coloured gemstone in the world.
Ruby, unset, from the atelier.
The stone
No coloured gemstone commands a higher price per carat than a fine ruby. The intense red the Burmese have called “pigeon blood” for centuries is the benchmark — and one of the rarest hues in nature.
Rubies belong to the corundum family, as do sapphires. Their red comes from traces of chromium: the higher the chromium content, the more intense the red, and the more valuable the stone.
Origins
- Burma (Mogok)
- The legendary source. Burmese rubies of pigeon-blood colour are the most expensive coloured gemstones there are, and set records at Christie's and Sotheby's with some regularity. The Mogok valley yields fewer top-quality stones every year.
- Mozambique
- The most important new source since the 2000s. Mozambican rubies show a strong, slightly darker red. The finest qualities approach Burmese stones at a fraction of the price — the sensible way to build a position.
- Tanzania, Madagascar, Thailand
- Further sources with good qualities. Thai rubies are often darker, Tanzanian ones usually smaller. For investment, Burma and Mozambique remain the first choice.
Ruby as an investment
Rubies show the strongest and most consistent appreciation of all coloured gemstones: roughly 8 per cent a year on average, and considerably more for top Burmese material.
In April 2023 a 55.22-carat Burmese ruby made USD 34.8 million at Sotheby's — a record for any coloured gemstone.
- The highest price per carat of any coloured gemstone
- The strongest demand on the international auction market
- Burmese rubies above 3 carats have become extremely scarce
- Mozambique offers an attractive entry with solid upside
- Deep cultural significance in Asia keeps demand high
- “Pigeon blood” is recognised as a quality standard worldwide
Quality criteria
- Colour
- The decisive factor. Pigeon blood — an intense red with a slight blue cast and strong fluorescence — commands the highest prices.
- Origin
- Burma (Mogok) is the reference, Mozambique the strongest alternative. Origin must be documented on the certificate.
- Clarity
- Rubies are almost never flawless. Fine silk inclusions of rutile needles can even raise the value where they produce a velvety glow.
- Treatment
- Unheated rubies are rare and sell for a multiple of treated stones. Heating is common and must be declared. Lead-glass filled stones are unsuitable for investment.
- Size
- Prices rise exponentially above 2 carats. Above 5 carats unheated, USD 50,000 to 200,000 per carat is not unusual.
- Certificate
- Mandatory: GIA, SSEF, Gübelin or GRS — always stating origin and treatment status.
The information on this page is provided for information purposes only and does not constitute investment advice. Past performance is not a reliable indicator of future results.
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