Only growth

Colour in stones. Let’s have a close look at some of the most coveted stones in the market. Regularly breaking auction records year after years.

We’ll give you a general overview on the wholesale price on the gemstones market, plus a small recap of each gemstones origin key to price determination and understanding (not extensive). Prices given are average, in US$ and can vary from one source to another.

Remember, Origin for precious stones is key and at the root of the colours in gemstones. Origin works like a brand.

Ruby Auction price record Precious stones
Price evolution of rubies - record prices at auctions, source: Knight Frank Luxury report
From rough to pre-formed rough to facetted Mozambique rubies
From rough to pre-formed rough to facetted Mozambique rubies


Ruby is among the rarest of all the major precious stones, with only a handful of sources producing high qualities.

Pigeon’s blood is traditionally the term used to describe the finest colours of ruby. The pigeon’s blood colour is not unique to Mogok, stones of this colour are also found at Mong Hsu (Burma), Vietnam, Mozambique, Tanzania and other localities. Royal red and Strawberry red are also very sought after colours in ruby.

Burma (Mogok) is the traditional source of the world’s finest rubies. Red body colour and red fluorescence too. 5ct – > 80’000 US$/ct in 2015, > 150’000 US$/ct in 2021.

Vietnam: Luc Yen/Quy Chau. Similar to Mogok, not as well marketed.

Mozambique: new deposit since 2010. High quality and very intense colour. Above 10 ct, price can reach 35’000 US$/ct in 2015. Today in 2021 at 80’000 US$/ct. The Mozambique deposit near Montepuez has now joined an elite club. In just 10 years, an unprecedented quantity of fine stones has entered the market in almost unheard-of sizes.

Prices are given as an indication and for top Colour, Clarity, Cut and for untreated stones.

Blue SapPhire

In the world of Blue sapphire, Kashmir is the peak, the quality against which all others are measured. The reference in Blue colour is named after Cornflower blue. Velvety blue is on the top too. Kashmir mine is not producing anymore. Today, price can fetch 200’000 US$/ct.

Next to Kashmir, Burma (Mogok) sapphires are unsurpassed. Production is very week. Deep rich colour. 10 ct – > 25’000 US$/ct in 2015, 35’750 US$/ct en 2021.

Sri Lanka is nowadays the main producing source for blue sapphires. Blue Sapphire from Sri Lanka have a unique beauty of their own, the best being a sharp electric blue or an intense royal blue, generally lighter and livelier colours. 10 ct – > 13’000 US$/ct in 2015, 17’500 US$/ct en 2021. Prices are given as an indication and for top Colour, Clarity & Cut and untreated stones.

Blue Sapphires showing variation in saturation/tone
Blue Sapphires showing variation in saturation/tone
Pair of top fine untreated Colombian emeralds
Pair of top fine untreated Colombian emeralds


Colombia is the reference when it comes to Emerald. Muzo is the reference with a deeper, “herbaceous” green and higher transparency than any other deposit, the Muzo mine was closed till 2017. Coscuez and Chivor are 2 other sources. 10 ct – 15’000 US$ /ct in 2015, 18’500 US$ /ct in 2021

Unfortunately, to enhance their clarity, Emeralds are generally filled with colourless oil or resin.

Brazil, Zambia & Afghanistan are the other provenance for top quality emerald. Brazil: 10 ct – US $ 8,000 / ct in 2015, US $ 10,000 / ct in 2021. Zambia: 10 ct – US $ 10,000 / ct in 2015, US $ 15,500 / ct in 2021.

Prices are given as an indication and for top criteria stones, “Minor Oil” or “No Oil” for emeralds.


A sapphire with a colour said to be a mixture of a lotus flower and sunset. Most valuable sapphire after blue. Original source is Sri Lanka, but also found in Madagascar, Tanzania and Vietnam. 5 ct – 14’000 US$/ct in 2015, 16’000 US$ /ct in 2021.

Prices are given as an indication and for top Colour, Clarity & Cut and for untreated stones.

Padparadscha Sapphire top colour
Padparadscha top colour


The Paraiba Tourmaline is undoubtedly one of the most fascinating stones that we have ever seen. Characterized by a multitude of intense and saturated colors, it is truly its turquoise color, often referred to as “neon” or “swimming pool” blue that amazes us. It is part of the gotha just like the blue sapphire from Kashmir. Discovered in 1989 in the Paraiba region of Brazil, the mine is now exhausted. Nigeria and Mozambique are the only sources of copper tourmaline today and their value as well as their color are different from the emblematic Paraiba of Brazil.

Brazil: 3 ct – US $ 80,000 / ct in 2015, 3 ct – US $ 100,000 / ct in 2021

The others: 3 ct – US $ 30,000 / ct in 2015, 3 ct – US $ 57,500 / ct in 2021

The prices are average wholesale prices and given as an indication, for stones with perfect criteria, and for untreated stones.

Tourmalines Paraiba
Tourmalines Paraiba
Pink Sapphire Variation in saturation and tone, for the same red hue
Variation in saturation and tone, for the same red hue
Pink sapphire top colour, Hot Pink, Fuschia Pink
Pink sapphire top colour, from left to right, Hot Pink, Fuschia Pink

Pink Sapphire

Sri Lanka and Thailand are the main sources for Pink sapphire. Pink, purplish pink, orangy pink. Tone and saturation levels distinguish pink sapphire from ruby.

Price for untreated pink sapphire, above 7 ct – 11’000 US$ /ct in 2015, 13’500 US$ /ct in 2021

Above 7 ct Heated – 7’500US$/ct, 6’750 US$ /ct in 2021

Red spinel

Burma is known to be the oldest source of spinel with remarquable pink and red spinel. Madagascar, Sri Lanka, Vietnam, Tajikistan, Tanzania are producing countries.

A more recent discovery, the Mahenge deposit in Tanzania, is producing some sensational saturated pink to red colours. Over 10 carats is rare.

For 3 ct stones: 250 US$/ct in 2005 to 3’000 US$/ct in 2015 to 5’250 US$/ct today in 2021. Just +2000% performance in 15 years.

Fine Burma Red Spinels
Fine Burma Red Spinels
Best colour in Tsavolite garnet
Best colour is in the middle, not too light, not too dark

Tsavolite garnet

Its home is the East-African bushland along the border between Kenya and Tanzania, the Tsavo valley. Cut Tsavorite of more than 3.00 ct. is rare.

Top color are vivid, radiant green. The colour range of the Tsavorite includes a springlike light green, an intense blue-green and a deep forest green, coupled with a Great brilliance.

The Tsavorite is neither burnt nor oiled, and it’s less sensitive than Emeralds.

For 3 ct stones: 300 US$/ct in 2005 to 1’750 US$/ct in 2015 to 2’250 US$/ct today in 2021. Just +650% performance in 15 years.

Other gemstones

there is a multitude of Gemstones that support long term growth. Ask our team of gemologist for more info on Alexandrite, Paraiba, Blue & Pink Spinel, Mandarine Garnets, Yellow Sapphire, Tanzanites and many more jewels from the earth. 
Spinel Colour range
Spinel Colour range, source: GIA

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