Ruby Price Guide
Beauty of ruby

What Determines the Value of a Ruby?

Rubies are among the most valuable gemstones in the world, with prices ranging from a few hundred dollars per carat to well over tens of thousands.

Understanding what drives ruby pricing can help you make an informed decision when selecting a gemstone.

Ruby Price Per Carat

  • Commercial

    $500 – $2,000

    Eye-visible inclusions, lighter
    saturation. Suitable for fashion
    jewellery and everyday wear.

  • Fine

    $2,000 – $10,000

    Good colour, minor inclusions.
    Excellent choice for engagement rings and fine jewellery.

  • High-End

    $10,000 – $30,000+

    Vivid saturation, excellent clarity.
    Investment-grade stones from
    premium origins.

  • Premium

    Pigeon Blood

    $30,000 – $100,000+

    The ultimate ruby standard. Pure red with blue fluorescence. Exclusively from Burma.

Prices can vary significantly depending on origin, treatment and market conditions.

What Affects Ruby Price

  • Factor 01

    Colour

    Colour is the biggest driver of ruby value.

    The most valuable rubies display:

    • Vivid red colour
    • Strong saturation
    • Minimal brown or purple tones

    Rubies described as pigeon blood red command the highest prices.

  • Factor 02

    Origin

    Origin plays a major role in pricing.

    Burmese Rubies:

    Premium pricing due to rarity and colour.

    Mozambique Rubies:

    Excellent value with strong colour.

  • Factor 03

    Clarity

    Most rubies contain inclusions.

    However:

    • Fewer visible inclusions = higher value
    • Eye-clean rubies are rare

  • Factor 04

    Treatment

    Heated Rubies:

    More common and affordable.

    Unheated Rubies:

    Significantly rarer and can command
    premium pricing.

  • Factor 05

    Size (Carat Weight)

    Ruby prices increase exponentially with size.

    Example:

    1ct Ruby → Accessible

    2ct Ruby → Rare

    3ct+ Ruby → Extremely Rare

Ruby vs Diamond

Understanding the differences helps buyers make more informed decisions for engagement rings and fine jewellery.

  • Ruby

    • Significantly rarer in fine quality
    • Limited geographic sources
    • Prices increase sharply with size
    • Colour quality varies greatly (top stones are extremely scarce)
    • Top-grade rubies often outperform diamondsin price per carat

  • Diamond

    • More widely available globally
    • Easier to source in larger sizes
    • Pricing is more standardised (cut, colour, clarity, carat)
    • Broader range of price points and qualities
    • Market is more commercially structured
      and accessible

The Pinnacle of Ruby Quality

Pigeon Blood Ruby

Defined by its pure, vivid red hue with an ethereal blue fluorescence, pigeon blood rubies originate almost exclusively from the Mogok Valley of Myanmar. Stones of this grade above 2 carats are among the rarest natural phenomena on earth — and priced accordingly.

  • Origin

    Mogok Valley,
    Myanmar

  • Colour Grade

    Vivid Red / Blue
    Fluorescence

  • Price Range

    $30,000 – $100,000+
    per ct

Realistic Buyer Guide

  • Commercial

    $2,000 – $5,000

    Smaller rubies or commercial quality stones.

  • Fine

    $5,000 – $15,000

    Fine rubies with good colour.

  • High-End

    $15,000 – $50,000

    High-quality rubies with strong colour and clarity.

  • Collector Grade

    $50,000+

    Collector-grade gemstones.

Each ruby is unique, and pricing can vary significantly depending on colour, origin and treatment.

  • Prioritise Colour

    Colour is the single most important factor. Seek vivid, pure red with minimal brown or orange overtones.

  • Consider Origin

    Burmese origin commands a premium. Request origin certification from a reputable lab such as GIA or Gübelin.

  • Check Treatment Disclosure

    Always obtain written disclosure of any heat treatment or enhancement. Unheated stones require lab certification.

  • View Under Different Lighting

    Examine rubies under daylight, incandescent, and fluorescent lighting to understand the full range of colour behaviour.

Before You Buy

Buying Checklist

Our specialists have compiled the essential questions and verification steps every ruby buyer should undertake before committing to a purchase.

Recently Sourced

View Ruby Gemstones in Melbourne

At SkyGem & Co we source natural rubies selected for colour, brilliance and rarity.

Many gemstones are available to view in our Melbourne showroom by appointment.

Book Private Appointment