This article first appeared in the GEMSWORLD 2025.

The ruby’s striking red colour is among the most revered in the history of gemstones and jewellery. Ruby is also known for its durability, making it a favoured jewellery centrepiece for thousands of years.

Myanmar’s legendary Mogok Valley produces the most prized rubies, particularly those bearing the famed “Pigeon’s Blood” colour. Historically, rubies that exhibit excellent colour and clarity are highly sought after.

“Buyers also value stones with a strong provenance, like Burmese or Mozambique rubies,” said Tanya Trirotanan, co-founder of Thailand-based ruby dealer Veerasak Gems.

Bonhams Director of Jewellery and Head of Department for Asia Stewart Young agreed, adding that Burmese rubies are considered the finest variety, with their rich history, rarity and vibrant red hue. And this is reflected in prices achieved at auctions. “Deeper-red Mozambique rubies are also rising in popularity alongside Thai rubies,” added Young.

Market update

Rubies move fast, thanks to their innate charisma and investment value but supply is becoming more scarce, specifically that of high-quality rubies with exceptional colour and clarity.

Young cited an increase in appetite for coloured gemstones, with rubies leading the way. “Rubies command the highest prices out of any coloured gemstones and, at auction, the per-carat prices of fine-quality rubies have been rising consistently,” he continued.

Demand for top-quality rubies is particularly strong in China amid economic challenges. According to Trirotanan, consumers prioritise higher-grade rubies with exceptional colour and clarity. This is also evident across Asia where there is a noticeable shift to purchasing rare, investment gems.

Phuket Khunaprapakorn, managing director of corundum specialist Gemburi Co Ltd and vice president of the International Colored Gemstone Association (ICA), stated that the impact of China’s economic slowdown alongside geopolitical tensions led to a slight decrease in overall demand, primarily for low-quality rubies. However, there remains solid interest in high- and medium-quality stones, which are in limited supply. Both heated and unheated Burmese rubies are moving well, he noted.

The same is true in the auction business as Chinese buyers continue to seek premium rubies, noted Young. “Their vibrant red colour holds a significant place in Chinese culture representing good luck, vitality and prosperity. This perhaps explains their enduring appeal in the Asian market,” he added.

Colour is the most critical factor when buying a ruby, with superior-quality gems exhibiting vivid colour saturation. Origin, clarity and size are likewise important, noted Young.

Size-wise, Young said rubies over five carats are considered large and extremely rare. At auctions, buyers/collectors typically look for stones starting from a carat, with anything above five carats being regarded as large and scarce.

Demand and price

Trirotanan said ruby prices are steadily rising, driven by high demand and low supply, particularly for untreated, top-quality stones. Quality also depends on the price range for every company.

According to Khunaprapakorn, ruby prices are relatively stable but with notable fluctuations based on quality, origin and market dynamics. “There is a trend toward using higher-quality stones, with customers increasingly opting for smaller sizes or lighter colours rather than larger stones of lower quality,” he added.

He also noticed that jewellery manufacturers are purchasing stones for their inventory at a slower pace. Customer preferences regarding type, size and price range remain the same but the quantity of gems purchased at a time has declined, he explained.

Gemburi’s clients are from China, India, Japan and Southeast Asia, with additional demand coming from the US and Europe. Khunaprapakorn noted rising demand in emerging markets, particularly in India and Southeast Asia.

While the US, China and Europe have traditionally been dominant markets, higher disposable income in emerging regions is driving interest in luxury goods such as rubies. “India, in particular, has a long history of ruby appreciation and, with the growing middle class and increasing interest in luxury goods, there is significant demand for rubies in the country,” he added.

Khunaprapakorn expects stable demand for fine-quality rubies, driven by continued interest from affluent consumers and collectors. This, in turn, could push prices up as supply is limited. In contrast, prices of medium- and low-quality stones could remain stable or may decrease slightly as supply also diminishes, he continued.

Challenges

Growing awareness of sustainability and environmental issues globally, coupled with younger generations calling for ethically sourced and responsibly mined gemstones, is reshaping the ruby market.

Ruby dealers operate in a dynamic and competitive market, confronted with a range of complex challenges. “This trend is influencing how rubies are sourced, marketed and consumed, with transparency in supply chains becoming a central focus,” said Khunaprapakorn. To succeed in the ruby industry, navigating ethical sourcing and changing consumer preferences is important alongside maintaining adaptability, transparency and a keen awareness of market trends, he explained.

Sourcing highly skilled ruby cutters in Thailand is also a persistent challenge. Bangkok-based corundum manufacturer Sangmanee Gems recently resorted to advanced Chinese cutting machines to cut melee rubies and sapphires (starting at 0.9mm) as the company only had one cutter in the factory. To improve efficiency and quality, Sangmanee now sends heated rough stones for machine cutting. However, the dealer believes manual cutting is still crucial to achieving the desired precision and finish for larger stones.

Supply of rough rubies from various sources could also decline in quality and quantity. Khunaprapakorn explained that more than 70 per cent of rubies entering the market come from large-scale mining companies, particularly those from Mozambique. Meanwhile, overall supply of rubies from other sources is down.

Mozambique rubies are obtained through gemstone auctions organised by Gemfields, Fura Gems and Gemrock. “These companies typically hold ruby auctions about twice a year. There are also some rubies sourced from Myanmar, Madagascar and other countries in Africa, but the quantities are less,” said Khunaprapakorn.

Rubies have become investment assets too. Trirotanan said buyers are increasingly seeking investment-grade rubies that offer a combination of beauty, rarity and certification.

“One of the greatest challenges is producing high-quality rubies that meet the market’s growing expectations for beauty,” she noted, adding that every step of the supply chain, from sourcing to cutting, demands experience and dedication to meet high market standards.

Tighter supply also means it takes more time and expertise to source exceptional rough stones. And the process does not stop there. Cutting and polishing a ruby to bring out its full brilliance also require a skilled hand and a deep understanding of the gem’s unique characteristics, remarked Trirotanan.

Ruby in focus

In 2024, L’ÉCOLE Asia Pacific, School of Jewellery Arts, presented “Ruby, Discover the Gemstones” – its first exhibition at Les Jardins Secrets by Van Cleef & Arpels in Singapore. “Ruby is one of the most popular precious stones due to its vibrant colours, rarity, durability and the symbols it holds. What is lesser known about ruby is its natural state and the beauty of inclusions that the public could dive into through this exhibition,” said Olivier Segura, managing director of L’ÉCOLE Asia Pacific, School of Jewellery Arts.

The exhibition showcased the inner world of rubies through archival documents, rough mineral specimens and micrographic photos by award-winning photomicrographer and gemmologist Billie Hughes of Lotus Gemology. These were supplemented by a selection of high jewellery creations from the Van Cleef & Arpels Collection, illustrating the marriage between nature’s gift and human creativity. Segura said, “Seeing a precious gemstone from its natural rough state to fine jewellery creations was interesting and intriguing for the public.”