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Gemstone Price Index India: Understanding What Drives the Value of Your Stone

Posted on August 18th, 2025 05:31 PM

Gemstones in India are not just decorations; the gemstones have a history, an astrological significance, healing and transforming powers. The question is always asked, what the price of this stone should be, whether you intend to purchase a blue sapphire to receive the blessings of Saturn or a ruby stone to enhance your leadership power.

It is not a straightforward answer. The Indian variations of pricing of gemstones may be made up of a complex interaction of the geology of gemstones, their properties, the state of demand in the marketplace, treatments, and, in some cases, their cultural mythology. This is where the concept of Gemstone Price Index will come in handy, a tool to start analysing the price of the shining gemstone.

Here is what you will get to learn in this blog:

What is the gemstone price index?
Factors that influence the gemstone pricing
Sample Price Ranges (2025-26 Estimates) of Ruby, Emerald stone , Yellow Sapphire and Blue Sapphire
Essential Tips for Buyers

What Is Gemstone Price Index?

The Gemstone Price Index is a reference manual that monitors the market value of numerous gemstones on the basis of quality specifications, source and demand trends. Although India does not have a single, unified listing such as the stock market, however, the top gem dealers, shophouses, and gemological agencies release price guides that allow buyers and sellers to compare against a fair price.

These indices normally take into account the following factors:

Gem type (i.e., emerald, ruby, sapphire)

Carat weight

Color intensity

Clarity (presence or absence of inclusions)

Cut and handwork/craftsmanship

Origin (e.g. Burmese ruby versus African ruby)

Treatments (Natural vs heat-treated vs synthetic)

Also Read - How to Spot a Fake Gemstone: 6 Red Flags Every Buyer Should Know

Blue Sapphire - 4.06 Carat

Burma Natural Ruby - 3.01 Carat

Emerald Ethiopia - 8.70 Carat

Yellow Sapphire - 11.05 Carat

Reasons Why the Pricing of Gemstones in India May Vary

1. Type and rarity

Other gemstones are rare by their very nature. For example:

Kashmir blue sapphire (Neelam), because of its legendary velvety blue color and scarcity, fetches high prices.

Colombian or Zambian emerald (Panna) possesses a deep green color and a small amount of inclusions.

In the case of Myanmar (Burmese) ruby, it is so highly regarded that the prices can reach exponentially higher amounts compared to African or Thai rubies.

2. Carat Weight

Similar to diamonds, the price of coloured gemstones goes through an increased carat weight - however, not in a linear fashion.

The clarity also plays a role. A larger size gem of good clarity will b very expensive. The biggest stones are more exotic and preferred ones in astrological matters.

3. Colour and Clarity

Gemstone pricing is ruled by color and clarity the most. The darker, richer, purer the hue, the better the price.

In the case of the appearance of the stone (number of visible inclusions, also known as flaws), the clearer the stone, the more valuable. But certain impurities are tolerated in some stones, such as an emerald, which is not easily found perfect in transparency.

4. Cut and Shape

The best cut gemstone has the maximum brightness and balance. Improperly trimmed stones can look dark or disproportional, and their value will be discounted. Oval, cushion, and emerald cut shapes are most common in India and more so on astrological rings.

5. Treatment Disclosure

Untreated gemstones are quite costly compared to the treated gemstones. Simply because natural gemstones, which are not treated, are rare plus are believed to be astrologically more powerful.

The gemstones are commonly treated by:

Heat treatment: Increases color and clarity; acceptably widespread but must be declared.

Fracture filling: It is used in emeralds, and it makes them less valuable since they have low durability.

Diffusion/ dyeing: Can be used in lower-grade gemstones; it takes the price down drastically.

By all means, insist on a report or lab certificate by a well-known lab (GIA, IGI, GRS) to ensure treatment status.

6. Certification/Origin

The origin is both a price and a prestige determinant. For example:

Blue sapphires of Kashmir would fetch 5-10 lakhs per carat.

Burmese rubies can go much higher, at 15 lakhs or more, a carat.

There are Sri Lankan sapphires and Zambian emeralds that provide quality at a more affordable cost.

Certification of a recognized lab gives credibility and resale. The IGI and GIA are well established in India.

Check it out :- Why are Grading Reports Essential while Buying Gemstones?

7. Astrological Demand

In India, astrology is a serious factor in the pricing of gemstones. Stones are the most popular, such as Neelam (blue sapphire), Pukhraj (yellow sapphire) and Manik (ruby), which are used in planetary remedies. The untreated precious quality stones that can be used in astrology tend to attract high prices.

Sample Price Ranges (2025-26 Estimates)

Here are the price estimations of major precious gemstone - ruby, blue sapphire, yellow sapphire and emerald.

Blue Sapphire (Neelam) Gemstone Prices

Origin	Price range
Ceylon Blue Sapphire (Sri Lanka)	INR 8000 to 16,00,000 per carat
African Blue Sapphire	INR 5000 to 10,00,000
Burmese Blue Sapphire Gemstone	Rs. 1,000 and goes as high as Rs. 2,00,000
Cornflower Blue Sapphire	INR 1,00,000 to INR 4,00,000 per carat
Kashmir Blue Sapphire	INR 65,000 and goes up to INR 52,00,000
Madagascar Blue Sapphire	INR 1500 to 5,00,000 per carat
Royal Blue Sapphire	INR 1,45,000 to 9,66,000 per carat
Thailand Blue Sapphire	INR 5000 per carat and can soar up to INR 50k plus

Yellow Sapphire (Pukhraj Stone) Prices

Origin	Price range
Burma Yellow Sapphire	INR 10,000 to 30,000
(Sri Lanka) Ceylon Yellow Sapphire	INR 10,000 to 13,00,000 per carat
Madagascar Yellow Sapphire	INR 15000 to 10,00,000
Thailand Yellow Sapphire	INR 5,000 to INR 50,000

Ruby Stone Price (Manik Ratan)

Origin	Price range
Mogok Ruby	INR ₹1,00,000 to ₹5,00,000
Madagscar Ruby	INR 2,000 to INR 70,000
Indian Ruby	₹ 1,00,000 to ₹ 6,00,000 per carat
Tajikistan Ruby	INR 2000 to 60,000
East African Ruby	INR 1000 to 15000 per carat
Mozambique Ruby Stone	Rs 20,000 per carat to Rs 1 lakh per carat
Tanzania Ruby Stone	INR 1000 to 1 lakh per carat
Thailand Ruby	INR 40,000 to 90,000 per carat

Emerald Stone Prices (Panna Stone)

Origin	Price range
Zambian Emerald stone	INR 1500 to 4,35,000 per carat
Vivid Green Emerald (Panna)	1 lakh to 10 lakh per carat
Swat Emerald (Pakistan Emerald)	INR 25,000 to 85,000
Panjshir Emerald	1,00,000 INR to 6,00,000 INR
No oil emerald stone	Starts from INR 15000 to 40000 per carat
Minor Oil Emerald Stone	INR 51,000 to 5,38,000
Insignificant Oil Emerald Stone	3 lakh per carat and goes as high as 12 lakh per carat
Ethiopian Emerald Stone	INR 5000 to 1,75,000 per carat
Colombian Emerald	INR 50,000 to 10,00,000
Brazilian Emerald Stone	INR 1000 to 50,000

Note: Prices vary based on certification, seller reputation, and market trends.

Tips for Buyers:

Always request third-party certificate (that too of a well-known lab, not a local one).

Check the price of different sellers.

Know the treatment history, enquire about total disclosure.

Consider the source or origin.
If planning on buying for astrological use, consult with an expert astrologer first to determine if the gem is suitable for you to wear or not.

Pay attention to the quality; do not be deceived by the cheapness that seems much better than it is.

More to read - Why Bachchan Family Wears Gemstones?

To sum up

The price isn't everything when it comes to gemstone shopping in India. It is about story, energy and authenticity. Be it the purchase on the basis of astrology, aesthetic or even investment one, knowledge of the price index gives you the confidence to make the right decisions.
May your gemstone not only say good, but also say truth. Looking for the best sellers, visit Navratan, an online gem bazaar, where you will get authentic and lab-certified gemstones only. Our expert team is available to guide you throughout the process and answer all your queries.