For centuries, the ruby has reigned supreme as the most valuable of all colored gemstones, commanding the highest prices per carat and earning the ancient Sanskrit title “Ratna Raja”—the King of Gems. This magnificent stone, with its captivating pink to blood-red hue, belongs to the corundum mineral family. Its iconic, sparkling red color is born from the presence of chromium impurities that infused the crystal during its formation, giving the gem its vibrant, glowing energy.
A Stone of Legend and Power
Long before the diamond gained its modern popularity, colored stones were the true treasures of ancient civilizations and royal courts. The ruby, in particular, has been deeply revered. Its intense red color is universally associated with deep emotions and power: love, passion, energy, protection, prosperity, and strength. This symbolism made it a critical centerpiece in the crowns and regalia of monarchies across the globe.
The Origins of a Masterpiece
The finest quality rubies are primarily sourced from Myanmar (Burma), Sri Lanka, Madagascar, Mozambique, and Tanzania. Each origin imparts its own unique characteristics, but some are legendary for their quality.
Sri Lankan rubies hold a distinct advantage: they exhibit a strong orange to red fluorescence under ultraviolet light. This phenomenon is caused by a high presence of chromium combined with a very low iron content. This same fluorescence is what gives these stones an unmatched vividness and a seemingly internal glow in daylight, making them highly sought after.
What Determines a Ruby’s Value?
The value of a ruby is judged on a combination of critical factors: Color, Clarity, Transparency, Cut, Size, and Faceting.
- Color is King: Unlike diamonds, where clarity is paramount, color is the single most important factor in determining a ruby’s price. The most coveted shade is a pure, vivid red with a slight bluish secondary hue, known as “Pigeon’s Blood.”
- Clarity is Secondary: It is exceptionally rare to find a ruby without inclusions. Almost all rubies contain tiny imperfections. Those that are perfectly transparent with no visible flaws to the naked eye are incredibly valuable and command a significant premium.
Record-Breaking Royalty
The apex of ruby value is embodied by the Pigeon’s Blood variety. Auction houses have repeatedly seen records shattered by these exceptional stones:
- The Sunrise Ruby: A 25.59-carat pigeon’s blood ruby ring that sold for $30.3 million at Sotheby’s Geneva in 2015, holding the world record price for a ruby.
- The Crimson Flame: A 15-carat pigeon’s blood ruby that fetched $18.3 million ($1.2 million per carat) at a Christie’s auction in 2015.
A Gem Fit for Crowns
The ruby’s association with power and passion has cemented its place in history. Its legacy is preserved in the world’s most famous collections, such as the Royal Collection of England, which holds a historic gold ring set with a pale, nearly flawless ruby carved with the portrait of Louis XII of France—a testament to the ruby’s enduring allure for kings and collectors for over a millennium.