It is no secret that diamonds are expensive.
In fact, they are often referred to as a girl’s best friend because of their high price tag.
But did you know that rubies are actually more valuable and expensive than diamonds are? It may be hard to believe, but it is true!
When it comes to expensive gemstones, the amount of marketing will have a direct impact on the demand and value, even if the gemstone is found to be “a dime a dozen”.
The Trade that has the most media marketing money to invest will win favor and sales in the public domain because of the influence that they are able to purchase.
One of the best kept secrets is the fact that rubies are far more rare than diamonds, and good unadulterated rubies even more so.
You would not know this by the average price that you have to pay to buy an engagement ring, or a nice pair of diamond earrings, but let’s take a closer look at what has happened.
Table of Contents
The Difference Between Diamonds and Rubies
Some people think that rubies are just diamonds with lots of color.
But that is not accurate. Both diamonds and rubies are gemstones, however the difference in their chemical composition is what gives each stone its unique color and hardness.
But that’s not all, lets take a closer look at some of the key differences that make rubies more expensive than diamonds:
Color
Although diamonds are generally the color of clear water and then slide on a color range to yellows, browns, green, pink, and even red, they are not really marketed for the more unusual colors because those are not common.
Rubies, on the other hand, is known for being RED which the name suggests.
Diamonds have other color ranges, but rubies stay in the red zone color.
If a ruby gets light enough to look rather pinkish, it is no longer going to be classified as being a “ruby”.
Whereas, if a diamond is found in other colors, it is still going to be called “diamond” and the variety of colors will simply change in pricing value.
Chemical Makeup
Diamonds are made of carbon, whereas rubies are made of Corundum.
Diamonds are the hardest gemstone on the Mohs hardness scale, the hardest being a “10” because of its unique crystal arrangement.
Rubies are just below diamonds in hardness and are rated at “9.”
Because diamonds are made of carbon, red diamonds cannot attain the vivid reds that are found in the average ruby.
Diamonds that are classified as being red will be more of a reddish brown pink color, whereas rubies will be pigeon blood red and will have additional hues that range orange and purple.
This is due to where each of these two gemstones are mined in the world.
Both diamonds and rubies can be lab grown even though they have a completely different chemical makeup and they can be done with remarkable results that can be distinguished only by a gemologist.
Price
Maybe there shouldn’t be, but there is quite a discrepancy of pricing between both the ruby and the diamond even though diamonds are far more plentiful.
However, this price difference is due to marketing and also to color rarity.
Diamonds that are clear or have some warm color to them fall into one price range, whereas once they reach a more vivid or unusual color, they become exponentially more expensive per carat than a ruby would under the same circumstance.
Rubies that are predominately pink in color are reclassified as being “pink sapphires” because in essence, sapphires and rubies are the exact same chemical makeup with the only difference being the variety of colors.
But when the color of a ruby is the more sought after “pigeon blood red” and is very translucent, the price shoots through the roof…almost.
If we take a diamond that has a pinky-red color with some other color undertones, and if it measures a mere 3.0 mm in diameter which is not even ¼ carat, it will have a cost of around $8500.
Further, if we take that same diamond and it is bigger, meaning nearing 1 carat in size, it will then cost $800,000.
This does not happen in the ruby world.
Even a beautiful highly graded red ruby will only command $50,000 per carat at best if it has had no treatments to enhance it.
Diamonds seem to get a pass when it comes to pricing them with having had color enhancements.
It is not “fair” but it is highly dependent on marketing anyway.
Are Rubies More Expensive Than Diamonds?
Rubies can be more expensive than diamonds and in our opinion they should be, but the reasons vary as will the mileage.
The overwhelming presence of diamonds highlights the rarity of rubies on the market.
Rubies that have evenly distributed color, high clarity, and rich saturation are highly sought after, making them incredibly expensive according to the 4Cs of color, clarity, cut, and carat weight.
But this is not all that is at play when it comes to prices:
Enhancements
Any time that a gemstone has had some kind of “enhancement” to make it “better” than it was when it came from the earth, it will change the pricing structure.
At least that’s what happens to most gemstones. It appears that a diamond that has had some color enhancement can get away from that stigma more so than a ruby can.
Diamonds that have had a change in color or enhancement to make the color more vivid or desirable according to the marketing strategies will command the same price as if they did not have any color enhancement at all.
However, if they did not have any enhancement and are found in nature to be of a particular fancy color, then their value soars to heights that are not enjoyed by rubies with the same type of color enhancement.
- Rubies that have been heat treated to enhance their color, even though rubies are not as plentiful as diamonds, will be given a lower value. This does not happen at the grading level, but on the marketing level which is THE main issue.
- Another enhancement that both diamonds, rubies and many other gemstones undergo is called “filling”. This is a lead glass substance that is injected into a gemstone to make the clarity better and hide inclusions or fissures.
To be fair, neither the diamonds or the rubies that undergo this treatment are priced terribly high, but again, the diamonds seem to get away with it more so than a ruby will.
Filling a gemstone with glass changes it from natural to totally unnatural.
As far as price, it would be best to just spend the same money on a lab grown gemstone that is not enhanced because at least you will be getting the real thing and will be getting a much more stable gemstone apart from the stigma that marketing has dubbed them with.
Marketing
This is the issue that all gemstones face when compared to diamonds.
If the diamond lobby did not have the corner on media marketing, then the price of them would fall by the wayside along with other stones that are not rare at all.
Even though diamonds can be grown in a laboratory, the value of those lab grown stones can still command a higher price than other colored stones that were mined from the earth.
Go figure.
This is completely due to media marketing which is bought and paid for by Trade Oligarchs.
Truth be told, if you find a natural Imperial Topaz, it is far more rare than diamonds are, particularly if the clarity is unrivaled and the cut is just as showy.
But which one do you think is going to be priced higher per carat?
The same goes for rubies or any other colored gemstone which have not been messed with.
Grading
All diamonds and gemstones can be assigned a “grade”.
This means that they can be given a written judgment on how they stack up when it comes to a standard of the Trade.
If a diamond or gemstone has not been graded by anything other than the person who is retailing it, then it becomes a matter of opinion and the price can reflect this fact.
If the gemstone or diamond has been priced high simply because it is attractive, but it has had a ton of enhancements, then how will you know?
A gemstone that has been sent to GIA for grading will have absolutely no assignment or opinions included as far as value goes, and indeed, they never have assigned a pricing value or price structure when grading is done.
Having a diamond or gemstone graded means that there have been set standards of comparison and these standards are known and adhered to worldwide.
GIA is known for having the most rigid and respected grading standards throughout the world.
What does this have to do with price?
Well, if you have any gemstone that you want to sell or buy, and if it has been graded by GIA and their Certificate is included, then there is far more value that is going to be assigned to that stone than if the jewelry store is merely filling out their own certificates.
Never accept certificates from a jewelry store, even if one of the owners is a Graduate Gemologist from GIA because they can easily use their position to hide behind when overpricing their own items!
Wouldn’t you like to write your own checks too?
What does grading have to do with pricing?
Keep in mind that price should depend on who did the grading, what the grading shows, and what the known Trade standards are for the gemstones in question.
Even a “bad” stone can be priced too high whether or not it has a grade assigned by GIA or anyone else. But that is where you need to do your homework to find out what exactly the standards are for the type of stone you are wanting.
Final Thoughts
Rubies, in some circumstances, can be more expensive than diamonds. However, in most cases diamonds are going to be more expensive than rubies due to arbitrary trade practices.
If you love rubies, do not be sucked into buying diamonds simply because they have been given every privilege imaginable through marketing.
You will outgrow your assessment of diamonds quicker if you have an appreciation for their rarity compared to diamonds.
It is our opinion that there are only a few gemstones that would rival a ruby for rarity and desirability, and two of those are Alexandrite and Benitoite.
Check them out, but make sure that you own an untreated ruby first!