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Why is There a Great Variation In Ruby Prices?

Posted on September 1st, 2025 06:27 PM

Rubies have been intriguing to the human mind. The red color, which was associated with love, strength, and energy, has graced the royal families, inspired poets and found its way in the necklaces of expensive fashion items. However, when you have ever attempted to purchase a ruby stone, you will have probably struck a peculiarity that seems to me to be the first: the cost.

A single ruby could sell for a few hundred dollars, and the other of the same size will fetch tens of thousands.

Why is this dramatic price difference between ruby then? Why are some rubies more expensive than others?

What has been creating this puzzlement is a complex combination of factors, including origin, color, clarity, treatment, and market demand. Let us separate the main factors that condition the worth of this amazing gemstone.

1. Color: The Kingmaker of Ruby Pricing

The most important aspect in getting the value of a ruby is color. The perfect ruby is a bright and rich red, sometimes known as pigeon blood red. This color is very exceptional and it has the highest prices.

Key Color Factors:

Colour: Pure Red is best as its primary colour. Rubies, having secondary colours, such as orange, purple, have lower values.

Tone: A Medium to dark tone is most desirable. If the tone is very light, it becomes pink sapphire.

Saturation: Super saturated rubies are much more colorful and worth more. A few shades of color can cause a variation of thousands of dollars per carat in price.

Color	Price Range (Estimated)
Intense Red	INR 50,000 to 1 lakh per carat
Pigeon Blood Ruby	INR 3 lakhs up to crores
Pinkish Red	INR 7,000 to 70,000 per carat
Purplish Pink	INR 10,000 to 25,000 per carat
Purplish Red	INR 10,000 to 50,000 per carat
Red	INR 15000 to 3 lakh per carat
Vivid Pinkish Red	INR 2500 to 10,000 per carat

2. Clarity: The Hidden Story Within

Quite unlike diamonds, nearly all rubies have inclusions. These natural characteristics are included in the natural formation of the stone and may influence the beauty and strength of the stone.

Clarity Grades:

Rubies with no visible inclusions (eye-clean) are very rare and costly.

It is ok to have moderate inclusions that do not compromise transparency or structural integrity.

Heavy inclusions may considerably lower the value.

Certain inclusions, such as silk (rutile needles) may actually improve the look of a ruby by forming a diffuse lustre. But big breaks or black spots are not wanted.

Clarity	Price Range - Estimated
No Visible Inclusions	INR 5 to 10 lakhs
Fewer Inclusions	INR 25,000 to 10 Lakhs
Many Inclusions	INR 2,000 to 50,000

3. Cut: Making the most of Brilliance and Value

The facet of a ruby influences the light and the look of the stone, determining its brilliance and overall attractiveness. Rubies, unlike diamonds, are frequently cut to maintain carat weight, thus resulting in asymmetrical or shallow cuts.

Cut Considerations:

Rubies that are well cut radiate the light evenly and improve color.

Even good-color, clear rubies can be dull or dead, with bad cuts.

A well-cut ruby may help to turn an average stone into a valuable gem.

Pigeon blood Natural Ruby - 1.03 Carat

Natural Ruby - 1.88 Carat

Burma Pigeon blood Natural Ruby - 1.03 Carat

Natural Ruby - 3.67 Carat

4. Carat Weight: Bigger Isn’t Always Better

As with most gemstones, ruby prices increase with size—but not linearly. Rubies of larger size have exponentially lower rates of occurrence, most particularly those of the finest colour and clearness.

Pricing Trends, for example:

A 1-carat fine ruby might cost $5,000.

A 3-carat ruby of that quality could be worth more than 30,000 dollars per carat.

Nevertheless, a big stone with bad colouration or heavy inclusions can cost less than a small, good one.

5. Origin: The Prestige Factor

The origin of a ruby can have a drastic influence on its price. Some areas have a reputation for having better stones, and hence, provenance is prestigious.

Top Ruby Sources:

Myanmar (Burma): Home to the legendary Mogok Valley rubies, especially pigeon blood varieties, which are the priciest.

Mozambique: A newcomer in the ruby world, vivid stones with fewer inclusions are found here.

Thailand and Vietnam: Darker coloured rubies that are usually cheaper.

Afghanistan and Pakistan: Produce unique rubies with varied hues.

Burmese rubies may cost more than 50 per cent more than other such stones.

Origin	Estimated Price Range
Afghanistan Ruby Stone	Starts from INR 2000 per carat
Burma Ruby	INR 8 lakhs to millions, based on clarity and color
East African Manik Stone Price	INR 1000 to 15000 per carat
Indian Ruby	₹ 1,00,000 to ₹ 6,00,000 per carat ($1,400 approx. to $7,800 approx.)
Madagascar Chuni Stone Price	Starts from INR 2,000 to INR 70,000
Mozambique	Rs 20,000 per carat ($315 approx.) to Rs 1 lakh per carat ($1400 approx.)
Sri Lanka	INR 30,000 to 5,00,000 per carat
Tajikistan	INR 2000 to 60,000 per carat
Tanzania Ruby	INR 1000 to 2 lakhs
Thailand Manik Stone Price	INR 40,000 to 90,000 per carat

Explore - Aspects Of Life Ruby Will Affect

6. Treatments: Natural and Natural Enhanced

A majority of rubies that are sold are processed to enhance visuals. Common treatments include:

Heat treatment : Enhances color and clarity - broadly acknowledged and published.

Fracture filling: It involves filling cracks with glass or resin, less desirable and significantly lowers value.

Lead-glass filling: This filling appears as ruby, but is regarded as being semi-precious.

Only the finest quality untreated rubies are very scarce and may attract astronomical prices. Make a request for certification to ascertain treatment status.

7. Market Demand and Trends

Market dynamics also affect how much the ruby price is. Fashion trends, celebrity endorsements, and economic conditions can all impact demand.

The prices of Burmese ruby have increased in recent years due to high demand. There is an increase in investment interest in colored gemstones, particularly in Asia.

The small quantity of untreated rubies maintains the high prices.

As with any commodity, scarcity and desirability drive value.

8. Certification and Trust

Certified rubies, with well-known laboratories such as GIA, AGL, or SSEF, have a greater impact on the market. Certification assures origin, treatment and quality that the buyer is confident of and makes it worth the extra cost.

A beautiful ruby can be underestimated or falsely marked without certification.

Discover - How to verify your gemological report?

Final Thoughts

That is no coincidence in the price variation of ruby, but it is an indication of the complexity of the gem. All factors, including colour, clarity, cut, carat, origin, treatment and market forces, are responsible for this price variation. Two rubies that look alike when not examined by an expert can be very different in value because of the minute variations in them.

Hence, regardless of whether you are purchasing a ruby to wear or to invest in, it is imperative to know these ins and outs. Ask, seek certifications and do not be fooled by size alone. In the Ruby world, it is the finer details that count the shininess- and the money.

Get your perfect gemstone at the best prices at Navratan , the online gem bazaar. Our experts will answer all your questions or doubts and help you choose your perfect gem or jewelry.