Is a Ruby More Expensive Than a Diamond?

When considering the world of fine gemstones, one question often arises—Is a Ruby more expensive than a Diamond? While diamonds have long been synonymous with luxury and romance, rubies, with their fiery crimson hues, carry an air of rarity and regal allure. The answer, however, is not as straightforward as it may seem.

At first glance, diamonds appear to be the priciest gemstone, given their cultural significance and dominance in the engagement ring market. Yet, in many cases, an exceptional ruby can surpass the value of a diamond, especially when considering the highest-quality stones.

Understanding the Value of a Ruby

Rubies belong to the corundum family, the same mineral species as sapphires, but their deep red coloring is due to the presence of chromium. The most sought-after rubies boast a rich, velvety red—often referred to as "pigeon blood"—and originate from locations such as Myanmar, Thailand, and Sri Lanka.

Unlike diamonds, which have a standardized pricing structure through the 4Cs (cut, clarity, color, and carat weight), rubies are assessed more subjectively. Their rarity, particularly in larger sizes, drives their value up significantly. A high-quality ruby over one carat in size can command a higher per-carat price than an equivalent diamond.

How Diamonds Compare in Price

Diamonds remain a global standard in luxury jewelry, and their pricing is relatively predictable due to the 4C grading system. While diamonds are widely available in many sizes and cuts, truly rare diamonds—such as fancy colored varieties—can reach astronomical prices.

For instance, pink, blue, and yellow diamonds often sell for millions at auction due to their scarcity. Yet, for colorless diamonds, prices vary widely depending on quality, size, and demand. Even though diamonds are widely available, those of exceptional clarity and size still remain highly valuable.

Why Rubies Can Outprice Diamonds

Rubies of extraordinary quality are incredibly rare. Unlike diamonds, which can be lab-grown with near-identical properties to natural stones, a top-tier, untreated ruby is a true collector's gem. In the auction world, rare rubies have been known to fetch higher per-carat prices than white diamonds of similar weight.

One prime example is the famous Sunrise Ruby, a 25.59-carat Burmese gem that sold for a record-breaking $30 million at auction, surpassing many similarly sized diamonds.

Choosing Between a Ruby and a Diamond

For those considering a purchase, the decision between a ruby and a diamond comes down to personal taste, intended use, and budget. If you seek a timeless piece with universal appeal, a diamond remains a safe investment. If rarity, passion, and bold color appeal to you, a striking ruby may be the ultimate choice.

Both gemstones are stunning, but in the realm of luxury and rarity, the right ruby can indeed be more expensive than a diamond.