The value of a ruby depends on more than just size. Color saturation, treatments, and origin all play a role. Mozambique rubies, for example, often differ in price from rubies from Burma.
Synthetic rubies may look stunning but are far less valuable. In this ruby pricing guide, we’ll explain what makes one ruby worth a few hundred and another break records for the highest price per carat.
How Much Does a Ruby Cost Per Carat?
Ruby prices are not fixed. They change based on clarity, color, cut, carat weight, and origin. Natural rubies—especially Burmese rubies from Myanmar—can sell for thousands of dollars per carat, while more common African rubies are often priced lower. The redder and cleaner the ruby, the higher its value.
| Ruby Size | Quality | Price Range (USD) |
|---|---|---|
| 1 carat | Commercial to Fine | $200 – $15,000+ per carat |
| 2 carats | Good clarity, vivid color | $800 – $25,000+ per carat |
| 5 carats | Investment-grade | $2,000 – $50,000+ per carat |
| 10 carats | Rare collector’s quality | $10,000 – $100,000+ per carat |
Keep in mind, treated or heated rubies cost less than unheated rubies. Also, pink sapphire can be mistaken for light-colored ruby, but pricing is very different. Below, I’ve explained the cost for different sizes.
How Much Is 1 Carat Ruby Worth?
A 1-carat ruby can cost anywhere from $200 to over $15,000 per carat.
A Burmese 1-carat ruby with strong, pure red and no visible inclusions may command top dollar. Cheaper rubies often have a brownish tone or visible flaws.
How Much Is a 2 Carat Ruby Worth?
A ruby weighing 2 carats is less common than smaller stones, which pushes its price up. Expect to pay anywhere from $800 to $25,000 per carat, depending on color and clarity.
Larger stones often reveal more inclusions, making visual quality more critical. At this size, rubies from Africa are easier to source than those from Myanmar.
How Much Is a 5 Carat Ruby Worth?
At 5 carats, rubies get rare—and expensive. A fine-quality ruby ring with a 5-carat center stone may be valued at over $250,000. These stones must have rich red color, minimal inclusion, and a precision cut. Top-tier 5-carat rubies are often found in ruby jewelry auctions or private collections.
How Much Is a 10 Carat Ruby Worth?
The 10-carat ruby sits at the top tier of the ruby market. Exceptional stones can reach $1 million or more, especially if they’re unheated, natural, and from Myanmar.
These rubies are considered collector’s items and are rarely available. They often set records in auctions, rivaling high-end diamond and sapphire pieces.
What Makes a Ruby Valuable
The value of a ruby gemstone is determined by several measurable factors. Industry professionals—including gemologists from the Gemological Institute of America (GIA)—evaluate rubies using five key traits: color, clarity, cut, carat weight, and treatment. Each of these directly affects ruby’s price and resale value.
1. Color
Color is the most important factor in determining a ruby’s worth. The finest rubies display a strong, even vibrant red—often referred to as “pigeon blood”. This specific color tone includes a slight bluish undertone and zero brown or orange tint. Rubies that are too dark or too light are valued significantly lower.
✅ Example: The Graff Ruby (8.62 carats, unheated, vivid red) sold for $8.6 million at Sotheby’s Geneva (2014).
2. Clarity
Ruby gemstones typically contain natural inclusions. Completely flawless rubies are rare and sometimes viewed with skepticism, as they could be synthetic. That said, fewer or less visible inclusions still command a higher price. The best rubies are “eye-clean”—meaning no flaws are visible without magnification.
✅ Example: Fine-quality rubies from Mogok, Myanmar often contain microscopic rutile inclusions (“silk”), which prove natural origin.
3. Cut
The cut of a ruby affects brilliance and value. Unlike diamonds, rubies are not cut to standard proportions. Instead, cutters try to preserve weight from rough stones, which can result in asymmetry. Still, a well-proportioned cut that maximizes color and sparkle increases both appearance and price.
🔍 Tip: Avoid rubies that look too shallow (windowing) or heavily included in one area.
4. Carat Weight
Larger rubies are exponentially rarer than smaller ones. A 1-carat ruby may cost $5,000 per carat, while a 5-carat ruby of the same quality can sell for over $40,000 per carat. Size increases scarcity and visibility, both of which boost ruby value.
✅ Example: The Sunrise Ruby (25.59 carats) sold for $30.4 million, a record-breaking price of over $1.18 million per carat.
5. Treatment
Most rubies on the market are heat-treated to improve color and clarity. This is widely accepted and disclosed. However, unheated rubies are significantly more valuable—sometimes 5 to 10 times more—due to their rarity and natural integrity. Other treatments like lead-glass filling drastically reduce value and long-term durability.
📚 Source: GIA – Ruby Cut Considerations
Source: AGL – Gemstone Treatment Disclosure
Ruby Value Chart (Price per Carat)
| Ruby Type / Feature | Price per Carat (USD) | Notes |
|---|---|---|
| Commercial-grade rubies | $100 – $500 | Visible inclusions, weak color, often treated |
| Mid-quality rubies | $500 – $5,000 | Some flaws, lighter or purplish red, basic treatment |
| High-quality rubies | $5,000 – $15,000 | Fine color, minor inclusions, may be heated |
| Fine quality rubies | $15,000 – $50,000+ | Vivid red color, eye-clean, well-cut ruby |
| Pigeon blood rubies (Myanmar) | $30,000 – $100,000+ | Rich red with slight blue tone, world’s finest rubies |
| Unheated Burmese rubies | $50,000 – $1M+ | Extremely rare, top-tier gem-quality rubies |
| Star rubies | $200 – $8,000 | Value depends on sharpness of the star, color, and clarity |
| Blood rubies | $10,000 – $100,000+ | Term used for deep red, vivid, untreated stones from elite origins |
Ruby Price Trends
The market for ruby gemstones has changed significantly over the last decade. Prices for fine rubies, especially those with vibrant red color and minimal treatment, have increased year over year.
High demand, limited supply, and greater awareness of ruby quality factors all play a role. The most valuable stones today are unheated rubies from Myanmar, known for their strong color and scarcity.
While many gemstones fluctuate in value, red rubies—especially pigeon blood and blood red varieties—have shown consistent upward movement.
This trend holds strongest for larger rubies over 3 carats with good clarity, a precise cut, and verified natural origin. Market data confirms this: clean, untreated rubies can now fetch $30,000 to $100,000+ per carat in auctions or high-end retail.
Long-Term Ruby Pricing (2013–2024)
| Year | High-Quality Ruby Price per Carat | Market Drivers |
|---|---|---|
| 2013 | ~$8,000 | Stable collector market |
| 2016 | ~$15,000 | Post-Sunrise Ruby auction spike |
| 2019 | ~$20,000 | Increased demand for certified loose rubies |
| 2022 | ~$25,000 | Low output from ruby mines in Myanmar |
| 2024 | $30,000–$100,000+ | Record prices for unheated Burmese rubies |
Key Drivers Behind the Trend
- Rarity: Few ruby mines produce true gem-quality stones today.
- Certification: Verified origin and ruby treatments affect value significantly.
- Global Demand: Growth in Asian and Middle Eastern luxury markets.
- Collector Focus: Strong performance of rubies and sapphires in auctions.
If you’re evaluating the value of a ruby, pay attention to its cut, treatment history, and source of origin. Not all rubies gain value at the same rate. Stones with weak color saturation or extensive treatment often fall behind in the price curve.
Leave a Reply