Rubies, along with diamonds, emeralds and sapphires, are a precious gem in high demand.  Rubies, along with their sister sapphires, are formed from the mineral corundum. The deep red saturation of the finest rubies has long been their biggest market asset and they have the unique quality of being able to attract very high prices even with significant inclusions and in some very rare stones this can lead to the “star stone” effect.

The vast majority of rubies have undergone some form of treatment or enhancement so it is well worth understanding the effects these can have on value and to also look for stones that have been certified by a well-respected laboratory.


    With rubies (when considering the 4 C’s) the colour and carat size are the main determiners of price. The coveted “pigeon’s blood” variety from Myanmar (Burma) are by far the most sought after. The GIA colour grading system (applied to all gemstones) recognises three characteristics: hue; tone and saturation.


    Clarity relates to the transparency of a stone and any intervening objects, such as inclusions, that may influence how light is transmitted and refracted through the crystalline structure of the stone. All corundum stones, including rubies and sapphires, are referred to as being of Type II clarity. That is to say they usually contain inclusions within their structure. The highest value stones are referred to as “loupe clean,” or VVS (Very, Very Slightly included), the inclusions themselves are not visible to the eye under 10 times magnification. Loupe clean, stones are extremely rare, especially those above 1 carat. Following on down the scale from these are “eye clean,” or VS (Very Small inclusion) stones with no inclusions visible to the naked human eye. SI (Small Inclusions) and I (Included) may contain inclusions that are visible to the naked eye.  Naturally, value diminishes from VVS – VS – SI – I and the more inclusions, the less durable the stone may be.


    Most rubies are “native cut,” meaning they are cut and polished in or near their place of origin. Despite the fact that the cut has the least effect on price of the 4 C’s when it comes to rubies, those cuts that maximise light refraction and reflection or enhance the colour of the stone, such as step cuts, can impact the finished stone’s final value. Emerald cuts add the most value to a ruby, followed by round, pear, and marquis shapes. Oval and cushion are the most common cuts for these stones. Cabochon cuts can produce the much venerated “star stone” effect if the rutile crystal inclusions are found within the stone in a suitable position. Cabochons also carry the unique advantage of being ideal for rubies that contain inclusions that would be far too prominent for faceting. Due to the fact that most rubies are native cut, the skills require to cut and polish these precious gemstones are highly sought after in the Western world and consequently stones cut far away from the country of origin can often be extremely expensive.


    Size is critical with rubies and those stones over 1 carat are extremely rare. As with most precious gems the price per carat of a fine ruby increases exponentially following a bell-curve which ‘jumps’ further still when a stone crosses key carat sizes.


    1. Red and purplish red are the colours that fetch the highest price but consider subtle variations on these to significantly lower the cost without a noticeable impact upon the visual result.

    2. It is also worth considering that small eye visible inclusions (those visible with the naked eye at 6 inches) can sometimes give the stone an aesthetic quality, far from necessarily being an undesirable factor. The setting of the stone can also have a profound effect on the visibility of inclusions as well as the depth of the colour.

    3. Synthetic rubies have the same chemical composition as natural rubies, and they have been available since the nineteenth century. It is very hard for even a trained gemmologist to distinguish these from natural stones, so certification is crucial!

    4. Simulated rubies are not rubies at all; they are simply less expensive stones (such as garnet or spinel), glass or plastic adapted to appear to be rubies although they may sometimes be combined with small quantities of very low quality natural ruby.

    5. Natural rubies can be found in every continent on earth, but national colour associations have built up with, for example, “Burmese” red and “Thai” red rubies gaining notoriety. You may also come across the terms “French,” “Ceylon” or even “African” rubies but it important that these are simply marketing names and they can sometimes mislead a buyer as to the stone’s true origin.

    6. All red varieties of gem quality corundum stones are regarded as rubies and all other coloured varieties of corundum are referred to as sapphires. However, the boundaries between a pink sapphire and a ruby are not well defined or entirely agreed upon. Rubies are rarer than sapphires, so this distinction does take on an important financial consideration.

    7. Heat treatment is a very common practice with rubies, and it is used to remove rutile inclusions and to enhance colour tone and saturation. Unlike coloured diamonds, this process is not dissimilar to the natural processes the stones undergo in nature, so it does not have a significant effect on price. As with other gemstones, filling fissures or fractures with polymers, resins or leaded glass will adversely affect the value of a stone.