How Much Is a Ruby Worth? Ruby Price per Carat, From 2,428 Listings
What independent sellers ask for heated and unheated rubies, read listing by listing in October 2026. No chart borrowed from someone else.
A 1 to 2 carat ruby typically asks $1,170 to $6,020 a carat heated and $2,110 to $6,790 unheated. Those are the middle listings at four independent sellers, read in October 2026. Single stones run from $235 to $28,050 a carat, because color, treatment, origin and size all move the price.
| Asking price per carat | Heated | Unheated |
|---|---|---|
| 1 to 1.99 ct, typical ask | $1,170 to $6,020 | $2,110 to $6,790 |
| 1 to 1.99 ct, full span | $235 to $14,025 | $587 to $28,050 |
| 2 to 2.99 ct, typical ask | $1,760 to $5,100 | $2,580 to $10,770 |
| 2 to 2.99 ct, full span | $293 to $24,300 | $645 to $50,000 |
| Burmese, all sizes, full span | $235 to $28,125 | $2,000 to $373,750 |
| Listings read, 1 to 2.99 ct | 956 | 453 |
How much is a ruby worth per carat?
It depends on four things you can check: weight, treatment, origin and color. Many price charts online repeat one another, so we read listings instead: 2,428 priced rubies at five independent sellers, on October 7, 2026. Faceted single stones only, each with its treatment stated.
- Typical ask is each seller's middle listing, from the lowest of those middles to the highest.
- Full span is the cheapest and the dearest single listing.
- Asked, not sold. These are list prices, not closed sales.
The sellers don't agree. For a heated 1 to 2 carat ruby, one seller's middle listing asks $1,173 a carat and another's asks $6,016, five times more. A price list describes one seller's stock, not the market, and ours is kept out of the table for that reason. For the wider picture, see our colored gemstone market statistics.
How much more does an unheated ruby cost?
More, but less than the word suggests. Almost all rubies are heated, so assume heat unless a laboratory report says otherwise. At each of three sellers, the middle unheated 1 to 2 carat ruby asks more than the middle heated one: 34 percent more at the first, 80 percent at the second, about three and a half times at the third.
What we measured
Unheated ruby against heated, seller by seller
First seller, the largest
34% more
Second seller
80% more
Third seller, the smallest
About 3.5 times the price
Middle asking price per carat of unheated rubies against heated ones, 1 to 2 carats, at the three sellers with at least five listings of each, read on October 7, 2026. Asked, not sold.
Now look at the spans. The cheapest unheated ruby in that band asks $587 a carat, below the typical heated stone. Unheated is not a synonym for expensive. The big premium goes to large, top-quality rubies that never needed heat, because those are rare.
One step below heated: rubies that are diffused or glass-filled are worth less than heated ones. We print no figure for them, since fewer than three sellers list them as such. The full treatment ladder is in our natural ruby guide.
What does Burmese or Mozambican origin add to the price?
Less than the name alone promises. Origin lifts the price of a fine, unheated ruby when a laboratory report confirms it. On its own, it sets no floor.
- Burmese, unheated. 69 listings at four sellers ask $2,000 to $373,750 a carat. Between 1 and 3 carats, 56 of them ask $2,000 to $50,000.
- Burmese, heated. 554 listings at three sellers ask $235 to $28,125 a carat.
- Mozambican, unheated, 1 to 3 carats. 202 listings at three sellers ask $670 to $31,500 a carat. Mozambique has become the world's most important ruby source.
- Sri Lankan and Thai. Too few sellers list them by origin for us to print a figure.
In some markets, an unheated Mogok ruby can cost twice as much as an unheated Thai ruby of similar apparent quality. A place name on a price tag is not proof of origin, though. Color names work the same way: see pigeon blood ruby.
Why does the price per carat climb with size?
Because fine rubies over one carat are rare. A fine 5 carat ruby sells for over five times more per carat than a fine 1 carat one. A commercial 5 carat ruby sells for only about twice as much per carat.
The listings show the same slope. From the 1 to 2 carat band to the 2 to 3 carat band, the dearest unheated listing goes from $28,050 to $50,000 a carat, and the dearest heated one from $14,025 to $24,300.
One trap. Ruby rough is expensive, so cutters keep as much weight as they can. Flattened rough becomes a shallow stone with a window, where light leaks out through the middle. Look at the stone face-up, not only at the carats. And if the red is light, check which name it carries: ruby or pink sapphire is a wide difference in value.
What a window is
The same stone cut three ways, seen from the side and from the top.
To check a stone: look straight down through the top. A see-through patch in the middle is a window.
When is a ruby price too low?
When a clean, vivid red ruby of a carat or more asks a price near the bottom of the spans, ask what it is before you ask why it is cheap. Two usual answers:
- Synthetic ruby. It has been on the market since 1902. Flame-fusion material is inexpensive, and flux-grown stones have inclusions that can look natural.
- Glass-filled or diffused ruby. Worth less than a heated stone. The treatment should be disclosed to you in writing.
A report from an independent outside laboratory settles it. Our guide to what a gemstone certificate proves shows what to read on it.
Seven questions to send before you accept a ruby price
7 points
A message ready to send to the seller, with all the questions.
See the message
Hello, I am interested in this ruby. Before I decide, could you answer a few questions in writing? 1. What are the total price and the exact weight in carats of this ruby? 2. Has this ruby been heated, glass-filled or diffused, and can you confirm the treatment in writing? 3. Is this a natural ruby, not a synthetic one? 4. Can you send photos or a short video of this exact ruby face-up in daylight, tilted, so I can see its color and any window? 5. What are its length, width and depth in millimeters? 6. Does a report name this stone ruby, or could its red be light enough to be called pink sapphire? 7. Are the origin and the absence of heat written on a report from an independent outside laboratory, or are they your own description? Thank you for your time.
How do you check a ruby quote?
- Convert it to a price per carat. Divide the price by the weight. Total prices can't be compared across sizes.
- Get the treatment in writing. Heated, unheated or filled decides which band you compare with.
- Find the band. Same weight range, same treatment. Then see where the quote sits between the typical ask and the full span.
- Pay for origin only when it is on a report. With us, the stone goes to an independent outside laboratory after you buy, and the report ships with it: see our certification policy.
Now try it on a quote you were given:
Quote check
Check a ruby quote
Enter the quote you were given. It is turned into a price per carat and placed among the asking prices we read.
Divide the quote by the weight to get a price per carat, then find its band: same weight range, same treatment.
Treatment stated on the quote
Enter the treatment, the weight and the asked price.
| Asking price per carat | Heated | Unheated |
|---|---|---|
| 1 to 1.99 ct, typical ask | $1,170 to $6,020 | $2,110 to $6,790 |
| 1 to 1.99 ct, full span | $235 to $14,025 | $587 to $28,050 |
| 2 to 2.99 ct, typical ask | $1,760 to $5,100 | $2,580 to $10,770 |
| 2 to 2.99 ct, full span | $293 to $24,300 | $645 to $50,000 |
Typical ask is each seller’s middle listing, from the lowest middle to the highest. Full span is the cheapest and the dearest single listing.
Asking prices read on 2,428 listings at five independent sellers on October 7, 2026. Asked, not sold. This places a quote, it does not value a stone.
For the other corundum, see sapphire price per carat.
Quick answers
How much is a 1 carat ruby worth?
How much is a 2 carat ruby worth?
How much is a Burmese ruby worth per carat?
What is the most expensive ruby ever sold?
The bottom line
A ruby price per carat only means something inside its band: same weight, same treatment, same origin on paper. Convert the quote, find the band, see where it sits. Then look at the stone, because the middle of a range is still somebody else's ruby.
