Rubies and diamonds are both among the most precious and coveted gems globally. These stones have long captivated humanity’s fascination, symbolizing beauty, luxury, and status.
While diamonds continue to enjoy immense popularity, rubies often command higher prices despite being less renowned, thanks to their rich history, cultural significance, and rare beauty.
If you have been wondering why rubies cost more than diamonds, this article explores several reasons behind the high price.
Historical Significance and Cultural Influence
Rubies and diamonds have both played significant roles in history, influencing cultural traditions and customs. Rubies, with their rich red color, adorned the crowns and regalia of monarchs, symbolizing power, wealth, and prestige. The legendary tales associated with iconic rubies, like the Black Prince’s Ruby and the Sunrise Ruby, have further elevated their status in the gemstone hierarchy.
Diamonds, on the other hand, gained immense popularity in the 20th century thanks to strategic marketing campaigns by diamond companies. They became synonymous with engagements and everlasting love, shaping cultural perceptions and consumer demand.
While diamonds and rubies have their own individual significance, there is also an opportunity to combine their beauty and value. For example, you can opt for ruby rings embellished with diamonds, which create stunning pieces of jewelry that offer the best of both worlds.
Scarcity and Rarity
The rarity of rubies is a crucial factor contributing to their elevated prices. Unlike diamonds, which can be found in multiple locations worldwide, the sources of rubies are limited.
Most rubies come from specific regions such as Myanmar (Burma), Mozambique, and Madagascar. These areas possess unique geological conditions that allow for the formation of rubies, but their limited deposits make them scarce.
Additionally, ruby mining can be challenging due to difficult terrain, political instability, or environmental regulations, further restricting the supply. The combination of limited sources, geological conditions, and mining challenges creates a scarcity that drives up the value of rubies in the market.
Color and Desirability
Rubies owe their allure to their vibrant red color, often called “pigeon blood” red. The intensity of this hue depends on factors such as chromium content, with higher chromium levels resulting in a deeper red color. This captivating red hue is associated with passion, love, and prestige, further elevating the desirability of rubies.
In contrast, diamonds’ color is traditionally graded on a scale from colorless to yellow or brown. While the most valuable diamonds are colorless or those exhibiting rare colors like pink or blue, they still lack the captivating allure of the rubies’ red color.
Gemological Factors
When evaluating gemstones, factors such as hardness and durability play a crucial role in their value. Rubies possess remarkable hardness, ranking just below diamonds on the Mohs scale. That means they can withstand everyday wear and maintain their beauty over time.
Diamonds are also known for their unmatched hardness and brilliance. However, while rubies may be slightly less durable than diamonds, their hardness is still remarkable in the gemstone world, and their allure lies in their vibrant color rather than their brilliance.
Market Demand and Pricing
Recently, the demand for rubies has risen. In fact, the global ruby market is projected to grow by 5% from 2023 to 2028. Due to limited supply and increased consumer awareness of rubies’ unique beauty, the market value of these stones keeps increasing.
However, despite the rising demand for rubies, diamonds continue to dominate the gemstone market. This has been made possible by established consumer demand and strategic supply control.
Conclusion
While diamonds continue to be highly sought after and maintain their dominance in the gemstone market, the price of rubies is still unbeatable. The allure of rubies lies in their rarity, unique color, and historical significance, solidifying their position as a gemstone of exceptional value and desirability.