Valuing Rubies

The value of a ruby is determined by a combination of factors that go far beyond size alone. High-quality rubies can command prices that rival or exceed those of diamonds, especially when they meet the strictest criteria in color, clarity, and origin. Here are the key elements that influence a ruby’s market value:

1. Color

Color is the most important factor in determining a ruby’s worth. The most prized rubies exhibit a vivid, saturated red with strong fluorescence and minimal overtones of brown or purple. The ideal color is often described as “pigeon blood red”—a rich, slightly bluish red with strong intensity. Lighter or overly dark rubies, or those with orange or pinkish tones, are generally less valuable.

2. Clarity

Rubies are Type II gemstones, meaning that some inclusions are expected. However, clarity still plays a critical role in value. Eye-clean rubies—those without visible inclusions to the unaided eye—are rare and more expensive. Inclusions that are large, centrally located, or reduce transparency significantly will lower the stone’s desirability.

3. Cut

The quality of the cut affects how well the ruby reflects light and displays brilliance. Because ruby rough is expensive, cutters often try to retain weight, which can result in shallow or overly deep cuts. A well-proportioned ruby with balanced symmetry and even color distribution will always command a higher value than a poorly cut one, even at the same carat weight.

4. Carat Weight

As with all gemstones, price increases exponentially with size. Fine rubies over 1 carat are already considered rare; those over 3 or 5 carats with excellent color and clarity are exceptionally rare and highly valuable.

5. Treatment

Most rubies are heat-treated to enhance their appearance—a process widely accepted in the industry. However, untreated rubies or those with only minimal heating are significantly more valuable. Rubies that have undergone heavy treatments, such as glass-filling, are priced far lower due to reduced durability and desirability.

6. Origin

Geographic origin can have a notable effect on value. Rubies from Myanmar (Burma), particularly those with pigeon blood color, are considered the most valuable. Rubies from Mozambique, Sri Lanka, and Madagascar also produce high-quality stones, though often priced slightly lower. Certified origin from a respected lab can enhance a ruby’s market appeal.

7. Certification

A ruby accompanied by a report from a reputable gemological laboratory (such as GIA, SSEF, or GRS) will typically command more trust and higher value in the market. Certification verifies authenticity, treatment status, and—when applicable—geographic origin.