Rubies have entranced humankind for centuries. Learn what makes ruby gemstones so unique and valuable.
Gemstones are minerals that come in various colors and often appear in jewelry. They’re not to be confused with natural fancy color diamonds, which share similar hues but are gem quality (to learn more, read our guide to the types of diamonds). Ruby is one of the most covetable types of precious gemstones because of its rarity and entrancing scarlet hue. It is the traditional gift for a 40th wedding anniversary, and it is July’s birthstone. (If you’re unsure about your birthstone, check out our birthstone chart.)
In ancient times, people used rubies for medicinal purposes and wore ruby jewelry to promote a more peaceful life. While society no longer attributes rubies with mystical powers, its fascination with the red gemstone has never waned. This guide will teach you everything you need to know about red rubies, including their origin, symbolism, and price per carat.
The Ultimate Guide to Ruby Gemstones
Ruby is one of the Big Three, a trio of the most valuable colored gemstones in the world, including sapphire and emerald. The word ruby derives from the Latin word ruber, which directly translates to “red.” Ruby is a variety of the mineral species corundum. A mineral species can form several types of gemstones that are classified by color, which is determined by their trace elements. Sapphire, for example, is another variety of corundum. Corundum that has red as its primary color — caused by traces of chromium — is considered ruby, whereas all other colors of corundum are sapphire. Reddish-orange corundum is considered orange sapphire and reddish-purple corundum is purple sapphire. Some Asian gemstone dealers say pink corundum is ruby, but the industry considers it a pink sapphire. On the Mohs scale, which measures a mineral’s hardness from one to 10, ruby is nine — second only to diamond.
Over the years, some gemstones were named after ruby because of their shade of red.
This led people to believe that ruby isn’t as rare as it is. The most popular example is “rubellite,” a red tourmaline. Other names include “rubolite” for red opal, “rubicelle” for red spinel, and “rubace” for red-stained quartz.
In addition to confusion surrounding ruby’s name, some red gemstones were mistaken as rubies before the advent of fluorescence spectroscopy, which identifies a gemstone using UV LED light. Historically, red spinels are most often mistaken for rubies. In fact, there are several examples of famous “rubies” that we know today are actually red spinels. These gemstones include The Timur Ruby, Catherine the Great’s Ruby, and the Black Prince’s Ruby. An important example of a large natural ruby is the 138.70-carat Rosser Reeves Star Ruby. It’s on display at the Smithsonian National Museum of Natural History in Washington.
Where Do Ruby Gemstones Come From?
Provenance is an industry term that refers to where a gemstone is from or who owned it. Some provenances are highly desirable and can significantly impact value. Specific locations and famous owners can raise the value of a gemstone or jewel. The first rubies were mined in the Mogok region of Myanmar (Burma) as early as 3000 BCE, although experts believe that rubies are three billion years old.
Burmese “pigeon’s blood” rubies are the most valuable provenance and color. These rubies are from the Mong Hsu region of Myanmar and Mozambique. In the industry, rubies from Myanmar are still referred to as Burmese rubies, despite the country’s renaming in 1989. Burmese rubies “have been coveted for centuries, but few have had the opportunity to attain them, making their value increase year after year,” says Marco Hadjibay, creative director of Bayco Jewels, a high-jewelry brand specializing in rare colorful gemstones. Other important sources of rubies include Sri Lanka, Thailand, and Cambodia. Afghanistan, Kenya, Madagascar, Malawi, Tajikistan, and Tanzania also produce rubies.
Ruby Gemstone Treatments
Similar to emeralds, rubies have natural inclusions. The best and highest-quality rubies have no treatments to improve their color or clarity. One reason is that treated rubies — specifically, those that are heated to remove their brown or purple overtones — appear heavier and more transparent as a result. This is because professionals must cover the rubies with borax to protect them from heat damage, which melts into the stone’s fractures and cavities and then hardens. Another treatment that is on the rise is fracture-filling. This process involves dipping a ruby in oil, covering it in high-lead content glass, and then heating it so that the powder penetrates its fractures and hardens, creating the illusion of a more transparent ruby. Heat treatment and fracture-filling complicated the process of identifying natural rubies in the past, but today, gemologists can easily identify treated rubies using advanced equipment.
Synthetic Rubies
In 1902, a French chemist, Auguste Verneuil, announced his development of a flame-fusion process that created synthetic rubies. Today, other synthesizing techniques exist, such as flux, hydrothermal, and Czochralski pulling. Synthetic rubies are commonly used in watch movements. Their hardness absorbs the tension between metal parts, improving a movement’s accuracy and reducing its wear over time.
Ruby Gemstone Meaning and Benefits
In ancient times, people believed that swallowing rubies whole or grinding them into a paste for topical application could cure blood diseases and heal wounds. There are also 13th-century medical records from India indicating that warriors inserted rubies into their skin for protection. Of course, this folklore stemmed from the association with ruby’s blood-red hue.
Wearing rubies was also once thought to promote a more peaceful life — specifically, in the form of a ring worn on the left hand or a brooch worn on the left side of the chest. Other benefits attributed to ruby include providing health, wealth, wisdom, and love.
The Most Expensive Ruby Gemstones
These enormous rubies defy all odds with their size, clarity, and intensity of color. Their provenance and exceptional quality led to high sales at auction.
Estrela de Fura
In 2023, a 55.22-carat ruby called Estrela de Fura fetched $34.8 million at a Sotheby’s auction in New York. It is the largest ruby ever found in Mozambique and sold at auction. The unheated ruby is exceptionally transparent and vivid. Experts cut it from a 101-carat rough ruby — the largest gem-quality rough ruby ever discovered.
Sunrise Ruby
Before the sale of Estrela de Fura, the record holder was a 25.59-carat cushion-cut ruby from Burma, called the Sunrise Ruby. The unheated ruby features the ideal pigeon’s blood color. It sold for 28,250,000 CHF ($30.3 million) at a Sotheby’s auction in Geneva in 2015. Cartier set it into a platinum ring with shield-shaped colorless diamonds, weighing 2.47 and 2.7 carats, respectively.
Jubilee Ruby
In 2016, the Jubilee Ruby sold for $14.1 million at a Christie’s auction. It is an untreated oval-shaped 15.99-carat ruby of Burmese origin. Burmese rubies that weigh more than 15 carats are extremely rare, which explains its high selling price. The legendary jewelry brand Verdura designed this stunning 18K yellow gold ring with brilliant-cut colorless diamonds.
Ruby and Diamond Ring
In 2018, Sotheby’s sold a ruby and diamond ring for 86,392,500 HKD ($11 million) at an auction in Hong Kong. It features an untreated Burmese ruby that weighs an impressive 24.70 carats. The cushion-cut ruby is surrounded by 16 pear-shaped colorless diamonds, each weighing between 1.07 and 1.73 carats. The ring’s design resembles a beautiful flower, although the elongated ruby gives it a modern spin.
Graff Ruby Ring
In 2014, the Graff Ruby ring sold for 8,285,000 CHF ($9.4 million) at a Sotheby’s auction in Geneva. It features an unheated cushion-cut 8.62-carat ruby with a vivid red color and medium saturation. The red gemstone is set between trillion-cut diamonds, and the ring is embellished with brilliant-cut diamonds. Laurence Graff originally purchased it in 2005 and then named it the Graff Ruby. In 2006, Graff said “the cut and spread of color is the finest I have ever seen” regarding the rare ruby.
Ruby Gemstone Price
Ruby is the third most expensive birthstone. An untreated high-quality ruby costs approximately $3,000 per carat. Provenance is also an important variable, as an untreated Burmese ruby of the same size can cost tens of thousands and even millions of dollars. When it comes to assessing the value of rubies, color is the most important factor. The most covetable rubies are intensely red colored and slightly purplish. Rubies with a color that leans more toward orange and purple are less valuable than those with a vibrant red hue. The finest ruby isn’t too light or too dark in color, is high in saturation, and is very transparent. Rubies that are free of inclusions and rubies that weigh more than one carat are extremely rare.
