Part of the Colored Gemstone Price Guide
KEY NUMBERS · EMERALD, PER CARAT
$9.72
commercial rough, Gemfields 2026
$5,500–$7,000
upper-fine Colombian, 2 to 3 ct, GemGuide
$305,000
Rockefeller Emerald, Christie's 2017
An emerald can be worth under $10 per carat as commercial rough or over $300,000 per carat at the top of the auction market. For a finished stone, the most useful trade reference we can source is GemGuide: $5,500 to $7,000 per carat for upper-fine 2 to 3 carat Colombian emeralds, and $4,500 to $6,300 for Zambian, as reported by JCK in August 2026.
Where your emerald sits depends on color, clarity enhancement, origin and size, and only a lab report and an independent appraisal can place it.
Updated November 9, 2026.
TL;DR
Color comes first. GIA says the most desirable colors are bluish green to pure green with vivid saturation.
The degree of clarity enhancement, written on the lab report, moves the price. See Minor Oil Emerald: F1, F2 and F3.
Origin counts: in GemGuide's figures reported by JCK, the Colombian premium is about 14% at half a carat and approaches 70% at 15 carats.
A price for rough, a price for a loose stone and a price for a ring are three different things.
We do not value individual stones. We publish the public reference points.
Emerald Value: The Reference Points
Reference | Per carat | Source |
|---|---|---|
Commercial-quality rough, Kagem mine, September 2026 average | $9.72 | Gemfields auction results |
Higher-quality rough, Kagem mine, May 2026 average | $146.08 | Gemfields auction results |
Upper-fine Zambian, 2 to 3 ct | $4,500 to $6,300 | GemGuide, reported by JCK, August 2026 |
Upper-fine Colombian, 2 to 3 ct | $5,500 to $7,000 | GemGuide, reported by JCK, August 2026 |
2.12 ct Colombian, minor enhancement, Tiffany ring | About $6,500 (our arithmetic) | Bonhams New York, May 2019 |
About 5.20 ct Colombian, minor enhancement, ring | About $8,600 (our arithmetic) | Bonhams Los Angeles, July 2023 |
10.68 ct Colombian, ring | $113,764 | Sotheby's New York, 2018 |
18.04 ct Rockefeller Emerald | About $305,000 | Christie's New York, June 2017 |
Rough averages cover many lots of uncut stones and are not comparable with cut stones. The Bonhams per-carat figures divide the whole ring, premium included, by the emerald's weight, so they overstate the stone a little. All the named sales are in our Emerald Price Per Carat guide, with links to each lot.
What Decides What Your Emerald Is Worth
1. Color
GIA ranks bluish green to pure green with vivid saturation highest. Stones that are too light or too dark sit lower.
2. Clarity enhancement
Filling fractures with oil or resin is common in emerald, according to GIA. Labs grade the degree, and a stone with little or none sits higher. We found no reliable public multiple for a no-oil stone, so we do not publish one.
3. Origin
Origin only counts when a lab with origin capability states it. In GemGuide's figures, Colombian stones carry a premium over Zambian ones that widens with size. See Colombian vs. Zambian Emerald.
4. Size
A price for a 2 carat stone and a price for a 15 carat stone belong to different markets. Compare inside the same size band.
5. The jewel around it
A ring price also pays for the mount, any diamonds and sometimes a famous signature. The stone alone is worth less than the jewel's price suggests.
How Much Is a 1-Carat Emerald Worth?
We found no reliable public price list for 1-carat emeralds. The closest trade reference we can source is GemGuide's for upper-fine 2 to 3 carat stones, above, and we do not publish a figure we cannot source. For a specific 1-carat stone, a lab report and an independent appraisal are the way to a number.
How to Find Out What Your Emerald Is Worth
Get a lab report. It states that the stone is natural emerald, the degree of clarity enhancement and, from labs such as SSEF, Gübelin, GRS or AGL, the origin. Check the report online: 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 reference points above, inside the same size and quality band.
Emerald prices, sourced every week.
Gemfields auctions, named sales and the lab language that moves a price. Every Tuesday.
FAQ
How much is an emerald worth per carat? From $9.72 for commercial rough to about $305,000 for the Rockefeller Emerald. GemGuide puts upper-fine 2 to 3 carat Colombian stones at $5,500 to $7,000 per carat.
How much is a 1-carat emerald worth? We found no reliable public price list for 1-carat stones. A lab report and an independent appraisal are the way to value a specific stone.
Are Zambian emeralds worth less than Colombian? In GemGuide's figures reported by JCK, yes for comparable stones: $4,500 to $6,300 against $5,500 to $7,000 per carat for upper-fine 2 to 3 carat stones.
What is the most expensive emerald per carat? The 18.04 ct Rockefeller Emerald, at about $305,000 per carat at Christie's New York in 2017.
Is an emerald a good investment? We do not give investment advice. A few auction results do not establish a reliable return.
Useful Sources
JCK, As Colombia Stumbles, Zambia Steadies the Emerald Trade: the GemGuide figures.
Gemfields: Kagem auction results.
Carat Brief, Emerald Price Per Carat: every named sale with its lot link.
Carat Brief is editorial and is not investment advice.