Are Rubys More Expensive Than Diamonds?

Have you ever stood in a jewelry store, fondling a tray of sparkling stones, and wondered whether a vivid red rubys could really cost more than a brilliant diamond?

Are Rubys More Expensive Than Diamonds?

You might expect a one-word answer, but the truth is a deliciously complicated “it depends.” Both rubys and diamonds can be outrageously expensive, and both can be shockingly affordable. Which one costs more depends on a number of intersecting factors — quality, size, origin, whether the stone was treated or lab-grown, and even the mood of collectors in a particular year. You will find that sometimes rubys outrun diamonds in price per carat, and sometimes diamonds sit comfortably on top. What follows is a clear, conversational unpacking of why that is.

A quick orientation: what you’re comparing

You’re comparing two very different minerals with different markets, aesthetics, and histories. Diamonds are crystalline carbon; rubys are a variety of corundum (aluminum oxide) colored red by traces of chromium. The market for diamonds, especially gem-quality diamonds used in engagement rings, is highly systematized around the 4Cs (carat, cut, color, clarity). Ruby pricing leans heavily on color, origin, and treatment history in addition to size and clarity.

When you understand those differences, you stop asking “which is more expensive?” and instead ask “which is more expensive for the quality and characteristics I want?”

Gemological basics you should know

You should know a few technical facts because they explain a lot about price behavior. Diamonds score a 10 on the Mohs hardness scale; rubys score a 9, which still makes them extremely durable for daily wear. Rubys are corundum and often show silk-like inclusions; diamonds’ transparent nature puts inclusion visibility under a microscope and the loupe.

These physical and optical differences influence how buyers value and care for each stone.

How gemstone pricing works: the core variables

You’ll want to think in terms of variables rather than absolutes. Both stones’ prices are determined by multiple interacting features.

1. Carat weight

Size matters for both. Larger stones are rarer, and prices typically increase exponentially with carat weight. For diamonds you can expect sharp price jumps at “magic sizes” (1.00 ct, 2.00 ct). For rubys, larger clean red stones are incredibly rare and command vast premiums.

You should note that for rubys, a jump from 1.5 to 2.0 carats of top color and clarity can multiply the per-carat price by several times because such stones are few and coveted.

2. Color

You will find that color is king for rubys. The most desired ruby color is often called “pigeon’s blood” — a deep, vivid red with a hint of blue saturation. That single attribute can vault a stone into record-breaking territory at auction.

Diamonds value color in the opposite way: the closer to colorless (D-F), the more valuable. Fancy colored diamonds (pink, blue, red) are a whole different, highly expensive category — red diamonds, for instance, are priced astronomically.

3. Clarity

Clarity affects both, but you’ll often tolerate more inclusions in rubys if the color is extraordinary. Diamonds are prized for eye-clean appearance, especially in higher color grades. For rubys, some inclusions (silk) can even enhance the appearance by scattering light.

You should always ask for eye-clean assessments for both stones unless you are after a particular aesthetic where visible inclusions are acceptable.

4. Cut

Cut affects brilliance, light return, and proportion. For diamonds, cut is arguably the most important of the 4Cs because it controls how light performs inside the stone. Ruby cuts are typically chosen to maximize color and minimize visible inclusions.

When you buy, consider whether the cutter optimized for fire (diamonds) or color saturation (rubys).

5. Treatment and enhancements

This is a big one for rubys. Most rubys on the market have been heat-treated to improve color and clarity, and some have been filled with glass (lead-glass filling) to mask fractures — a treatment that significantly reduces value. Untreated rubys of top color and clarity are rare and command steep premiums.

For diamonds, treatments exist (laser drilling, fracture filling, HPHT, CVD in synthetics), but the market for untreated, natural diamonds is more standardized, and lab-grown diamonds are a distinct sector with different pricing.

6. Origin and provenance

You should always ask about origin. Burmese (Myanmar) rubys historically carry the highest premiums because of their saturated, desirable color. Mozambique and Madagascar produce beautiful rubys, increasingly important in the market. For diamonds, regions matter less to casual buyers but can influence collector pricing — certain mines (e.g., Golconda) have mythic status.

Provenance also includes famous ownership and historical context, which can magnify value in the auction world.

Price ranges and comparisons: a practical view

You want numbers. Below is a simplified table to give you a sense of comparative price ranges per carat in the retail market. These ranges are indicative and vary by market, certification, and the exact attributes of the stone. Prices are approximate and are provided to help you understand scale rather than to serve as quotations.

You should understand that overlap in these ranges is common. A top-quality 2.0 ct untreated Burmese ruby can easily cost more per carat than a 1.5 ct high-quality diamond. Conversely, a perfectly cut, colorless, high-clarity diamond of rare size and cut will cost far more than most rubys.

Examples of market behavior

You’ll often see mid-market diamonds cheaper per carat than fine rubys. Think of an exceptional 2-carat Burmese ruby that might fetch $100,000 per carat versus a more typical 2-carat near-colorless diamond priced at $12,000 per carat. At the other end, very high-end diamonds (fancy colors, rare origins) can exceed virtually any ruby price.

When rubys are more expensive: the scenarios

You should consider a few typical situations where rubys beat diamonds on price.

Exceptional color and untreated status

If you hold a rubys that is vivid pigeon’s blood red and untreated, you have something few people possess. The rarity and collector desire push prices up aggressively.

Large, high-quality stones from prized origins

A 3-carat Burmese untreated ruby in top color can command a per-carat price higher than many diamonds. The market treats such rubys as collectors’ items similar to rare colored diamonds.

Auction and collector premiums

At auction, stones with great provenance often fetch enormous sums. Rubys with historical significance, or those that entered the market after supply reductions in a major mine, can create bidding wars.

When diamonds are more expensive: the scenarios

You’ll also find reliable scenarios where diamonds command higher prices.

Large colorless diamonds at top grades

You should expect that very large, colorless (D-F), internally flawless diamonds will often outrun rubys because the supply of ultra-clean, large diamonds is rare and highly sought by luxury buyers.

Fancy color diamonds

Pink and blue diamonds, particularly Type IIb or those from specific mines (e.g., Argyle pinks historically), have smashed records and often outprice even the finest rubys on a per-carat basis.

Market demand and branding

The diamond market benefits from a century of marketing, certification infrastructure (e.g., GIA), and a well-developed secondary market that supports high-end valuations. This institutional support often favors extremely high prices for diamonds.

Treatment realities: how they affect prices

You will want to pay attention to treatment reports.

Common ruby treatments and their price impact

• Heat treatment: Common and generally accepted in the market; lowers the price relative to untreated stones but still allows for good value if color is strong.
• Glass (lead) filling: Dramatically reduces value and is considered a lesser category. You should avoid misleadingly presented lead-glass–filled rubys unless the price reflects the treatment.
• Diffusion or dyeing: Often unacceptable to serious buyers and severely lowers value.

Diamond treatments and lab-grown options

• Laser drilling, fracture filling: Present but disclosed processes that affect pricing.
• HPHT or CVD grown diamonds: Lab-grown diamonds are chemically and optically similar to natural diamonds but often priced 20–60% lower than comparable natural stones. You should be clear whether a diamond’s origin is natural or lab-grown.

You must insist on disclosure. Untreated stones command premiums; treatments without disclosure can become legal headaches.

Certification and grading: your safety net

You should always ask for a gemological report from a reputable lab. For diamonds, GIA, AGS, and HRD are well-known. For rubys, GIA, SSEF, AGL, and GRS provide useful information on origin, treatments, and whether the stone is natural or filled.

Certification gives you clarity about what you’re buying and helps you compare price-to-quality ratios.

Hardness, durability, and daily wear

You want your jewelry to survive life. Diamonds are marginally harder (10 vs 9 on Mohs). Rubys are robust and suitable for daily wear — they’re commonly set in engagement rings. However, rubys can chip if struck at certain angles owing to cleavage characteristics. Both stones require sensible care.

You should pick a setting that protects vulnerable girdles and consider periodic inspection and cleaning.

The ethical and geopolitical dimension

You’ll want to weigh ethics. Diamonds have a notorious history of conflict gems; changes in the industry (e.g., the Kimberley Process) aimed to reduce that problem, but issues persist. Rubys from Myanmar (Burma) are entangled with sanctions and human-rights concerns; this has affected market prices and buyer preferences.

You should ask for chain-of-custody information, consider conflict-free certifications, and remember that both industries have environmental and social issues. Responsible sourcing has become a value-add for many buyers.

Investment considerations: will either appreciate?

If you’re buying strictly for investment, you should know that gemstones are not as liquid or as well-indexed as stocks or bonds. That said, certain categories can appreciate:

• Rare, untreated, top‑color rubys from historic locations have shown strong appreciation and auction performance.
• Fancy colored diamonds (pinks, reds, blues) have been exceptional performers historically.
• Standard diamonds for normal consumer use (e.g., 1 ct engagement diamonds) are less attractive as raw investments due to retail markups and limited secondary-market appreciation.

You should think of gemstones as a combination of personal enjoyment and potential investment, not a guaranteed profit engine.

Lab-grown stones: what you should consider

You will encounter lab-grown diamonds and synthetic rubys. Lab-grown diamonds have disrupted the market by offering near-perfect diamonds at lower prices. Lab-grown rubys, produced from flame fusion or flux, are widely available and inexpensive compared to natural rubys of similar appearance.

If you prefer natural stones, insist on certification. If you prefer lab-grown for budget or ethical reasons, you can get excellent visual quality without the historic premiums.

Price-per-carat examples: a more detailed comparison table

Below is a more granular table to help you compare typical retail price-per-carat bands for both stones. These are approximate and meant for orientation.

You should use these ranges to set expectations: exceptional rubys can outstrip most diamonds, but diamonds have their own upper echelon that can dwarf many rubys.

Practical buying tips you should follow

You want to buy smart. Here are practical steps to guide you.

• Always ask for a lab certificate for either stone.
• Compare price per carat across similar quality grades and sizes.
• For rubys, prioritize color first, then clarity and cut.
• For diamonds, balance the 4Cs based on which aspect is most meaningful to you.
• Ask about treatments and get written disclosure.
• Inspect in person if possible — photos can be deceptive.
• Consider insurance from day one.
• Purchase from reputable dealers and request return policies.

You should treat the process like buying a car: you will feel wooed by shine, but you should demand documentation and take a test drive.

Caring for your stones

Caring is simple if you’re sensible. Clean with mild soap, warm water, and a soft brush. Avoid harsh chemicals like bleach or hydrofluoric acid. Remove rings during heavy manual tasks. Have prongs checked annually.

Rubys and diamonds both handle daily wear well, but regular maintenance preserves their value and keeps them beautiful.

Anecdotes and popular perceptions (in a Sedaris-flavored register)

You might find yourself in a moment reminiscent of a short story: you’re at a bridal salon, looking at two stones that could be twins except for their souls. One, a diamond, is the cool, well-coiffed child of centuries of commerce. The other, a ruby, is a red-blooded distant cousin with a temper and a sordid past that makes you secretly thrilled.

People often speak about rubys as if they were characters in a novel; buyers will conjure images of Asian emperors and candlelit auctions in Geneva. Diamonds, meanwhile, arrive with a company-issued resume and a tidy set of papers from a prestigious lab. You’ll find yourself deciding whether you want the reliable resume or the scandalous biography.

Auction records: where rubys shine

You like a number? Here are a couple of headline-grabbing examples that show rubys can outprice diamonds.

• The Sunrise Ruby, a 25.59 ct Burmese ruby, sold at auction for over $30 million in 2015, setting per-carat records far above conventional diamonds.
• Exceptional rubys have repeatedly fetched multi-million dollar prices in top-tier auctions, especially when untreated and of historical provenance.

These headline sales illustrate that for rare specimens, rubys can beat any diamond in the room.

Final verdict: short and nuanced

You want a succinct answer: sometimes yes, sometimes no. If you buy a top-quality, untreated, vivid Burmese ruby of substantial size, you can easily pay more per carat than for most diamonds. Conversely, large, flawless, colorless, or rare-color diamonds often carry a higher price tag than many rubys. The market is nuanced, both stones have high and low extremes, and the question “are rubys more expensive than diamonds?” is best replaced by, “is this particular stone more expensive than that particular stone?”

Quick decision checklist you can use in-store

Before you hand over a deposit, run through this checklist:

• Is the stone natural or lab-grown?
• Is there a gemological report from a reputable lab?
• What treatments, if any, were applied?
• What is the stone’s origin (if known)?
• How much does the price compare per carat with similar stones?
• Are there return and insurance options?
• Does the aesthetic feel right to you, beyond numbers?

If you can answer all those confidently, you’re far more likely to make a purchase you won’t regret.

Closing thought

You will soon discover that both rubys and diamonds are more than commodities; they’re stories you wear. Whether you choose a stone that’s been carved by nature into perfection, or one polished by industry’s exacting standards, what matters most is that it resonates with you. If it makes you laugh, sigh, or feel inexplicably brave, that’s worth a lot. If it also happens to be a fabulous investment, you’ll be the kind of person who can both admire a thing and recite its provenance at dinner parties — a very useful combination.