Are Rubies More Expensive Than Diamonds?
The debate over whether rubies are more expensive than diamonds has intrigued gem lovers and investors for generations, with both gemstones commanding high value in the world of luxury. While diamonds have long been revered as the ultimate symbol of luxury, rubies have their own rich history and allure, often commanding prices that rival even the most exquisite diamonds.
In this article, we’ll delve into the various factors—such as rarity, quality, size, and market demand—that impact the pricing of both rubies and diamonds. By the end, you’ll have a clearer understanding of how these precious gems stack up against each other in terms of value.
Understanding the Basics
Before diving into the comparison of rubies and diamonds, it’s essential to understand what makes each gemstone unique and valuable in its own right.
What is a Ruby?
A ruby is a variety of corundum, the same mineral family that includes sapphires. What distinguishes rubies is their rich red color, which is a result of chromium impurities in the crystal structure. The intensity of the red hue is often what determines a ruby’s value, with the most prized rubies displaying a deep, vivid red known as “pigeon blood.” Rubies are highly valued for their stunning color, durability, and rarity, making them one of the most sought-after gemstones in the world. Though rubies come in various shades of red, the finest specimens are rare and often exceed the price of other colored gemstones.
What is a Diamond?
Diamonds are carbon-based crystals formed deep within the Earth’s mantle under extreme heat and pressure over millions of years. Known for their unparalleled brilliance, diamonds are celebrated for their ability to refract light, creating the dazzling sparkle that makes them a symbol of luxury and commitment. Diamonds are also the hardest natural material on Earth, rated 10 on the Mohs scale of hardness, which makes them incredibly durable and resistant to scratching. Their purity, clarity, and cut all contribute to their high value, with the “Four Cs”—color, clarity, cut, and carat weight—being the standard criteria used to evaluate diamonds.
Both rubies and diamonds are treasured in fine jewelry, yet each has its own unique allure and pricing factors that set them apart.
Factors Influencing Gemstone Pricing
When it comes to pricing gemstones, several factors come into play—ranging from rarity to market demand. Understanding these influences can help clarify why rubies and diamonds may vary significantly in value despite being both precious and highly sought after.
Rarity and Availability
Rubies:
When it comes to rubies, the most important factors in determining value are color, clarity, cut, and carat weight. The color of a ruby, especially its saturation and hue, is paramount. Rubies that display a vivid, intense red with no brownish or purplish overtones are the most coveted. Clarity also plays a role—rubies with fewer inclusions are worth more. However, rubies tend to have natural inclusions, which can sometimes enhance their value when they confirm the authenticity of the stone.
Origin and treatment also significantly impact value. Rubies from Myanmar, particularly those with “pigeon blood” color, often fetch premium prices due to their rarity and historical prestige. In contrast, rubies from other regions or those that have undergone heat treatment or lead-glass filling typically command lower prices. Untreated, naturally vivid rubies from renowned sources are considered the most valuable.
Finally, the cut and carat weight also influence the price, as well-cut rubies show off their brilliance and size.
Diamonds:
Diamonds, on the other hand, are far more widespread in nature. While high-quality diamonds may still be rare, diamonds are mined in numerous countries, including Russia, Botswana, Canada, and Australia. The sheer volume of diamonds mined annually—along with advancements in synthetic diamond production—means that diamonds are more accessible in comparison. This accessibility helps stabilize diamond pricing but also contributes to the fact that, in general, diamonds are more available and often less expensive per carat than high-quality rubies.
Quality and Grading
Rubies:
When it comes to rubies, the most important factors in determining value are color, clarity, cut, and carat weight. The color of a ruby, especially its saturation and hue, is paramount. Rubies that display a vivid, intense red with no brownish or purplish overtones are the most coveted. Clarity also plays a role—rubies with fewer inclusions are worth more. However, rubies tend to have natural inclusions, which can sometimes enhance their value when they confirm the authenticity of the stone. Finally, the cut and carat weight also influence the price, as well-cut rubies show off their brilliance and size.
Diamonds:
For diamonds, the “Four Cs”—color, cut, clarity, and carat weight—are the standard criteria for grading. The most valuable diamonds are typically colorless, although diamonds with slight traces of yellow or brown are more common and less expensive. The cut of a diamond is vital for its sparkle, with an ideal cut increasing its brilliance. Clarity is evaluated based on the presence of inclusions or blemishes, while carat weight directly correlates to size. All of these factors combined contribute to a diamond’s value, and when comparing rubies and diamonds, diamonds’ grading system is far more standardized, making it easier to determine their market value.
Size and Weight
Rubies and Diamonds:
Size plays a significant role in the pricing of both rubies and diamonds, with larger stones being exponentially more valuable. A single, larger ruby of high quality can fetch far more per carat than smaller rubies. Similarly, diamonds increase in value with size, though diamonds that are 2 carats or larger often see a significant price jump, especially when accompanied by ideal cut and clarity. While both stones see an increase in value with size, diamonds’ widespread availability in larger sizes makes it more likely that diamonds will be more affordable per carat than equally sized rubies.
Market Demand and Perception
Rubies:
In recent years, rubies have seen a surge in demand, particularly in high-end jewelry. Their rich history and cultural significance—rubies are often seen as symbols of power, passion, and vitality—have only added to their allure. The appreciation for rubies in jewelry is also rising in markets such as Asia, where the demand for colored gemstones has expanded. This cultural and market shift is elevating the price of rubies, particularly those with high-quality color and clarity.
Diamonds:
Diamonds, however, remain synonymous with luxury and wealth, largely due to their entrenched position in engagement rings and other significant life events. The long-standing marketing campaigns by companies like De Beers, which have helped position diamonds as the ultimate symbol of love and commitment, continue to influence demand. The diamond market is heavily driven by consumer perception, and despite growing interest in alternatives like lab-grown diamonds, the perception of diamonds as the “go-to” luxury gemstone helps maintain high demand and stable prices in the market.
Overall, both rubies and diamonds have unique factors that drive their pricing, from rarity and quality to size and market demand. While diamonds may be more abundant, rubies’ rarity and cultural significance make them a valuable competitor in the gemstone market.
Comparative Pricing Analysis
When it comes to pricing, rubies and diamonds each have unique characteristics that influence their value. While diamonds have historically held the crown for higher prices, recent trends suggest that rubies, particularly those of exceptional quality, are commanding higher per-carat prices in certain cases.
Per Carat Value
High-quality rubies, especially those with rich, vivid red hues like “pigeon blood” rubies, can surpass diamonds in per-carat pricing. A well-cut, large ruby with minimal inclusions can be more expensive than an equally sized diamond, particularly when it comes from sought-after locations such as Myanmar or Mozambique. The rarity and demand for these rubies in the luxury market drive their higher value compared to many diamonds, which are more abundant.
Market Trends
Recent market trends show a rising appreciation for rubies, with their value increasing in recent years. While diamonds still dominate in engagement rings, rubies are increasingly being recognized for their rarity and beauty, narrowing the historical gap in pricing. The growing popularity of colored gemstones, particularly in high-end jewelry, has contributed to the increase in ruby prices.
In June 2023, the 55.22-carat Estrela de Fura ruby set a new benchmark by selling for $34.8 million at a Sotheby’s auction in New York. This sale marked the highest price ever paid for a ruby. Previously, in May 2015, the 25.59-carat Sunrise Ruby fetched $30.42 million at a Sotheby’s auction in Geneva. At the time, this was the highest price ever achieved for a ruby. In contrast, diamonds of similar size and quality often command lower prices.
Investment Potential
Investing in gemstones offers a unique blend of aesthetic pleasure and financial opportunity. Rubies and diamonds, both esteemed for their beauty and rarity, present distinct investment landscapes.
Rubies as Investments
Over the past decades, rubies have increasingly been recognized as viable investment assets. Their value has appreciated significantly, with high-quality rubies experiencing annual price increases averaging 5-7% above those of blue-chip stocks. This growth is attributed to their rarity and enduring demand in luxury markets.
Diamonds as Investments
Investing in diamonds is more complex, influenced by factors such as market saturation and valuation challenges. Traditional mined diamonds have seen price fluctuations, with recent data indicating a 26% decrease in prices from 2022 to early 2025. Concurrently, lab-grown diamonds have gained market share, accounting for 17% of the diamond jewelry market as of 2023, further impacting the valuation of natural diamonds.
Lab-grown diamonds and rubies typically do not hold long-term value. These stones can be visually similar to their natural counterparts but are mass-produced and lack the rarity that drives long-term appreciation. Lab diamonds often resell for just 30-40% of their original price, and lab-grown rubies generally do not command significant resale value in the investment market
While rubies have demonstrated robust investment growth due to their rarity and increasing demand, diamonds present a more volatile investment environment, influenced by technological advancements and changing consumer preferences. Prospective investors should carefully assess these factors when considering gemstones as investment options.
The Power of Professional Valuation in Determining True Gemstone Value
Accurately determining the value of a ruby or diamond requires more than just a quick glance—it involves a detailed, expert evaluation of several key factors. A professional valuation can ensure you get the highest return for your gemstone, whether you’re selling, buying, or investing.
Key Elements of Professional Valuation:
- Color: The intensity and hue that directly impact the stone’s desirability.
- Clarity: The number and visibility of internal inclusions or external blemishes.
- Cut: How well the gemstone has been shaped to enhance its natural brilliance.
- Carat Weight: The size of the gemstone and its effect on price.
The Importance of Expert Assessment
Professional appraisers use specialized tools and years of expertise to give an accurate, fair market value, helping avoid overpricing or undervaluing your gemstone.
Vasco offers free, expert valuation services for diamonds, rubies, and other precious stones, ensuring you make informed, confident decisions about your luxury assets.
Vasco: Your Trusted Partner for Your Precious Gemstones
When it comes to handling your precious gemstones, you need a trusted partner who can provide expert guidance and personalized solutions. Vasco stands out as a comprehensive service provider for all things related to luxury assets, including diamonds, rubies, and other valuable gemstones.
Expert Valuation and Appraisal
Vasco offers free, professional valuations for diamonds, rubies, and other precious stones, ensuring you receive an accurate and fair assessment. Their team of skilled appraisers uses advanced tools and years of experience to evaluate each gemstone’s unique characteristics, from color and clarity to cut and carat weight. This ensures that you’re fully informed before making any decisions regarding your assets.
Buying, Selling, and Leveraging Your Gems
Whether you’re looking to sell a gemstone, leverage its value through a collateral loan, or explore other options, Vasco offers flexible solutions tailored to your needs. Their streamlined processes ensure a seamless experience, providing you with competitive pricing and personalized service at every step.
Why Choose Vasco?
Vasco’s reputation for trustworthiness, transparency, and customer satisfaction makes them the ideal choice for anyone dealing with luxury assets. With expert guidance and a secure, discreet environment, Vasco is here to help you maximize the value of your precious gemstones.
Unlock the True Value of Your Precious Gems
Understanding the intricacies of ruby and diamond pricing is essential for making informed decisions in the world of luxury gemstones. While both stones have unique qualities that influence their value, knowing where they stand in today’s market can empower you to make the right choice. Vasco is here to help you navigate the complexities of gemstone valuation and sales. With free expert valuations and personalized services, Vasco is the trusted partner for all your luxury assets. Reach out today for a free valuation of your diamonds, rubies, and other precious stones—maximize their true value with Vasco.
Visit us at 2024 Quail Street, Newport Beach, CA 92660, call us at 949.610.7774 / 800.688.2994, or write to us at info@vascoassets.com.