Ruby and Sapphire Prices Page 1 of 5

Note: The following are excerpts from Richard Hughes' book,

Ruby & Sapphire. If you like what you see, order a copy direct
from the publisher.

The golden guess is the morning-star to the full round of truth.

Lord Alfred Tennyson [1809–1892], Columbus

WHAT'S THE PRICE? That is the question on everyone's lips. Unfortunately, the answer seems only to spring
from the lips of the seller. [1]

Lack of a universally-accepted system of quality analysis and the numerous non-quality factors which can affect
price make it extremely difficult to come up with logical price tables for ruby and sapphire. But difficult does not
equal impossible. In an attempt to bring ruby and sapphire pricing in from the cold, the author, together with
Donald A. Palmieri of Palmieri's GAA Market Monitor, [2] has compiled the following tables. Consider this a
brave attempt at bringing order to chaos. And when you find inconsistencies and mistakes, just remember that old
saying about how you can tell the pioneers by the arrows in their backs.

Market memos – May, 1995

Ruby
Burma (Mogok & Mong Hsu). Mogok rubies continue to bring top prices in the wholesale trade and at auction.
There is an ample supply of heat-treated commercial stones, but most of these originate from the Mong Hsu area,
not Mogok. Approximately 70–75% of the better-quality Mogok rubies going through certification reveal either
low temperature heat or no evidence of heat treatment at all. According to the markets monitored, there is no
difference in value for these categories. Of the 25–30% heated to high temperatures, most will sell for up to a 40%
discount below the price for the untreated and low temperature heated stones.

Thailand/Cambodia. More than 99% of all Thai/Cambodian rubies have been subjected to high-temperature heat
treatment. Fine goods are scarce and Far East demand continues to put upward pressure on prices. Many fine
goods remain in the inventories of American dealers.

Blue sapphire

Kashmir. As more heat-treated Kashmir sapphires are found in the market, the question of value differences
between heated and unheated Kashmir stones becomes ever-more important. Fine Kashmir sapphires are
distinctive in color, texture and inclusions and so can often be positively identified as to country of origin. Heat-
treatment makes origin determination more difficult, with heated Sri Lankan stones being confused with Kashmir,
and vice versa. Extreme caution is recommended when buying, selling or appraising. Market values listed are for
untreated stones only. Some dealers will charge the same for a treated stone, and some discount a treated stone up
to 30–40%. One thing is certain – a dealer will not pay as much for a treated Kashmir sapphire.

Burma (Mogok). Supplies of Mogok sapphires are as tight as for Mogok rubies. There is little fine material
around. Prices are relatively stable, and those who deal in better sapphires buy all they can. Mogok sapphires are
being heat treated with increasing frequency. Like their ruby cousins, heat-treated Mogok sapphires are worth less
than unheated stones.

Sri Lanka. Today, most Sri Lankan sapphires have been heat treated to improve their color. From about 1975–
1985, the market heat treated stocks of geuda sapphire which had built up over the centuries. These stocks are now

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depleted. In addition, heavy rainfall in the early 1990s also hurt production. While mining is today proceeding
normally, little fine material is available. In historical terms, this is the normal state of affairs for sapphire mining
in Sri Lanka. Thus, barring development of new treatments/new mines, we cannot expect to see the availability of
Sri Lankan sapphire ever again reach the levels of the early 1980s.

Other blue sapphire sources. This includes sapphires from many localities, including Australia, Thailand,
Cambodia, Laos, Nigeria, China, etc. Virtually all sapphires from these sources have been heat treated. Stones
from these sources tend to be iron-rich, and of darker, inky-blue colors. Thus they are of lower value than the
better stones from Kashmir, Burma and Sri Lanka. Many stones found in investment and barter scams come from
these sources. But keep in mind that good and bad come from every mine. A small quantity of fine sapphires are
found in Australia, and it would be far better to have a fine Australian sapphire than a poor piece from Kashmir or
Burma.

Fancy sapphires

The term fancy sapphire is used to describe corundums other than red or blue. When it comes to fancy sapphires,
Sri Lanka is king of the hill. Within this small island are found sapphires of virtually every color, including some
for which the island is the definitive source (such as the lovely pink-orange padparadscha). Tanzania's Umba
Valley is also noted for fancy sapphires, as are Montana's non-Yogo mines. But again, Sri Lanka is King, with a
capital K. The sizes and colors found on that island are enough to make any Montana or Tanzanian miner cry
uncle.

Yellow & orange sapphire. Yellow sapphires from Sri Lanka are generally of a light to medium hue, without
any brownish overtones. Like Sri Lankan blues, deeper hues are reached only in larger sizes, or via heat treatment.
Heat treatment produces deeper yellows, golds and oranges that are virtually unknown, or rare in nature. The very
rare pinkish orange padparadscha sapphire is found mainly in Sri Lanka and at Vietnam's Quy Chau mines. While
similar gems are sometimes found at Tanzania's Umba mines, most from this locality tend towards the brownish
orange. Padparadschas from Sri Lanka sometimes fetch prices that rival even ruby.

Thailand and Australia both produce fine yellow sapphires, with the stones from Chanthaburi in Thailand grading
into the highly desirable Mekong Whisky golden yellow to orange colors. These bring high prices locally in
Thailand and are quite beautiful. Australian yellow sapphires tend to be overly greenish, although fine golden
yellows are found in the Anakie, Queensland mines. Sri Lanka, Thailand and Australia are the only sources which
produce deep yellow sapphires in any quantity, although Montana and the Mogok area produces the occasional
stone.

Green sapphire. The finest green sapphires come from Sri Lanka, but are extremely rare. These stones tend to be
of a lighter and more lively green than the Fe-rich stones from Thailand and Australia. The latter two countries do
produce good green sapphires, but most tend towards an impure blue-green or yellow-green which is not very
attractive. Green sapphires of good color and clarity over 10 ct in size are relatively scarce.

Violet and purple sapphire. Violet and purple sapphires are found mostly in places which produce both ruby
and blue sapphire. The finest stones come from Mogok, Sri Lanka and Vietnam. Purple stones bordering on ruby
color are most valuable and may reach prices approaching those of ruby. Star stones are possible, but relatively
rare.

Color-changing sapphire. Among the most unusual sapphires are those which display a change of color. These
are judged by the quality of color change, the best ranging from the green side of blue in daylight to a reddish
purple in incandescent light. A number of sources produce such stones, but fine examples are rare. The best are
colored by vanadium (just like the Verneuil synthetic corundums) and come from Mogok and Umba, Tanzania.
These are extremely rare. More common are Sri Lankan gems which contain a mixture of chromium (red) and iron
-titanium (blue). Such stones appear bluish violet in daylight and purple under incandescent light. In the author's
opinion, these are marginal as color-change sapphires. Most tanzanite shows a similar color shift.

Star stones & cabochons

Prices of star stones and cabochons are generally slightly lower than their faceted brethren of the same quality, but
may approach those of faceted stones in the highest qualities. Good quality stars and cabochons must display fine
transparency and color (see 'Judging stars & cabochons', p. 222).

Treatments

Virtually all rubies and sapphires sold today have been subjected to high-temperature heat treatment for color
and/or clarity enhancement (the exception is stones mined prior to 1975 and not subsequently treated). Today, it is
the rare stone which has not been heat treated. Telltale signs of this treatment can often be found by experienced
gemologists (see page 116). Market values for Thai/Cambodian rubies and most sapphires are based on the
assumption that all have been heat treated. Conversely, market values for Mogok rubies and blue sapphires and

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Kashmir blue sapphires are based on positive gemological proof of country of origin and no detectable trace of
any treatment (beyond ordinary cutting and polishing). Flux-healed rubies are showing up more frequently than in
the past, particularly from Möng Hsu (Burma). For blue stones, be aware of surface-diffusion treatments. While
experienced gemologists can easily identify this material (via magnification and immersion), it can fool the
unwary. Also be aware of synthetic corundums treated by the surface-diffusion process (synthetic colorless
sapphire is far cheaper than naturally-mined material).

Buying/Selling/Appraising

The buying, selling and appraising of rubies and sapphires must be undertaken with the utmost care and caution.
Know what you are buying and from who you are buying. Ask about treatments, heat, fracture-filling and
otherwise. It may not be important to you until your client finds out from another jeweler or appraiser that the ruby
he/she purchased from you has glass-filled cavities. According to the law, ignorance is no excuse. When selling,
fully disclose everything, including things you take for granted that a judge or consumer affairs reporter would
interpret as misrepresentation (even if by omission). When appraising, never identify a stone unless positive
evidence is found. If doubt exists, get a second opinion locally or obtain your client's permission to send it to a
competent lab for further analysis. This goes for natural vs. synthetic, treated vs. untreated and/or country of
origin. The appraisal fee is never high enough to risk one's integrity and reputation on a brief moment of
misjudgment. In summary, report everything you would want to know if you were purchasing the gem.

Category notes
Categories represent broad, integrated quality grades, based on a combination of color, clarity and cutting quality.

Exceptional
These stones are seen only in the finest jewelry, and are rarely encountered. High-end prices for category
A represent the highest prices paid at auction. Stones fetching the highest prices are generally those
certified as being untreated and of preferred origin (Burma for ruby; Kashmir and Burma for sapphire). All
stones in this category will feature exceptional color, with good clarity and cutting.
Very good
These gems are found in high-quality jewelry, but are also rarely seen. Such stones feature fine color, with
good clarity and cutting.
Good
This category includes stones found in most jewelry. They represent the vast majority of stones traded.
Such stones may feature good color, with slight clarity or cutting problems, or be clean and well cut, but
have slight color problems (generally lower saturation or overly dark color).
Fair
The upper end of this category represents stones traded in inexpensive jewelry. Such stones often have
serious clarity problems, or feature color that is overly dark or light.
Poor
High-end prices for this category represent the lowest quality of stones found in the cheapest jewelry. Low
-end prices for this category represent material of little or no gem use. Typically, stones in this category are
far too heavily included, or possess the lowest in color saturations.

Price notes
• Prices quoted should be considered average world prices. [3] They represent average cost to retailers from
dealers for net cash single-stone or small lot purchases. Net cash means payment by bank wire
immediately after receipt, or a check within 15 days of receipt. In general, large lot purchases are less
expensive, while memo and term transactions are more expensive. Matched pairs or suites of any size or
shape will almost always cost more than single stones of the same quality.
• All prices are for uncalibrated stones, unless otherwise noted.
• The prices provide only a crude estimate; accurate estimates of the price of individual stones can only be
made by an experienced dealer via personal examination (no pictures or lab reports!).
• Quality is determined by a combination of color, clarity and cut, relative to probable origin and size. Most
stones used in jewelry will fall into the Fair to Good range.
• In certain local markets, where there is high demand and appreciation for a particular local stone, the price
may dramatically exceed that found in the above tables. For example, a fine Yogo sapphire of 2 ct or more
may fetch $3000–5000/ct when sold in Montana. If the same stone were taken to Bangkok, it would be
difficult to get $1000/ct. Similarly, a fine Mekong Whisky golden sapphire of 5–10 ct from Chanthaburi
could fetch as much as $1000/ct or more in the local Thai market, but would receive only a fraction of that
price elsewhere.

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• Due to the extreme rarity of exceptional rubies and sapphires of 10 ct or more, it is far more difficult to
give accurate pricing information. Basically, the price is whatever the market will bear, and non-quality
factors (such as those discussed on page 217) begin to influence the price to a far greater degree than
stones available in quantity.

Table B.1: Ruby (including pink) prices – cut stones

Quality & price per carat (in US$; K=1000)

Origin Size (ct)
Poor Fair Good Very Good Exceptional

Burma, Mogok < 0.49 1–25 25–50 50–300 300–600 -

(certified, untreated) 0.5–0.99 1–60 60–350 350–700 700–3K 3K–4K
1.0–1.99 1–400 400–800 800–3.5K 3.5K–4.6K 4.6K–10K
2.0–4.99 1–900 900–1.5K 4K–5.3K 5.3K–11.5K 11.5K–125K
5.0 + 1–1.2K 1.5K–6.1K 6.1K–13.2K 13.2K–144K 144K–225K

All other sources* < 0.49 1–25 25–50 50–300 300–500 -

Afghanistan, 0.5–0.99 1–60 60–350 350–575 575–2.3K 2300–3.5K
Jagdalek 1.0–1.99 1–400 400–650 650–2.6K 2600–4K 4K–6K
Burma, Mogok, Mong 2.0–4.99 1–700 7.5K–3K 3K–4.6K 4.6K–7K 7K–20K
Hsu 5.0 + 1–1K 1K–5.3K 5.3K–8K 8K–23K 23K–100K
Kenya
Sri Lanka
Tanzania
Thailand / Cambodia
Vietnam
(all generally heat
treated)

* Note: Due to their lack of fluorescence and light-scattering silk inclusions, Thai/Cambodian rubies will rarely
fall into the exceptional category.

Table B.2: Blue sapphire prices – cut stones

Quality & price per carat (in US$; K=1000)

Origin Size (ct)
Poor Fair Good Very Good Exceptional

Kashmir, India 1.0–1.99 1–300 300–2K 2K–3.4K 3.4K–4.5K 4.5K–7.55K

Mogok, Burma 2.0–3.0 1–500 500–3.9K 3.9K–5.2K 5.2K–8.7K 8.7K–11K
(certified, untreated) 3.0–4.99 1–700 700–6K 6K–10K 10K–12.7K 12.7K–13.5K
5.0 + 1–1K 1K–11.5K 11.5K–14.6K 14.6K–15.5K 15.5K–45K

All other sources < 0.49 1–35 35–175 175–200 200–300 -

Australia 0.5–0.99 1–200 200–225 225–350 350–500 700–1.5K
China 1.0–1.99 1–250 250–450 400–575 575–700 1.7K–3K
Montana, USA 2.0–4.99 1–500 500–850 650–800 800–1.7K 3.5K–10K
Nigeria 5.0 + 1–975 975–1.1K 1.1K–2K 2K–3.5K
Sri Lanka
Tanzania
Thailand / Cambodia
Vietnam
(all generally heat
treated)

Table B.3: Fancy sapphire prices – cut stones

Quality & price per carat (in US$)

Origin Size (ct)
Poor Fair Good Very Good Exceptional

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Orange sapphire -
Generally similar to higher end yellow sapphires.
Certified Sri Lankan padparadschas can reach
prices close to those of ruby.

Yellow sapphire >2.0 1–40 25–60 75–125 100–200 125–250

2.0–4.99 1–50 50–125 125–200 200–300 275–375
5.0 + 1–75 75–125 150–225 300–450 400–1200
Purple/violet sapphire 1.0–1.99 1–50 50–200 140–175 175–250 200–500
2.0–4.99 1–100 100–400 400–500 500–600 600–1000

Green sapphire <1.0 1–10 10–13 13–15 15–20 -

1.0–2.99 1–15 15–18 18–20 25–40 – up to 200
3.0 +

Colorless sapphire 3.5v4.5 mm 7–14 each

Black star sapphire >1.0

>1.0–4.99 3–10
5.0 + 10–50
30–100 (golden stars may reach 200)

Notes
1. See 'Pricing factors', p. 217, for a full discussion of the issues involved in pricing. [ return to text ]
2. Palmieri's GAA Market Monitor is a monthly report on gemstone prices in the US. For subscription
information, contact the Gemological Appraisal Association, Inc., 658 Washington Rd., Pittsburgh, PA
15228, USA; Tel.: 412-344-5500; Fax: 412-344-4910. [ return to text ]
3. It may be a cruel reality for some, but prices do not vary too much from country to country, unless heavy
government duties apply. [ return to text ]

This page is http://www.ruby-sapphire.com/r-s-bk-prices.htm

Page updated 28 April, 2008

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