When choosing jewelry for you or your loved one, there are several factors to consider. In addition to looks, you should also pay attention to how much that gemstone is worth and whether your budget can handle it.
Rubies built their fame as jewelry a long time ago, and to this day, they remain a common choice among customers.
When shopping, you must have wondered, is ruby more expensive than diamond?
In most cases, rubies are cheaper than your average diamond. But still, there are situations where these gemstones can cost you a small fortune. Yup, you read that right.
If you want to know more about rubies, their value in the past vs. now, and maybe some interesting historical information, read on!
Value Of Rubies: Cheaper Or Not?
If you were planning to buy a ruby, be it for your personal collection or as a gift to someone, you can get a hold of a quality piece of jewelry with this gemstone.
In most cases, rubies are cheaper than diamonds. It would be best to prove this claim through one example.
If you were looking to buy a ruby ring that has about 1 carat, the price you can expect to pay is around $800. On the other hand, if you wanted a diamond ring with the same number of carats, the price could be five times higher.
Yes, this would certainly burn a hole in your wallet. You would have to think twice before spending about $3,000 on that diamond ring.
Don’t get this wrong: There are rubies that are incredibly expensive, but we’ll talk about them later. For now, we are interested in market prices for the best-selling rubies.
Today, the most common choice of customers when it comes to rubies are those from 1 to 5 carats. So, let’s look at the prices of these gemstones and how much they can differ – from first-class to commercial.
| Size | Finer grade | Mid.grade | Better commercial | Commercial |
|---|---|---|---|---|
| Less than 1 carat | $500-800 | $300-450 | $150-250 | $20-100 |
| 1 carat | $700-1500 | $450-650 | $250-400 | $50-100 |
| 2 carats | $1000-2500 | $600-800 | $250-500 | $50-100 |
| 3 carats | $1500-2500 | $600-800 | $250-500 | $80-150 |
| 4 carats | $2000-3500 | $600-1500 | $250-500 | $150-250 |
| 5 carats | $2000-4000 | $700-2000 | $300-700 | $150-300 |
Top 5 Most Expensive Rubies
According to the numbers above, buying a ruby certainly seems like a good idea: These are beautiful pieces of jewelry but, at the same time, don’t cost a fortune.
However, this isn’t the only option – or the only categorization of rubies that exists. Besides the rubies mentioned in the table above, some can cost a small fortune. More precisely, a couple of million dollars.
Even if this is beyond someone’s budget, we believe it’s still worth mentioning the top 5 most expensive rubies on the market that have ever been sold.
1. Sunrise Ruby Diamond Ring (Cartier)
This pigeon-blood diamond ring broke the record when it was sold at auction in Geneva in 2015 for an incredible $30,335,689.
This beautiful piece of jewelry by Cartier has about 25 carats in its structure – which adds even more to its value. The rubies on this ring are also supported by shield-shaped diamonds, each of which has a minimum of 2 carats.
When it comes to this ring, you could say that someone is wearing an entire fortune on one finger.
2. The Graff Ruby Ring (Lawrence Graff)
Well below the previous – but still expensive – The Graff Ruby Ring was sold for $8,600,410 to its original owner. The ring has about 8.6 carats. However, the “Wow” effect comes from the brilliant-shaped diamonds around the ruby.
3. Diamond Brooch Containing A Ruby (Cartier)
Rings are not the only jewelry for which people pay insane sums of money. At an auction in Hong Kong in 2014, a diamond brooch with a 10-carat ruby was sold for $ 8.4 million.
This brooch was signed by Cartier, is quadrangular in shape, and has naturally engraved diamonds at each end.
4. Patiño Ruby Diamond Ring (Countess Patiño Of Monaco)
This beautiful antique ring belonged to Luz Mila Pantiño, who was the Countess of Monaco. At an auction in Geneva in 2012, it was valued and sold for $6,737,750.
This ring consists of almost 32 carats – and its history has influenced its value quite a bit, too. When it comes to this piece, it is interesting to note that this is just one piece from the huge jewelry collection auctioned for charity by her daughter.
5. The Queen of Burma (Khengarji III)
This beautiful pinkish-red ruby ring belonged to his highness Khengarji III. At a 2014 auction in Geneva, it was sold for $6,084,559. This beautiful piece of jewelry has about 23 carats – and some even associate it with Cartier.
The Pros Of Owning A Ruby
There are several pros of owning a ruby – and they have to do with spirituality and history. For thousands of years, people have believed that diamonds possess power that improves the state of mind.
Let’s look at some advantages of owning rubies:
The first one has to do with enhancing mood, personality and reducing depression.
According to some beliefs, wearing rubies can significantly reduce the feeling of depression and relieve you from stress. As a result, these gemstones contribute to creating a cheerful personality.
To some, wearing rubies is a sign of authority and luxury.
Over the centuries, many kings and aristocrats have demanded rubies in their jewelry collections. Since then, people have opted to wear a ruby because they believe it provides a sense of security and authority.
Also, have you ever noticed that most married couples opt for rubies on their wedding rings instead of a classic diamond?
That is because several astrologers believe that rubies on your marital ring contribute to marital harmony and overall happiness.
Another interesting belief about rubies has to do with the way you live your life. Many people believe in the fact that rubies make you more creative, alert, and focused.
While some would certainly deny these facts, others strongly believe in the magic of these gems.
How To Tell If Your Ruby Is Real?
When you are buying any jewelry, you are certainly bothered by the thought of paying for something that turns out to be fake. To avoid a copy-cat – in the case of rubies, at least – you can:
- Inspect it at home
- Turn to a professional (jeweler)
- Use a magnifying glass
1. Inspecting Your Ruby At Home
There are several ways you can check if the ruby you bought is real or fake at home. For example, you can start by looking at the color.
Fakes are mostly pale red – and if you look closely, you will notice some blemishes, as well. The exact indicator for a fake ruby is “light but not bright.”
As another example, you can take a piece of red glass. Place this piece next to the ruby, and take a good look at both of them.
If your ruby is similar to this piece of glass, there is a good chance you are, in fact, looking at two pieces of glass.
No wonder counterfeiters make glass jewelry. It’s easy to sell fake rubies to someone who isn’t overly versed in jewelry.
You may have even heard about the coin trick. Take one coin, and try to scratch the surface of the ruby.
Don’t be afraid: Only a fake one will show scratches.
Finally, if the ruby leaves traces after you rub it off into a hard surface, you definitely ended up with a fake gem.
2. Turning To A Professional (Jeweler)
The smartest way to check if you have a fake or real ruby is to take it to a professional. So, it might be time to head straight to the jewelry store.
Before you step into any jewelry store, take a look at a couple of reviews. It is very important that you go to someone who is actually good at what they do.
Jewelry stores aren’t the only places that can help you find out if your ruby is fake, though.
There are individuals who are experts, and they are called gemologists. Check out if there are any in your area.
Also, you can request an appraisal from the person who sold the ruby to you. If that’s not an option, you can go to a professional and have your ruby appraised yourself.
Jewelers don’t just sell rubies. Upon request, they must issue you a certificate that states that your ruby is real. Inexperienced buyers will go to poor-quality jewelry stores and buy rubies without asking for this document.
If you plan to sell the jewelry in the future, it would be good to have this document at hand.
3. Using A Magnifying Glass
Some of you probably know a bit about diamonds and rubies.
If you are one of those individuals, you might also be able to check whether your ruby is fake or real by inspecting it through a magnifying glass.
For this, you will need a 10-power magnifier. Once you’ve set the ruby beneath the glass, it’s time to start looking for details.
The things you should look for are scratches, blemishes, and color bumps. Like we said a while ago, these are the three most noticeable things about a fake ruby.
The flaws you are looking for can be external and internal.
- External flaws include scratches, blemishes, nicks, irregularities in color, etc.
- Internal flaws include negative crystals, silk, cavities, etc.
All About Red: Types Of Rubies
To know more about this particular gemstone, we should take a minute to list down the most popular types.
First on the list are Burmese Rubies, which got their name from the place they come from – Burma. Unlike the other types, the rubies found in Myanmar, Burma have the highest level of quality.
African Rubies are mostly found in Africa and are darker in color compared to the Burmese ones. These diamonds are characterized by the fact that their most common shade is dark red (almost burgundy) and that you can find them in all shapes and sizes.
Afghanistan Ruby Gemstones can only be found in the mines in Afghanistan, nowhere else. Also, the quality and appearance of these diamonds are different from all the others. Colors can vary; they come in all shades – from bright red to burgundy.
Thai Ruby Gemstones have a slightly different composition than others. In their composition, there is a mixture of iron and chromium. Also, their color is much darker.
Interesting Facts About Rubies
It’s time to close the topic on rubies, and the best way to do it is with some interesting facts. Here’s some information you might not have known about this gemstone:
- A ruby diamond is the birthstone of the month of July.
- Ruby diamonds are a common gift for the 40th wedding anniversary.
- The name ruby comes from the Latin word “ruber,” which means red. Rubies come in all shades of red – from the light ones to almost burgundy.
- According to scripts from Sanskrit, rubies translate into “King of Gems.” In many cultures, kings and aristocrats demanded to have rubies in their jewelry collection.
- Rubies are spread all over the world, from Africa and Asia all the way to America. The differences are in quality and appearance.
- The majority of people, even jewelry experts, classified red spines into rubies for many years. In the 18th century, they finally discovered that it was a completely different gemstone!
- In the past, people believed that rubies had the power to help prevent depression and stress.
Related Read: Can I Wear Diamond And Ruby Together?
Summing Up
So far, we’ve managed to answer the question: is ruby more expensive than diamond. But let’s summarize everything once again.
Generally, rubies are not more expensive than diamonds, and you can find them in a variety of colors and qualities, from high range ones all the way to commercial. The prices can vary from up to $3000 to as little as $200.
For those who are interested in quality rubies, though, some rings and brooches are worth a few million dollars. Such pieces of jewelry can be found at auctions, and the most expensive one was sold for just over $30,000,000!
There are many different types of rubies, and they have a very interesting history.
A vast majority of people believe that rubies have a positive effect on people who suffer from depression and stress. And in some cultures, rubies represented luxury and authority.
Like any other valuable gemstone, you should know how to check if you own a real or a fake ruby. You can do this at home, or you can take it to a professional.
Learn More: Are Rubies Rarer Than Diamonds?
