A Closer Look at the Top Four Most Expensive Ruby Rings

Why are Rubies Valuable

Rubies were discovered more than 2,000 years ago and are one of the rarest gemstones. After diamonds, rubies are the next hardest gem stone and are composed of corundum and trace amounts of chromium. In ancient Sanskrit, the ruby is called 'Ratnaraj' or 'King of Precious Stones', and was worn by ancient warriors for protection, and royalty to symbolize their majesty. The ruby retained its importance with European royalty and became one of the most sought-after gems. Many medieval Europeans wore rubies to guarantee health, wealth, wisdom, and success in love. Rubies remain valuable today with collectors due to their rarity, distinct red color and historical provenance as the gemstone of emperors and kings. Rubies are especially popular with Asian collectors since red symbolizes good fortune, joy and happiness. Top luxury brands including Van Cleef & Arpels, Cartier, Bulgari and Harry Winston all make high jewelry pieces featuring rare rubies.

The most valuable rubies are unheated and are mined in Burma (Myanmar) and Mozambique. As the ruby mines in Burma and elsewhere produce fewer and fewer stones of important sizes, the discovery of any gemstone that is larger than 5 carats is a cause for celebration among gem connoisseurs. Color is the most important factor in determining the quality of a ruby and like diamonds, clarity, cut and carat weight are also key contributing factors. Rubies that are a vibrant red color with few visible inclusions are most desired by collectors. "Pigeon's Blood" rubies are considered to be the rarest and most valuable due to their deep red color, transparency and few inclusions. This term was originally coined by the trade and is used to describe rubies which exhibit a strong color saturation, are unheated and of fine quality, considering qualities such as clarity, transparency and color homogeneity of the stone. All of the most expensive ruby rings sold at Sotheby's are natural rubies and are described as "pigeon's blood" red.

Top Four Most Expensive Ruby Rings

1. Estrela de FURA $34.8M

The largest and most expensive ruby ring sold by Sotheby's is the Estela de FURA, a 55.22 carat ruby that sold for $34.8M in 2023. The "pigeon's blood" ruby is natural (unheated) and of Mozambique origin. FURA is the fastest growing colored gemstone mining company in the world and discovered the the stone in 2022. The remarkably transparent and vivid rough ruby weighed 101 carats and is the largest gem-quality rube every discovered. After a team of experts examined the rough ruby, it was cut in Bangkok by Master Gem Cutter Chirapat into a 55.22 carat cushion-cut ruby.

Luxury Week

Estrela de Fura: 55.22 – A Celestial Fusion of Earthly Splendor and Artistic Brilliance

2. Sunrise Ruby $30.9M

The Sunrise Ruby in a Cartier setting sold for 28.25M CHF in 2015. The cushion-shaped ruby weighs 25.59 carats is unheated and Burmese origin. "The 25.59 ct ruby described in the included Gübelin Gem Lab Report possesses a combination of outstanding characteristics. It displays a homogeneous and richly saturated 'pigeon blood red' colour, which typifies the finest of these gems. The depth of color, combined with a high clarity and brilliance, all contribute to the beauty of the gem. The shape and finely proportioned cut provides vivid internal color reflections. In addition, this remarkable gemstone has been spared thermal treatment." Excerpt from Gübelin appendix letter, 11 February 2015

Most expensive Ruby Ring — Ruby Ring 24.7 carats

3. Ruby and Diamond Ring $11.2M

A 24.70 carat ruby and diamond ring sold for 86,392,500 HKD in 2018. The ruby is Burmese origin with no indications of heating. SSEF further stating that the color of this ruby may also be called 'pigeon blood red' in the trade. The impressive size and well-saturated glowing red color represents one of the best versions of natural Burmese rubies. The ruby is surrounded by 16 pear-shaped diamonds that are between 1.73-1.07 carats that are all D color and flawless to internally flawless.

4. Graff Ruby $9.0M

The Graff Ruby sold for 8.29M CHF in 2014. It is a 8.62 carat ruby of Burmese origin with no indications of heating. According to the SSEF report, the ruby is of medium strong saturation and of 'pigeon blood' vivid red color. The ruby is an extraordinarily bright and clean crystal of superb color. It was purchased by Laurence Graff in 2005 and was named the Graff Ruby after his purchase. He was quoted in 2006 saying "the cut and spread of color is the finest I have ever seen".

Buying and Selling Ruby Rings at Sotheby's

While none of these spectacular ruby rings are available, Sotheby's has several ways to buy high-quality unheated ruby jewelry. We have jewelry auctions in New York, Geneva, Paris, and Hong Kong every year with a curated selection of rare unheated ruby rings and other ruby jewelry. Sotheby's also has a curated selection of high-quality unheated ruby jewelry available for immediate purchase through our marketplace. You can also contact a Salon Associate in New York or Bucherer in Zurich to learn more about natural ruby jewelry at Sotheby's. If you have natural ruby jewelry to sell, you can contact a Jewelry Specialist to learn more about your selling options.