A Closer Look at the Top Four Most Expensive Ruby Rings
Learn more about the rarest and most extraordinary ruby rings ever sold.
Ruby rings have achieved some of the highest results ever recorded for colored gemstones, reflecting a combination of extreme rarity, vivid color, and historical prestige. From royal treasures to modern high jewelry masterpieces, exceptional rubies have long been regarded as symbols of power, protection, and wealth.
This article takes a closer look at the four most expensive ruby rings ever sold, examining what distinguishes each piece and why it achieved such remarkable results. Together, these examples illustrate how factors such as origin, treatment, size, and color converge at the very top of the ruby market.
Key Takeaways: The Most Expensive Ruby Rings
| Ruby Ring | Notable Features | Price (USD) |
| Estrela de FURA | 55.22 carats, Mozambique origin, unheated, cushion cut | $34.8M |
| Sunrise Ruby (Cartier) | 25.59 carats, Burmese origin, pigeon’s blood, Cartier setting | $30.9M |
| Ruby and Diamond Ring | 24.70 carats, Burmese origin, pigeon’s blood, diamond surround | $11.2M |
| Graff Ruby | 8.62 carats, Burmese origin, pigeon’s blood, Graff provenance | $9.0M |
What Drives the Value of Exceptional Rubies
Rubies have been prized for more than two thousand years and are among the rarest of all gemstones. Composed of corundum with trace amounts of chromium, rubies are second only to diamonds in hardness and are revered for their vivid red color. In ancient Sanskrit, they were known as Ratnaraj—the “King of Precious Stones”—a title reflecting their association with royalty, protection, and power.
In the modern market, the most valuable rubies are natural and unheated, with origin playing a critical role. Stones from Myanmar (Burma) and Mozambique command the strongest prices, particularly when paired with vivid, saturated red color and strong transparency. The term “pigeon’s blood” is used in the trade to describe rubies of exceptional color and quality, and all of the most expensive ruby rings sold at Sotheby’s fall within this category.
Top Four Most Expensive Ruby Rings
1. Estrela de FURA Ruby Ring, 55.22 Carats, $34.8M
The Estrela de FURA ruby ring holds the record as the most expensive ruby ring ever sold, achieving $34.8 million in 2023. Centered on a 55.22‑carat cushion‑cut ruby, the stone is of Mozambique origin and shows no indications of heat treatment, placing it among the rarest category of gem‑quality rubies.
Discovered in 2022 as a 101‑carat rough, the ruby is the largest gem‑quality ruby ever documented. Following extensive examination, it was cut in Bangkok by master gem cutter Chirapat into its final form. Its exceptional transparency, vivid red color, and unprecedented size marked a turning point for Mozambique‑sourced rubies at the very top of the market.
2. The Sunrise Ruby, 25.59 Carats, $30.9M
The Sunrise Ruby, set by Cartier, sold for 28.3 million CHF in 2015, making it one of the most celebrated ruby rings ever offered at auction. The 25.59‑carat cushion‑cut ruby is of Burmese origin, unheated, and renowned for its richly saturated pigeon’s blood red color.
The stone displays exceptional color homogeneity, high clarity, and strong internal brilliance, with a finely proportioned cut that enhances light performance while preserving depth of color. The combination of Burmese origin, unheated status, and Cartier craftsmanship positioned the Sunrise Ruby as a modern benchmark for ruby excellence.
3. Ruby and Diamond Ring, 24.70 Carats, $11.2M
A 24.70‑carat ruby and diamond ring sold for 86.4 million HKD in 2018, reflecting continued demand for exceptional Burmese rubies of significant size. The ruby is of Burmese origin and shows no indications of heat treatment, with SSEF noting that its color may be described in the trade as pigeon’s blood red.
The ruby’s vivid saturation and strong presence are enhanced by a surround of pear‑shaped diamonds, all graded D color with flawless to internally flawless clarity. The combination of an important Burmese center stone and high‑quality diamond setting contributed to the ring’s exceptional result.
4. The Graff Ruby, 8.62 Carats, $9.0M
The Graff Ruby sold for 8.3 million CHF in 2014. The ring centers on an 8.62‑carat ruby of Burmese origin, with SSEF reporting no indications of heat treatment and a vivid pigeon’s blood red color.
Noted for its exceptional clarity and brightness, the ruby was acquired by Laurence Graff in 2005 and later named after the purchase. Though smaller in scale than other record‑setting examples, the Graff Ruby remains significant for its purity of color, clean crystal structure, and enduring importance within the high‑jewelry canon.
Together, these four ruby rings represent the very pinnacle of the colored gemstone market. Each achieved its result through a rare convergence of vivid color, unheated natural origin, significant size, and historic or design importance. While their individual stories differ, all four underscore the same market reality: exceptional rubies of this caliber are among the most coveted gemstones in the world.
As the supply of important rubies from historic sources continues to diminish, record‑setting examples such as the Estrela de FURA and the Sunrise Ruby illustrate how rarity and provenance drive enduring collector demand. Beyond their monetary achievements, these rings serve as reference points for ruby excellence, defining what is possible when gemological quality, craftsmanship, and history align at the highest level.
Frequently Asked Questions About Ruby Rings
What is the most expensive ruby ring ever sold?
The Estrela de FURA, a 55.22‑carat ruby ring of Mozambique origin, is the most expensive ruby ring ever sold, achieving $34.8 million in 2023.
Why are “pigeon’s blood” rubies so valuable?
“Pigeon’s blood” describes rubies with vivid, saturated red color, strong transparency, and minimal inclusions. When combined with Burmese or Mozambique origin and no heat treatment, these stones command the highest prices.
What is the Sunrise Ruby?
The Sunrise Ruby is a 25.59‑carat Burmese ruby set by Cartier that sold for $30.9 million in 2015, making it one of the most famous ruby rings ever auctioned.
Do ruby rings hold long‑term collector value?
Exceptional ruby rings with strong origin, unheated status, and fine color have shown consistent long‑term demand, particularly at the highest end of the market.
Buy and Sell Pigeon Blood Rubies with Sotheby’s
Whether you're a seasoned collector or new to the world of fine jewelry, Sotheby’s offers a trusted, seamless way to buy and sell pigeon blood ruby jewelry on the secondary market.
Why Choose Sotheby’s?
- Expertly Vetted Selection
Explore rare and iconic gemstones, from a 2.5 carat Burmese pigeon blood ruby starting around $30,000 to High Jewelry pigeon blood ruby creations valued over $100,000. - Exclusive Global Access
Shop jewelry through auctions and Buy Now marketplace, backed by a worldwide network of collectors and consignors. - Flexible Ways to Buy
Purchase online or in person at our locations in New York, Paris, and Hong Kong—or work with a dedicated jewelry concierge. - Exceptional Value
Every piece of jewelry is authenticated and priced by Sotheby’s specialists to reflect true market value. - Constantly Evolving Inventory
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