Ruby, the most celebrated red gemstone, commands the highest prices of any colored stone—rivaling diamonds.
In November 2014, Sotheby’s set a world auction record for the gem with the famous 8.62-carat Graff Ruby, which sold for nearly $1 million per carat. The high price tag of the stone was justified by its coveted vibrant color.
Ruby is the red variety of corundum and can best be described as a fraternal twin to sapphire. All colors of corundum–except ruby–are considered sapphires. So what’s the difference between pink sapphire, red sapphire and ruby, you ask? You’ve stumbled upon a much-discussed topic in gemology.
Ruby and sapphire are virtually identical in all properties with the exception of color. Rubies are theoretically red sapphires, but by historical prominence (long before scientists discovered the two gems were related), ruby has always been classified as a distinct gemstone. The most important factor separating pink sapphire from ruby is the varying amounts of chromium that produce its red color. A certain level of color saturation must be reached for the gem to be called a ruby and red must be the dominant hue. This is a challenging because nature produces virtually no pure color; rather red is often a mix of other tones and contains secondary hues of pink, purple, and orange.
The most valuable rubies are those displaying a vivid medium-dark prominent red color while exhibiting a secondary purple hue. This color is often described as “pigeon’s blood,” an example of which is the Graff Ruby above. While we agree it is an unusual phrase by modern standards, the trade term is thought to have originated in Burma (now called Myanmar) where some of the world’s finest rubies were discovered.
Since early 1997, Burma (as the jewelry trade continues to refer to it) has been under various U.S. economic sanctions stemming from humanitarian concerns over the military regime controlling the country. One sanction in particular prohibits importing ruby and jadeite. Last November, Burma held it first general election in more than 15 years, a milestone toward reform for the economically troubled nation. While U.S. relations with the country have improved and some sanctions were lifted, the ban on gemstones remains.
As a result, Blue Nile takes the necessary steps with suppliers to comply with the applicable laws in the import, export, purchase, and sale of ruby gemstones and jewelry. Despite the uncertain future of Burmese gems, one thing is certain: Burma set the benchmark to which every ruby is measured.
With popularity for the exquisite jewel still going strong, the gem world (and Blue Nile) has turned to East Africa to fill the void for ethically-sourced stones. Mozambique, Madagascar and Tanzania produce some beautiful colors, allowing ruby to continue its reign as the top gem in the jewelry kingdom. Even more exciting, rumor has it Greenland may be the next source with mining operations over the last 10 years yielding new ruby supply.