"Gemfields ruby rough: volume dropped 77% in two years while price per carat rose 73%. The supply squeeze is structural — fine material is simply running out."
— Guild Gemology Frontier Vol.6 No.4, Gemfields MRM auction data 2023–2025
The ruby market in 2025 has one overriding narrative: less material, higher prices. Gemfields' Montepuez mine — the world's largest formal ruby operation — auctioned just 68,705 carats in June 2025, down from 302,317 in June 2023. Pigeon Blood dominates at 83.45% of trade names, but "Exceptional Quality" dropped from 12.02% to 7.72% — a clear scarcity signal. New threat: Ba/Zr glass filling, a previously unknown treatment discovered in 2025.
Gemfields Ruby Rough Auction Data — 2023–2025
Montepuez Ruby Mining (MRM), Mozambique — mixed-quality auctions
Volume −77%, price +73% in 2 years. Less material = higher bids per carat. Mini-auction Sep–Oct 2025: $11.0M, avg $59.43/ct (lower grade).
Data: Gemfields Group Ltd, Guild Gemology Frontier Vol.6 No.4
2025 Ruby Market Intelligence — Guild Gem Laboratories
How Ruby Prices Are Formed
From Rough Lot to Your Stone
What happens before a ruby reaches any price list.
Why Ruby Is the Tightest Market
Gemfields auctioned 68,705 ct in Jun 2025 vs 302,317 ct in Jun 2023. 77% volume collapse. Fine Burmese rough doesn't auction at all — private channels only. Premium rubies don't depreciate.
Ruby Prices Per Carat — 2025
Faceted, certified, USD per carat.
Burma (Mogok, Mong Hsu)
| Grade | Treatment | 0.5–1 ct | 1–2 ct | 3 ct+ |
|---|---|---|---|---|
| Pigeon Blood | ||||
| Vivid/Pigeon Blood | Unheated | $8,000–15,000 | $15,000–40,000 | $50,000–200,000+ |
| Vivid/Pigeon Blood | Heated | $3,000–8,000 | $8,000–20,000 | $20,000–80,000 |
| Fine Red | ||||
| Fine Red | Unheated | $3,000–8,000 | $8,000–18,000 | $18,000–50,000 |
| Fine Red | Heated | $1,500–4,000 | $4,000–10,000 | $10,000–25,000 |
| Commercial | ||||
| Medium/pinkish | Heated | $300–1,500 | $1,000–3,000 | $3,000–8,000 |
Burma 57.73% of market. Mogok = saturated red with Cr-fluorescence. 3ct+ unheated Mogok PB is auction territory.
Mozambique (Montepuez — Gemfields MRM)
| Grade | Treatment | 0.5–1 ct | 1–2 ct | 3 ct+ |
|---|---|---|---|---|
| Pigeon Blood (GRS) | Unheated | $5,000–10,000 | $10,000–25,000 | $25,000–80,000+ |
| Vivid Red | Unheated | $2,000–5,000 | $5,000–12,000 | $12,000–30,000 |
| Vivid Red | Heated | $800–2,500 | $2,500–6,000 | $6,000–15,000 |
| Commercial | Heated | $200–800 | $500–2,000 | $2,000–5,000 |
Mozambique 28.91% (↓ from 33.46%). MRM produces brighter pinkish reds with higher fluorescence — younger consumers accepting these.
Other Origins
| Origin | Quality | 1 ct | 2 ct+ |
|---|---|---|---|
| Madagascar | Vivid | $1,000–4,000 | $3,000–10,000 |
| Thailand | Dark, heated | $300–1,500 | $1,000–4,000 |
| Sri Lanka (pink ruby) | Vivid pink-red | $500–2,000 | $2,000–6,000 |
| Tanzania | Various | $200–1,500 | $1,000–4,000 |
How Treatment Affects Ruby Price
NH premium: 2–4× over heated. H(1) = minor residue. H(2) = significant. Glass-filled = near-zero value.
Which Ruby Budget Are You?
Heated Mozambique vivid 0.5–1.5ct. Commercial Burma heated. Younger consumers accept brighter pinkish reds — value at this tier.
Unheated Mozambique 1ct+ or heated Burma PB. "Exceptional Quality" dropped to 7.72% — fine material scarce even mid-tier.
Unheated Burma PB 1ct+ GRS. Unheated Mozambique PB 2ct+. Rough volume −77%. Access is the challenge I solve.
When NOT to Buy a Ruby
Lead glass-filled (0.84%) — Composite stone. Glass dissolves in lemon juice, cracks in heat. Near-zero resale. Lab report non-negotiable.
Ba/Zr glass filling (NEW 2025) — New variant discovered by Guild. May evade standard detection. Insist on Guild, GRS, or SSEF report.
H(2) — heavy heating (2.24%) — Flux additives leaving significant residue. Often sold as "natural corundum" without disclosing treatment degree.
"Too red, too cheap" — If a 2ct Pigeon Blood is under $3,000 total — glass-filled, synthetic, or mis-graded. Fine unheated PB starts at $8,000/ct.
Ruby Price Questions Buyers Ask
The VividCarat Process
See the stone before you commit.
20 minutes on Zoom. I show you rubies under natural light, compare origins, walk through treatment levels. No deposit. No pressure.
Book a Free Consultation →WhatsApp · Zoom · Email