Part of the Colored Gemstone Price Guide
KEY NUMBERS · RUBY, PER CARAT
$564.54
rough average, Gemfields October 2026
$620–$60,000
12 named sales, 1 to 10 ct, in rings
~$1.2M
record per carat, Sunrise or Crimson Flame (2015)
In twelve named auction sales of rubies between 1 and 10 carats, the price ran from about $620 to about $60,000 per carat (our arithmetic). The low end was a heated Mozambique stone. The high end was an unheated Mozambique stone with Gübelin and GRS reports, which GRS described as pigeon blood.
Treatment, color, origin and size explain most of that gap, and the same report line can still sit at very different prices. Only a lab report and an independent appraisal can place a specific ruby.
Updated November 9, 2026.
TL;DR
Every sale below is a ruby set in a ring, so the per-carat figure overstates the stone a little.
Heated stones in this set sold from about $620 to about $6,300 per carat. Stones with no indications of heating sold from about $3,000 to about $60,000.
Two unheated Burmese rubies of 2.68 and 3.25 carats, both with GIA reports, sold about 4.6 times apart per carat (our arithmetic). The label alone does not set the price.
Rough sells far lower: Gemfields averaged $564.54 per carat across its October 2026 sale.
We do not value individual stones. We publish the public reference points.
Ruby Value: Twelve Named Sales
Ruby, report wording | Sale | Price | Per carat (our arithmetic) |
|---|---|---|---|
7.04 ct, AGL: Mozambique, heat enhancement | Rago, May 2022 | $4,375 | About $620 |
About 1.35 ct, AGL: Burmese, no gemological evidence of heat | Bonhams Los Angeles, May 2025 | $4,096 | About $3,030 |
2.68 ct, GIA: Burmese, no indications of heating | Bonhams Los Angeles, Sept. 2025 | $10,240 | About $3,820 |
5.01 ct, Gem & Pearl Lab: East African, no evidence of heat treatment | Bonhams London, June 2025 | £23,040 | About £4,600 |
5.34 ct, Guild: Burma, heated with minute residues | Bonhams Hong Kong online, Aug. 2025 | HK$192,000 | About HK$36,000 |
About 5.50 ct, GIA: Thailand, indications of minor heat treatment | Bonhams New York, May 2023 | $34,560 | About $6,280 |
7.08 ct, Gübelin: Mozambique, no indications of heating | Phillips Hong Kong, Nov. 2021 | HK$378,000 | About HK$53,400 |
4.00 ct, GRS: Mozambique, no indication of thermal treatment | Phillips Hong Kong, Nov. 2021 | HK$214,200 | About HK$53,600 |
5.01 ct, GRS: Mozambique, no indication of thermal treatment | Phillips Hong Kong, Nov. 2021 | HK$403,200 | About HK$80,500 |
8.03 ct, GRS: Mozambique, no indication of thermal treatment | Phillips Hong Kong, Nov. 2021 | HK$907,200 | About HK$113,000 |
About 3.25 ct, GIA: Burmese, no indications of heating | Bonhams Los Angeles, July 2025 | $57,600 | About $17,700 |
8.08 ct, Gübelin and GRS: Mozambique, no indication of heating | Phillips Hong Kong, Nov. 2020 | HK$3,780,000 | About HK$468,000 |
Bonhams prices include buyer's premium. The Rago and Phillips pages do not say whether theirs do. All twelve rubies are set in rings, most with diamonds, so dividing the whole price by the ruby's weight overstates the stone. At the Hong Kong dollar's peg of about 7.8 to the US dollar, HK$468,000 is roughly $60,000 and HK$36,000 roughly $4,600 (our arithmetic). Each lot is linked under Useful Sources.
What Decides What Your Ruby Is Worth
1. Treatment
The treatment line on the report comes first. In this set, every stone above about $6,300 per carat carried a report with no indications of heating. Heating is common in ruby, and glass-filled rubies are a different, far cheaper product: see Glass-Filled Ruby and No Indications of Heating.
2. Color
GIA says the finest rubies have a pure, vibrant red to slightly purplish red. Two unheated Burmese stones of similar size, both with GIA reports, sold 4.6 times apart per carat in 2025. The report line alone does not explain that gap: the stone itself does.
3. Origin
Origin only counts when a lab with origin capability states it. Both Burma and Mozambique appear at the top of this set. See Ruby Price Per Carat.
4. Size
Compare inside the same size band. A 1 carat price and an 8 carat price are different markets.
5. The jewel around it
A ring price also pays for the mount and any diamonds. The stone alone is worth less than the jewel's price suggests.
How Much Is a 1-Carat Ruby Worth?
The closest named sale in our set is an unheated Burmese ruby of about 1.35 carats with an AGL report, sold for $4,096 in a ring with diamonds at Bonhams Los Angeles in May 2025. One sale is not a price list. A 1 carat ruby can be worth far less, heated or glass-filled, or more, with exceptional color. A lab report and an independent appraisal are the way to a number for a specific stone.
How to Find Out What Your Ruby Is Worth
Get a lab report. It states that the stone is natural ruby, whether it was heated or filled and, from labs such as GIA, SSEF, Gübelin, GRS or AGL, the origin. See How to Verify a Gem Lab Report.
Get an independent appraisal. Use an appraiser who is not buying or selling the stone.
Know which value you are reading. An insurance appraisal states a replacement cost. It is not the price a dealer will pay you.
Compare with named sales. Use the table above, inside the same size, treatment and origin band.
Ruby prices, sourced every week.
Auction results, Gemfields sales and the report lines that move a price. Every Tuesday.
FAQ
How much is a ruby worth per carat? In twelve named sales of 1 to 10 carat rubies in rings, from about $620 to about $60,000 per carat. At the very top, Lotus Gemology records the Sunrise Ruby at $1,266,901 per carat (Sotheby's Geneva, 2015); Christie's reported the Crimson Flame, about $1.2 million per carat, as a record the same year.
How much is a 1-carat ruby worth? One named sale, an unheated Burmese ruby of about 1.35 carats in a diamond ring, sold for $4,096 in 2025. A specific stone needs a lab report and an appraisal.
Is an unheated ruby worth more than a heated one? In this set, every stone above about $6,300 per carat had no indications of heating. We found no reliable public multiple for the premium, so we do not publish one.
How much is ruby rough worth? Gemfields averaged $564.54 per carat across its October 2026 rough sale. Rough is not comparable with cut stones.
Is a ruby a good investment? We do not give investment advice. A few auction results do not establish a reliable return.
Useful Sources
Gemfields: Montepuez ruby auction results.
Carat Brief is editorial and is not investment advice.